On October 27, 2020, the Office of the Superintendent of
Financial Institutions (OSFI) issued a
letter seeking feedback on draft Guideline E-4:
Foreign Entities Operating in Canada on a Branch Basis (
Draft Guideline E-4), which will replace
existing guidelines E-4A: Role of the Chief Agent and Record
Keeping Requirements (relating to insurers) and E-4B: Role
of the Principal Officer and Record Keeping Requirements
(relating to banks).
Draft Guideline E-4 sets out OSFI's expectations of
foreign insurers that are authorized to operate in Canada and
foreign banks that are authorized to carry on business in Canada,
in each case, on a branch basis, including in respect of branch
management and the administration of business in Canada.
Specifically, Draft Guideline E-4 underscores the responsibilities
of the foreign entity and its management in overseeing the
day-to-day operations of its business in Canada.
