OSFI Publishes the New Schedule B Reporting Requirements
OSFI published a letter requesting trustees and depositories of foreign bank branches and branches of foreign life insurance companies, fraternal benefit societies, and property & casualty insurance companies (branches) to begin filing Schedule B monthly reporting via the Regulatory Reporting System (RRS). These institutions are requested to begin the reporting effective July 2018, with the reports being due by August 15, 2018.
Trustees and depositories are required to submit to OSFI monthly declarations of the assets they hold in trust for branches. Trustees and depositories have had the option of mailing or faxing their monthly reporting. Starting from July 2018, the reports will essentially be identical to the current manually filed returns, except that they will now be filed through the RRS. OSFI is also planning on converting the reports to a more structured format in 2019. The existing forms (Form 542 and A-10) can be found on the external website of OSFI. At the end of each reporting period, the unstructured financial returns will be created within each trustee or depository’s RRS Draft Returns Folder. Trustees and depositories will need to upload as an attachment the Schedule B report within RRS.
Related Link: OSFI Letter
Keywords: Americas, Canada, Banking, Insurance, Schedule B, Reporting, Regulatory Reporting System, OSFI
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