OSFI finalizes its Guideline on Foreign Entities Operating in ...
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As a result, OSFI is reissuing other guidance documents with references to any requirements for Chief Agents and Principal Officers removed. The ... Skiptomaincontent Skiptosecondarymenu OSFIfinalizesitsGuidelineonForeignEntitiesOperatinginCanadaonaBranchBasis PageContentMediaContact OSFI–PublicAffairs343-550-9373AccompanyingDocuments LetterNewsReleaseForImmediateReleaseOTTAWA─June28,2021─OfficeoftheSuperintendentofFinancialInstitutionsToday,theOfficeoftheSuperintendentofFinancialInstitutions(OSFI) issuedthefinalversionofGuidelineE-4 ForeignEntitiesOperatinginCanadaonaBranchBasis.ThisguidelinereplacesexistingguidelinesE-4A RoleoftheChiefAgentandRecordKeepingRequirementsandE-4B RoleofthePrincipalOfficerandRecordKeepingRequirements.GuidelineE-4placesgreateremphasisontheexpectationsoftheforeignentityoperatinginCanada,andbetterreflectstheresponsibilitiesoftheforeignentityanditsmanagementinoverseeingtheday-to-dayoperationsofitsbusinessinCanada.Asaresult,OSFIisreissuingotherguidancedocumentswithreferencestoanyrequirementsforChiefAgentsandPrincipalOfficersremoved.Therevisedguidelinesandadvisorieshavebeenpostedto OSFI'swebsite.Thereisasix-monthtransitionperiodforcompliancewithGuidelineE-4.Assuch,OSFIexpectsallforeignentitiesoperatinginCanadaonabranchbasistobecompliantbyJanuary2022.QuoteThefinalversionofGuidelineE-4emphasisesOSFIexpectationsofforeignentitiesoperatinginCanadaonabranchbasisandbetterreflectstheirresponsibilities.OSFIthanksthosewhoprovidedcommentsonthedraftversionofGuideline.—BenGully,AssistantSuperintendent,Regulation.QuickFactsThisguidelinereflectsnewamendmentstothelocationofrecordsrequirementscontainedintheInsuranceCompaniesActandtheBankAct,whichwillcomeintoforceinJuly2021.TheseamendmentsfollowtheratificationoftheCanada-UnitedStates-Mexicotradeagreement.AssociatedLinks Coverletter FinalGuidelineE-4AboutOSFIThe OfficeoftheSuperintendentofFinancialInstitutions (OSFI)isanindependentagencyoftheGovernmentofCanada,establishedin1987,toprotectdepositors,policyholders,financialinstitutioncreditorsandpensionplanmembers,whileallowingfinancialinstitutionstocompeteandtakereasonablerisks.MediaContactOSFI–[email protected] ModifiedDate: 2021-06-28 Secondarymenu AboutUs OurHistory Mandate ExecutiveBiographies Newsletters ReportsandAccountability WhoWeRegulate JobOpportunities
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