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ARTICLE · 13 MARCH 2025

Aligning OSFI's Guideline B-15 On Climate Risk Management With New CSSB Standards

On February 20, 2025, the Office of the Superintendent of Financial Institutions (OSFI) announced updates to Guideline B-15 on Climate Risk Management...

CanadaCorporate/Commercial Law

On February 20, 2025, the Office of the Superintendent of Financial Institutions (OSFI) announced updates to Guideline B-15 on Climate Risk Management, postponing certain climate-related disclosure obligations for federally regulated financial institutions (FRFIs). This insight summarizes and provides context to the Guideline B-15 updates.

Global convergence of standards

The updates aim to align with the Canadian Sustainability Standards Board's voluntary sustainability standards (CSSB Standards), released at the end of 2024. The CSSB Standards are similar to the International Sustainability Standards Board's standards from June 2023 and represent Canada's first generally applicable sustainability disclosure standards. As discussed here, the Canadian Securities Administrators (CSA) will also consider these standards in developing a climate-related disclosure rule under securities laws. The updates to Guideline B-15 are a step towards harmonizing

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