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ARTICLE · 02 OCTOBER 2008

Proposed Changes To The Nominal And Immaterial Transaction Exceptions To Prohibited Related Party Transactions In OSFI Guideline E-6

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The Office of the Superintendent of Financial Institutions (Canada) ("OSFI") recently requested industry and public comment by October 15, 2008 on changes affecting the materiality criteria for nominal and immaterial related party transaction exceptions.

CanadaFinance and Banking
Rebecca Chan
Rebecca Chan
Andrew Harrison
Andrew Harrison
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The Office of the Superintendent of Financial Institutions (Canada) ("OSFI") recently requested industry and public comment by October 15, 2008 on changes affecting the materiality criteria for nominal and immaterial related party transaction exceptions.

Guideline E-6 – Materiality Criteria for Related Party Transactions (the "Guideline") currently sets thresholds for permitted related party transactions. These thresholds are categorized by numerous types of transactions (which are industry-specific) and are based on transaction-specific and aggregate dollar thresholds (and calculated by dollar value, percentage of regulatory capital and specified time periods).

OSFI proposes two major changes to this framework by way of regulation and amendments to the Guideline.

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