OSFI Proposes Specific Notification Requirements For Changes In Directors And Officers

On January 20, 2014, the Office of the Superintendent of Financial Institutions (OSFI) issued its Draft Advisory Changes to the Membership of the Board or Senior Management of a federally-regulated financial institution (FRFI) for public comment.  The Draft Advisory requires a FRFI to provide OSFI with prior written notification of changes to its board of directors and senior management team.  In the case of a change of director, the FRFI must notify OSFI as soon as the FRFI identifies the potential new board candidate, and it must provide OSFI with written notification at least 30 days prior to the appointment of a new senior manager.  For large, complex FRFIs, OSFI may also request an introductory meeting with the candidate shortly following his or her appointment or election.