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

    BCBS Amends Guidelines on Sound Management of AML/CFT Risks

    BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).

    July 02, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Swap Margin Rule

    US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.

    July 01, 2020 WebPage Regulatory News
    News

    PRA Letter Sets Expectations on Approach to Managing Climate Risks

    PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.

    July 01, 2020 WebPage Regulatory News
    News

    EBA Guidelines on Treatment of Structural Foreign Exchange Under CRR

    EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).

    July 01, 2020 WebPage Regulatory News
    News

    FSB Issues Statement on Impact of COVID-19 Crisis on Benchmark Reform

    FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS Publishes List of Internationally Active Insurance Groups

    IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.

    July 01, 2020 WebPage Regulatory News
    News

    FED Temporarily Revises FR Y-9C With Respect to PPPLF and CARES Act

    FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).

    July 01, 2020 WebPage Regulatory News
    News

    EC Launches Consultation on Review of Solvency II Directive

    EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.

    July 01, 2020 WebPage Regulatory News
    News

    ECB Consults on Supervisory Approach to Consolidation in Banking

    ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS on Package for 2020 Data Collection on ICS and Aggregation Method

    IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.

    June 30, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5425