Featured Product

    OSFI Releases Strategic and Departmental Plans for Coming Months

    April 25, 2019

    OSFI published the strategic plan for 2019-2022 and the departmental plan for 2019-2020. The strategic plan for 2019-2022 sets out a framework for the work of OSFI and sets clear objectives. The departmental plan provides information on planned work and the results OSFI will strive to achieve during the upcoming year.

    The key components of the strategic plan are the following four key goals:

    • Improve regulated entities’ preparedness and resilience to financial risk
    • Improve their preparedness to identify and develop resilience to non-financial risks
    • Improve agility and operational effectiveness through responsible stewardship of resources
    • Preserve support from Canadians and cooperation from the financial services industry by being transparent and accountable

    The departmental plan highlights the key focus areas of OSFI over the coming year, including the following:

    • Revise capital rules for deposit-taking institutions to implement Basel III capital and liquidity reforms
    • Conduct public consultations on guidance for Canadian deposit-taking institutions on the implementation of the BCBS’ second and third phases of the market discipline framework (Pillar 3) disclosure requirements
    • Modernize supervisory processes, tools, and practices through the development and implementation of new technology
    • Prepare for the implementation of new international financial reporting standards including IFRS 17 on insurance contracts
    • Revise guidance to ensure the sound management of reinsurance risks by insurers
    • Monitor federally regulated financial institutions’ implementation of other major guidance initiatives, including the revised Guideline B-20 − Residential Mortgage Underwriting Practices and Procedures, which came into force on January 01, 2018.
    • Work with federal partners to enhance the crisis preparedness framework; conduct "table top exercises" at least annually and evolve the breadth and depth of the crisis management scenarios used in these exercises
    • Enhance capabilities with respect to non-financial risks and undertake further work regarding operational resilience and technology, cyber, culture, and conduct risks.

     

    Related Links

    Keywords: Americas, Canada, Banking, Insurance, Strategic Plan, Departmental Plan, Basel III, IFRS 17, Pillar 3, OSFI

    Featured Experts
    Related Articles
    News

    EBA Analyzes Impact of Unwind Mechanism of Liquidity Coverage Ratio

    EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.

    November 19, 2020 WebPage Regulatory News
    News

    ECB Outlines Views on Possible Changes to AnaCredit Rule and TLTROs

    In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.

    November 19, 2020 WebPage Regulatory News
    News

    IASB Begins First Phase of Post-Implementation Review of IFRS 9

    IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Report Examines Progress in Resolvability of Systemic Institutions

    FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.

    November 18, 2020 WebPage Regulatory News
    News

    EBA Benchmarks National Insolvency Frameworks Across EU

    EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Reports Assess Impact of Pandemic on Financial Stability

    FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.

    November 17, 2020 WebPage Regulatory News
    News

    RBNZ Consults on Implementation of Capital Review Changes

    RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.

    November 17, 2020 WebPage Regulatory News
    News

    IASB Announces Andreas Barckow as the New Chair from July 2021

    The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.

    November 17, 2020 WebPage Regulatory News
    News

    HKMA Consults on Capital Rules for Bank Equity Investments in Funds

    HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.

    November 17, 2020 WebPage Regulatory News
    News

    ESRB Supports Extension of Macro-Prudential Measure by Swedish FSA

    ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).

    November 17, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6153