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ARTICLE · 01 JULY 2021

OSFI Releases Much-Anticipated Guideline - E-4: Foreign Entities Operating In Canada On A Branch Basis

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On June 28, 2021, the Office of the Superintendent of Financial Institutions Canada (OSFI) released its much-anticipated guideline E-4: Foreign Entities Operating in Canada on a Branch Basis.

CanadaFinance and Banking
Richard Da Costa
Richard Da Costa
Gordon Goodman
Gordon Goodman
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On June 28, 2021, the Office of the Superintendent of Financial Institutions Canada (OSFI) released its much-anticipated guideline E-4: Foreign Entities Operating in Canada on a Branch Basis (Guideline E-4), which replaces guideline E-4A: Role of the Chief Agent and Record Keeping Requirements (Guideline E-4A). OSFI expects all foreign branches operating in Canada to comply with Guideline E-4 by January 2022.

While Guideline E-4 represents an important step toward further clarifying what is expected from a governance perspective of foreign branches of insurance companies operating in Canada, there is nothing within it that should fundamentally change the operations of most Canadian branches.

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