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ARTICLE · 20 APRIL 2013

New Filing Requirements For Trust And Loan Companies

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Valid To Article body Article body Current Length: 2288 chars Long including spaces SourcePreview The Office of the Superintendent of Financial Institutions ("OSFI") yesterday issued a communiqué indicating that, effective July 2013,

CanadaFinance and Banking
Yonatan Petel
Yonatan Petel
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The Office of the Superintendent of Financial Institutions ("OSFI") yesterday issued a communiqué indicating that, effective July 2013, OSFI will require all federally-regulated Trust and Loan Companies and Retail Associations to submit the Report on New Lending (A4).

Effective as of July, 2013, all Trust and Loan Companies and Retail Associations will be required to submit the report to the Bank of Canada on a monthly basis, within 30 days of the end of each month. The purpose of the return, previously only required of banks and foreign bank branches, is to provide the Bank of Canada with information on the interest rates charged and funds advanced by the institutions for new Canadian-dollar loans booked in Canada to Canadian individuals and businesses.

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