OSFI Updates the Corporate Governance Guideline in Canada
OSFI published the final version of its revised guideline on corporate governance. The guideline sets out expectations of OSFI from boards of directors of federally regulated financial institutions. OSFI also published a letter to the federally regulated financial institutions, the annex to which summarizes the material comments received on the proposed guideline and the response of OSFI to these comments.
The revised guideline is more principles-based and places greater focus on Board effectiveness. The revised guideline enables boards to be more effective in executing their roles and responsibilities. OSFI held a public consultation in 2017 and the key changes after consultation include the following:
- Providing boards with greater discretion over how they meet the principles of the guideline, taking into account the size, complexity, and risk profile of institutions
- Clarifying the delineation between board and senior management responsibilities
- Consolidating and rationalizing all OSFI requirements for boards in one guideline
This guideline does not apply to the Canadian branch operations of foreign financial institutions and the expectations of OSFI for oversight of these operations remains unchanged. However, OSFI plans to review and amend guidelines E-4A Role of the Chief Agent & Record Keeping Requirements and E-4B Role of the Principal Officer & Record Keeping Requirements in the near future.
Related Links
Keywords: Americas, Canada, Banking, Insurance, Corporate Governance, Guideline, Responses to Consultation, OSFI
Previous Article
US Agencies Propose Rule on the Treatment of HVCRERelated Articles
|
News
EU Finalizes Regulation on Prudential Backstop for Bank NPEs Under CRRRegulation (EU) 2019/630, which amends the Capital Requirements Regulation, or CRR (Regulation 575/2013), with regard to the minimum loss coverage for non-performing exposures (NPEs), has been published in the Official Journal of the European Union.
April 25, 2019
WebPage
Regulatory News
|
|
News
FASB Issues Minor Improvements to Financial Instruments StandardsFASB issued an Accounting Standards Update (ASU No. 2019-04) that clarifies and improves areas of guidance related to the recently issued standards on credit losses (Topic 326), derivatives and hedging (Topic 815), and recognition and measurement of financial instruments (Topic 825).
April 25, 2019
WebPage
Regulatory News
|
|
News
APRA Grants License to New Authorized Deposit-Taking InstitutionAPRA announced that it has granted Judo Bank Pty Ltd a license to operate as an authorized deposit-taking institution without restrictions, under the Banking Act 1959.
April 24, 2019
WebPage
Regulatory News
|
|
News
BoE Report on Evaluation of Approach to Concurrent Stress TestingBoE published a report on the evaluation, by the Independent Evaluation Office (IEO), of the effectiveness of the approach of BoE to concurrent stress testing.
April 24, 2019
WebPage
Regulatory News
|
|
News
FDIC Consults on Approach to Resolution Planning for IDIsFDIC approved an Advance Notice of Proposed Rulemaking (ANPR) and is seeking comment on ways to tailor and improve its rule requiring certain insured depository institutions (IDIs) to submit resolution plans.
April 22, 2019
WebPage
Regulatory News
|
|
News
FDIC Specifies Submission Timeline for FFIEC 031, 041, and 051 ReportsFDIC published the financial institution letters (FIL-21-2019 and FIL-22-2019) that offer guidance on submission of Call Reports FFIEC 051, FFIEC 041, and FFIEC 031 for the first quarter of 2019.
April 19, 2019
WebPage
Regulatory News
|
|
News
US Agencies Propose to Revise Call Reports FFIEC 031, 041, and 051US Agencies (FDIC, FED, and OCC) proposed to revise and extend, for three years, the Call Reports FFIEC 031, FFIEC 041, and FFIEC 051.
April 19, 2019
WebPage
Regulatory News
|
|
News
US Agencies Propose to Amend Rule on Supplementary Leverage RatioUS Agencies (FDIC, FED, and OCC) are proposing to revise the capital requirements for supplementary leverage ratio, as required by the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.
April 18, 2019
WebPage
Regulatory News
|
|
News
EIOPA Held InsurTech Roundtable on Use of Cloud Computing by InsurersEIOPA had, on April 11, 2019, hosted its Fourth InsurTech Roundtable on the use of cloud computing by insurance undertakings.
April 17, 2019
WebPage
Regulatory News
|
|
News
EP Resolution on Proposal for Sovereign Bond Backed SecuritiesThe European Parliament (EP) published adopted text on the proposal for a regulation of the European Parliament and of the Council on sovereign bond-backed securities (SBBS).
April 16, 2019
WebPage
Regulatory News
|
