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ARTICLE · 25 NOVEMBER 2021

OSFI Unwinds Capital Distribution COVID Response Measure

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On November 4, 2021, the Office of the Superintendent of Financial Institutions ("OSFI") announced an immediate end to its COVID-19 pand

CanadaFinance and Banking
Darcy Ammerman
Darcy Ammerman
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On November 4, 2021, the Office of the Superintendent of Financial Institutions ("OSFI") announced an immediate end to its COVID-19 pandemic response measure announced on March 13, 2020 relating to capital distributions. As such, federally regulated financial institutions ("FRFIs") may once again increase regular dividends and executive compensation and, subject to the existing requirement for Superintendent approval, repurchase common shares. Note that FRFIs are expected to maintain and update their capital plans reflecting their planned capital distributions and notify OSFI at least 15 days in advance of the payment of any dividend (pursuant to the Bank Act and Insurance Companies Act).

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