The Reporter provides a monthly summary of federal legislative and regulatory developments of relevance to federally regulated financial institutions. It does not address provincial  financial services legislative and regulatory developments, although this information is tracked by BLG and can be provided on request. In addition, purely technical and administrative changes (such as changes to reporting forms) are not covered.

Institution

Published

Title and Brief Summary

Status

OSFI

[Applicable to insurance companies]

Issued — July 31, 2013

Earthquake Financial Resources

This memorandum outlines the proposed measure of earthquake exposure and earthquake financial resource formula within the Minimum Capital Test. The memorandum also includes a proposed revision to the annual Earthquake Exposure Data Form.

Comments on both proposed changes should be provided no later than
August 31, 2013.

OSFI

[Applicable to banks, authorized foreign banks, trust companies, loan companies, cooperative credit societies, life insurance companies, property and
casualty  insurance companies, and fraternal benefit societies.]

Issued — July 3, 2013

FATF Notice re: Financial Transactions

In order to protect the international financial system from money laundering and terrorist financing risks, the Financial Action Task Force issued statements on June 21, 2013. Links to the full texts of these statements can be found at http://www.fatf-gafi.org. The OSFI Notice is a summary of the statements and OSFI’s expectations with respect to them.

Final

OSFI

[Applicable to banks, bank holding companies, federally regulated trust and loan companies, and cooperative retail associations]

Issued — July, 2013

Advisory- Public Capital Disclosure Requirements related to Basel III Pillar 3

On June 26, 2012, the Basel Committee on Banking Supervision (BCBS) issued its final rules on the information banks must publicly disclose when detailing the composition of their capital. The publication sets out a framework to ensure that the components of banks “capital bases are publicly disclosed in standardised formats across and within jurisdictions for banks subject to Basel III”. This advisory provides clarification on the implementation of the BCBS Disclosure Rules for all institutions and builds on OSFI’s November 2007 Advisory on Pillar 3 Disclosure Requirements.

Final

Expertise

Financial Services Sectors
Regulatory
Banking and Financial Services