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ARTICLE · 14 FEBRUARY 2024

Final OSFI Integrity And Security Guideline Released

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On January 31, 2024, the Office of the Superintendent of Financial Institutions (OSFI) issued its final Integrity and Security Guideline (the "Guideline").

CanadaFinance and Banking
Koker Christensen
Koker Christensen
Tara Newman
Tara Newman
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On January 31, 2024, the Office of the Superintendent of Financial Institutions (OSFI) issued its final Integrity and Security Guideline (the "Guideline"). This follows an expedited six-week consultation on the draft guideline, which was discussed in our prior bulletin, "OSFI Releases Two Draft Guidelines Addressing Non-Financial Risks". The new Guideline is applicable to all federally regulated financial institutions ("FRFIs"), including banks, insurance companies and foreign branches carrying on business in Canada.

Key Requirements and Guideline Changes

The new Guideline supports recent changes to OSFI's mandate concerning non-financial risk, which was expanded in the 2023 federal budget Bill C-47 to include a requirement to supervise FRFIs concerning whether they have "adequate policies and procedures to protect themselves against threats to their integrity or security, including foreign interference". The Guideline sets out OSFI's expectations for FRFI's

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