Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 10 NOVEMBER 2020

OSFI Releases Draft Guideline E-4 For Public Consultation

Torys
Torys
Contributor
Torys

Torys

Torys LLP is an international business law firm that works with clients who expect the best advice...

View firm profile
Explore more from Torys

On October 27, the Office of the Superintendent of Financial Institutions (OSFI) released for comment by December 18, 2020, a draft Guideline E-4 Foreign Entities Operating in Canada...

CanadaFinance and Banking
Blair Keefe
Blair Keefe
Jill E. McCutcheon
Jill E. McCutcheon
Eli Monas
Eli Monas
Hailey Schnier
Hailey Schnier
Author LinkedIn connections

On October 27, the Office of the Superintendent of Financial Institutions (OSFI) released for comment by December 18, 2020, a draft  Guideline E-4 Foreign Entities Operating in Canada on a Branch Basis which will replace the existing Guidelines E-4A Role of the Chief Agent and Record Keeping Requirements  and E-4B Role of the Principal Officer and Record Keeping Requirements.

What you need to know

  • The draft Guideline E-4 consolidates Guidelines E-4A and E-4B into one guideline that applies to both foreign bank branches (FBB) under the Bank Act  (BA) and foreign insurance company branches (FCB) under the Insurance Companies Act  (ICA), and sets out OSFI's expectations with respect to the responsibilities of these foreign entities operating in Canada on a branch basis (branches) and their management in overseeing the day-to-day operation of their businesses in Canada.
    • OSFI expects to issue the final Guideline E-4 in spring 2021.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

2026 Federal Budget: Highlights Affecting Financial Services

The 2026 Federal Budget (“Budget 2026”) proposes to grow the Canadian financial services sector, while introducing multiple checks on possible risks raised by new bank entrants and innovative technology. It also builds out existing policy measures to support digital innovation and combat fraud. There are various other measures that may be of interest to financial service providers in banking, insurance and payments.
CanadaFinance and Banking
Fasken
Fasken
Article

Open Banking Milestone: Draft Supervisory Guidelines For Consumer-Driven Banking Released

The Bank of Canada (the “Bank”) has published two proposed guidelines relating to the accreditation process for prospective participants under the Consumer-Driven Banking Framework: the Participating entity accreditation application requirements under the Consumer-Driven Banking Act (the “Participating Entity Guideline”) and the Third-party service provider accreditation application requirements under the Consumer-Driven Banking Act (the “TPSP Guideline”).
CanadaFinance and Banking
Fasken
Fasken
Article

A New Structure Enters The Ring: CIRO’s Incorporated Approved Person Compensation Proposal

The Canadian Investment Regulatory Organization’s (CIRO) proposed Incorporated Approved Person model could materially change how client-facing advisors structure their businesses and receive compensation with significant impacts to sponsoring firms. The proposed rule amendments, published on July 9, 2026, would introduce a harmonized incorporated compensation option for client-facing Approved Persons across CIRO regulated dealers. Comments are due November 6, 2026.
CanadaFinance and Banking
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
Article

Canada’s Revised AML Framework: Sweeping Penalties And Compliance Requirements

Bill C-12 has fundamentally transformed Canada's anti-money laundering framework by introducing penalties up to forty times higher than previous levels and expanding compliance obligations across the financial sector. The legislation now requires all reporting entities to enroll with FINTRAC and maintain "reasonably designed, risk-based and effective" compliance programs, while imposing cumulative maximum penalties that can reach 3% of global revenue.
CanadaFinance and Banking
Miller Thomson
Miller Thomson
Article

The Regulatory Landscape For Mortgage Services In British Columbia Is About To Change Significantly…

On October 13, 2026, British Columbia’s new Mortgage Services Act, S.B.C. 2022, c. 27 (the “MSA”) will come into force and effect, replacing the longstanding Mortgage Brokers Act, R.S.B.C. ch. 313 (the “MBA”). The MSA introduces a modernized regulatory framework for mortgage service providers, including expanded licensing requirements, increased disclosure obligations, enhanced enforcement tools, and significantly higher penalties for non-compliance.
CanadaFinance and Banking
Watson Goepel LLP
Watson Goepel LLP
Article

The Supreme Court Of Canada Reviews Québec’s Bill 21

Québec's Bill 21, enacted in 2019, bans public sector workers from wearing religious symbols and is shielded from most Charter challenges by the notwithstanding clause. The Supreme Court of Canada is now reviewing this controversial law, with a ruling expected as early as November 2026 or later in 2027. Former Minister of Justice Arif Virani discusses the court's struggle to balance competing constitutional principles in this landmark case.
CanadaLitigation, Mediation & Arbitration
Torys
Torys
Article

Government Of Canada Makes Significant Changes To Energy Project Approvals Process

On September 3, the Government of Canada published amendments removing seven types of energy projects from the Physical Activities Regulations (the Project List) under the Impact Assessment Act (IAA). As a result, these types of projects will no longer be subject to the IAA but will continue to be regulated by the Canada Energy Regulator Act (CER Act) or applicable provincial environmental assessment regimes.
CanadaEnergy and Natural Resources
Torys
Torys
Article

Bill C-39, The Building Canada Strong Act, Tabled To Accelerate Project Reviews And Attract Investment

The Government of Canada has introduced Bill C-39, the Building Canada Strong Act, which aims to transform federal project reviews by consolidating decision-making authority, implementing a two-year approval timeline, and establishing a mechanism for designating "Regions of National Interest." These reforms seek to accelerate infrastructure, energy, and mining projects while maintaining environmental protections and Indigenous consultation requirements.
CanadaGovernment, Public Sector
Torys
Torys
Article

Legal Landscape Of Artificial Intelligence In Canada

Financial service providers using artificial intelligence face a complex regulatory landscape in Canada, with evolving federal and provincial legislation addressing transparency, consumer protection, privacy, and competition. As regulators increase scrutiny of AI-enabled practices and new frameworks like OSFI's Model Risk Management guidelines take effect, institutions must strengthen governance policies and prepare for heightened compliance obligations.
CanadaStrategy
Torys
Torys