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ARTICLE · 23 AUGUST 2011

OSFI Releases Final Advisory On Non-Viability Contingent Capital

Osler, Hoskin & Harcourt LLP
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On August 16, 2011, the Office of the Superintendent of Financial Institutions Canada (OSFI) released the final advisory (Final Advisory) outlining its expectations in respect of issuance of non-viability contingent capital (NVCC) by banks, bank holding companies and federally-regulated trust and loan companies (DTIs).

CanadaFinance and Banking
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
Victoria Graham
Victoria Graham
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On August 16, 2011, the Office of the Superintendent of Financial Institutions Canada (OSFI) released the final advisory (Final Advisory) outlining its expectations in respect of issuance of non-viability contingent capital (NVCC) by banks, bank holding companies and federally-regulated trust and loan companies (DTIs). In February 2011, OSFI had released a draft advisory (Draft Advisory) in respect of NVCC. The Final Advisory (full text available here) is largely similar to the Draft Advisory with a few exceptions (blacklined document available here). Below is a summary of the main highlights of the Final Advisory.

Principles Governing NVCC

Effective January 1, 2013 (the Cut-off Date), all non-common Tier 1 and Tier 2 capital instruments issued by DTIs must comply with the following principles to satisfy the NVCC requirement:

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