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ARTICLE · 29 FEBRUARY 2024

OSFI Introduces New Supervisory Framework For Federally Regulated Financial Institutions

McCarthy Tétrault
McCarthy Tétrault
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McCarthy Tétrault

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On February 8, the Office of the Superintendent of Financial Institutions ("OSFI") announced a new supervisory framework (the "Supervisory Framework") for federally regulated financial institutions ("FRFIs").

CanadaFinance and Banking
TechLex Blog
TechLex Blog
Ana Badour
Ana Badour
Christopher Yam
Christopher Yam
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On February 8, the Office of the Superintendent of Financial Institutions ("OSFI") announced a new supervisory framework (the "Supervisory Framework") for federally regulated financial institutions ("FRFIs"). The Framework represents a significant overhaul to OSFI's supervisory approach. It includes an expansion of the existing 4-point risk rating scale to an 8-point scale, enhanced risk rating information for FRFIs and the introduction of new risk assessment categories, as well as a consideration of climate risk.

The new Supervisory Framework is designed to offer more immediate indication of changes to OSFI's risk assessment, and more tailored supervision based on the regulated entity's size and complexity. This allows for more timely intervention and for FRFIs to better understand OSFI's supervisory expectations. The new Supervisory Framework will come into force in April 2024.

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