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ARTICLE · 09 DECEMBER 2015

OSFI Legislation And Approvals Seminar

Norton Rose Fulbright Canada LLP
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Each year, the Office of the Superintendent of Financial Institutions holds a seminar in Toronto to update both in house lawyers and outside counsel on recent activities undertaken by the Legislation and Approvals Division.

CanadaFinance and Banking
Norton Rose Fulbright Canada LLP
Norton Rose Fulbright Canada LLP
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Each year, the Office of the Superintendent of Financial Institutions (OSFI) holds a seminar in Toronto to update both in house lawyers and outside counsel on recent activities undertaken by the Legislation and Approvals Division. In addition to administering applications for approvals under the Bank Act, Trust and Loan Companies Act and Insurance Companies Act, the Division is responsible for developing much of the guidance that is published by OSFI including guidelines, advisories and rulings. The most recent seminar was held on November 25th. Some of the highlights of this year's seminar are discussed below.

New deposit-taking institutions

OSFI noted that it currently has under review applications for 19 new deposit-taking institutions. This seems like a very big number when you consider that currently there are less than 100 active federally regulated deposit-taking institutions. However, a review of the notices of intention to apply published over the

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