OSFI announces public consultation along with other guidance in its first quarterly release

OTTAWA, ON, Aug. 22, 2024 /CNW/ - Today, the Office of the Superintendent of Financial Institutions (OSFI) launched its inaugural pilot of quarterly release of guidance. Adopting quarterly releases aims to ensure predictability by issuing guidance on four set dates throughout the year.

The guidance released address critical risks identified in the Annual Risk Outlook:

• final Guideline E-21 on Operational Risk and Resilience
• updates to the Life Insurance Capital Adequacy Test (LICAT) Guideline
• a consultation on public disclosure of crypto-asset exposures

In addition, OSFI is releasing the 2024 Memorandum to the Appointed Actuary, which sets out OSFI's requirements for the Appointed Actuary Report.

OSFI is also piloting its first virtual industry day on September 5, 2024, providing stakeholders with additional information on and the chance to ask questions about the guidance issued. Stakeholders are invited to register here.

The next quarterly release will be issued on November 21 with a virtual industry day following on December 5. 

Quote

"By issuing policy releases on four set dates annually, we meet the request of regulated financial institutions that OSFI deliver more predictable and transparent releases of our regulatory guidance. Our measured, principles-based approach to regulatory guidance will remain responsive to OSFI's key risks."

- Peter Routledge, Superintendent of Financial Institutions

Quick facts

• OSFI publishes guidelines to regulate and supervise federally regulated financial institutions in accordance with the current and emerging risk landscape.
• The piloting of this new standardized approach to releasing guidance offers predictability and continued transparency about OSFI's work.

Related links

• Backgrounder on Final Guideline E-21, Operational Risk and Resilience
• Backgrounder on updates to the Life Insurance Capital Adequacy Test (LICAT) Guideline
• Backgrounder on the consultation for the public disclosure of crypto-asset exposures
• Backgrounder on the Memorandum to the Appointed Actuary 2024
• OSFI's Annual Risk Outlook – Fiscal Year 2024-25

SOURCE Office of the Superintendent of Financial Institutions

OSFI - Media Relations, Email: [email protected], Telephone: [phone]