Featured Product

    OSFI Published Reporting Requirements for OSFI-525 and OSFI-590

    January 29, 2018

    OSFI published the new OSFI-525 and OSFI-590 reporting requirements. To streamline the filing process, OSFI will be requesting that federally regulated financial institutions (FRFIs) begin filing the OSFI 525 and OSFI 590 as unstructured returns via the Regulatory Reporting System effective February 2018 (returns due March 15, 2018). OSFI also published instruction guides for the reports OSFI-525 and OSFI-590.

    FRFIs have certain obligations under legislation and associated regulations related to Canada’s anti-terrorism financing regime and its economic sanctions regime. In a number of cases, FRFIs are required to report monthly to OSFI. For 2018, the returns will essentially be identical to the current manually filed returns, except that they will now be filed through Regulatory Reporting System. OSFI is also planning on converting the returns to a more structured format in 2019. OSFI-525 Report can be used by FRFIs to meet their obligations to file information under section 83.11 of the Criminal Code, section 7 of the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism, and section 5.1 of the United Nations Al-Qaida and Taliban Regulations. OSFI-590 Report can be used by FRFIs to meet their obligations to file information under subsection 11(2) of the Regulations Implementing the United Nations Resolution on the Democratic People’s Republic of Korea, subsection 8(2) of the Regulations Implementing the United Nations Resolution on Iran, or subsection 6(2) of the Special Economic Measures (Venezuela) Regulations or subsection 7(1) of the Justice for Victims of Corrupt Foreign Officials Act.

     

    Related Link: OSFI Letter

    Keywords: Americas, Canada, Banking, Insurance, Reporting, OSFI-525, OSFI-590, FRFI, AML/ATF, OSFI

    Featured Experts
    Related Articles
    News

    APRA Publishes Approach to Regulating and Supervising GCRA Risks

    APRA published an information paper that sets out a more intensive regulatory approach to transform governance, culture, remuneration, and accountability (GCRA) practices across the prudentially regulated financial sector.

    November 19, 2019 WebPage Regulatory News
    News

    IAIS Publishes Application Paper on Recovery Planning

    IAIS published the final application paper on recovery planning, along with the resolution of comments on the draft application paper.

    November 18, 2019 WebPage Regulatory News
    News

    FSB Publishes Summary of November Meeting of RCG for MENA Region

    FSB published a summary of the November meeting of the Regional Consultative Group (RCG) for Middle East and North Africa (MENA).

    November 17, 2019 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: Second Update for November 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to eight questions that relate to the Bank Resolution and Recovery Directive (BRRD) and the Capital Requirements Regulation and Directive (CRR and CRD).

    November 15, 2019 WebPage Regulatory News
    News

    FSI Examines Use of Red Team Testing to Enhance Cyber Resilience

    The Financial Stability Institute (FSI) of BIS published a paper that examines the contribution of red team testing frameworks toward enhancing cyber resilience.

    November 15, 2019 WebPage Regulatory News
    News

    FASB Delays Effective Dates for CECL, Leases, and Hedging Standards

    FASB issued two Accounting Standards Updates finalizing the delays in effective dates for standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts.

    November 15, 2019 WebPage Regulatory News
    News

    ESMA Updates Q&A on Securitization Regulation in November 2019

    ESMA updated questions and answers (Q&A) on the Securitization Regulation (Regulation 2017/2402).

    November 15, 2019 WebPage Regulatory News
    News

    HKMA Announces Finalization of Banking Liquidity Amendment Rules 2019

    HKMA issued a letter informing all authorized institutions that negative vetting of the Banking (Liquidity) (Amendment) Rules 2019 (BLAR) has now expired. Thus, the BLAR will now come into operation from January 01, 2020.

    November 15, 2019 WebPage Regulatory News
    News

    BCBS Consults on Revised Disclosures for Market Risk Framework

    BCBS launched a consultation on the revised disclosure requirements for the market risk framework for banks.

    November 14, 2019 WebPage Regulatory News
    News

    BCBS Consults on Disclosure Templates of Sovereign Exposures of Banks

    BCBS published a consultation on the voluntary disclosure templates related to sovereign exposures of banks.

    November 14, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4167