OTTAWA, ON, June 28, 2021 /CNW/ - Today, the Office of the Superintendent of Financial Institutions (OSFI) issued the final version of Guideline E-4 Foreign Entities Operating in Canada on a Branch Basis. This guideline replaces existing guidelines E-4A Role of the Chief Agent and Record Keeping Requirements and E-4B Role of the Principal Officer and Record Keeping Requirements.
Guideline E-4 places greater emphasis on the expectations of the foreign entity operating in Canada, and better reflects the responsibilities of the foreign entity and its management in overseeing the day-to-day operations of its business in Canada. As a result, OSFI is reissuing other guidance documents with references to any requirements for Chief Agents and Principal Officers removed. The revised guidelines and advisories have been posted to OSFI's website.
There is a six-month transition period for compliance with Guideline E-4. As such, OSFI expects all foreign entities operating in Canada on a branch basis to be compliant by January 2022.
Quote
The final version of Guideline E-4 emphasises OSFI expectations of foreign entities operating in Canada on a branch basis and better reflects their responsibilities. OSFI thanks those who provided comments on the draft version of Guideline.
— Ben Gully, Assistant Superintendent, Regulation.
Quick Facts
- This guideline reflects new amendments to the location of records requirements contained in the Insurance Companies Act and the Bank Act, which will come into force in July 2021.
- These amendments follow the ratification of the Canada-United States-Mexico trade agreement.
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About OSFI
The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada, established in 1987, to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks.
SOURCE Office of the Superintendent of Financial Institutions
Media Contact: OSFI - Public Affairs, [email protected], 343-550-9373
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