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ARTICLE · 03 JUNE 2014

OSFI Updates Guidance On Regulatory Compliance Management

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More than 10 years have passed since OSFI first issued Guideline E-13 entitled Legislative Compliance Management (LCM) (the "LCM Guideline").

CanadaInsurance
Carol Lyons
Carol Lyons
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Introduction

More than 10 years have passed since OSFI1 first issued Guideline E-13 entitled Legislative Compliance Management (LCM) (the "LCM Guideline"). After implementing its revised and updated Corporate Governance guideline in 2013, OSFI has now turned its attention to the LCM Guideline. In April 2014, OSFI published a draft revised Guideline E-13 entitled Regulatory Compliance Management (RCM) (the "RCM Guideline"). The purpose of the update is to better align OSFI's guidance on regulatory compliance management with the revised Corporate Governance guideline as well as with OSFI's Supervisory Framework and Assessment Criteria.2 OSFI has invited interested parties to provide comments on the draft RCM Guideline by June 20, 2014.

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