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ARTICLE · 21 FEBRUARY 2020

OSFI Update: Upcoming Changes To Regulatory Guidance

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On February 13, 2020, the Office of the Superintendent of Financial Institutions (OSFI) hosted a Regulatory Affairs Division seminar

CanadaInsurance
Marisa Coggin
Marisa Coggin
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On February 13, 2020, the Office of the Superintendent of Financial Institutions (OSFI) hosted a Regulatory Affairs Division seminar (the Seminar) during which it presented regulatory, legislative and policy updates to industry members in the insurance and banking sectors. We have summarized certain regulatory updates and changes below.

1. Securities Administration

On November 26, 2019, OSFI announced that the Securities Administration Unit (SAU), which administers vested assets and capital adequacy deposit accounts of federally regulated foreign banks and insurance branches, would be renamed the Securities Administration and Approvals Reporting Unit (SAAR), and that OSFI's Regulatory Affairs Division would begin processing SAU requests. As part of this transition, OSFI indicated its intention to move towards a less stringent form of trust agreement. Currently, trust agreements for branches are required to follow a prescribed form of agreement that is somewhat

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