On October 15, 2024, the Office of the Superintendent of
Financial Institutions (“OSFI”)
published its 2023-2024 Annual Report, highlighting its key
developments from April 1, 2023 to March 31, 2024, as summarized
below.
1. Expansion of Mandate
On June 22, 2023, Parliament passed Bill C-47, the Budget Implementation
Act, which expanded OSFI's mandate to include
ensuring that institutions have adequate policies and procedures to
protect themselves against threats to their integrity and security,
including foreign interference. In response, OSFI issued the
final Integrity and Security guideline in
January 2024, which broadens its regulatory scope beyond
traditional prudential risk management by recognizing the impact of
integrity and security on financial stability. For more information
on OSFI's expanded mandate and guideline, please see our
previous updates from September 12, 2023 and February 6, 2024.
