The Reporter provides a monthly summary of Canadian federal legislative and regulatory developments of relevance to federally regulated financial institutions. It does not address Canadian 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.

May 2014

Institution

Published

Title and Brief Summary

Status

OSFI

[Applicable to banks, cooperative retail associations, trust and loan companies]

Issued – May 30, 2014

Liquidity Adequacy Requirements (LAR) Guideline

The final version of the Liquidity Adequacy Requirements (LAR) Guideline transposes liquidity-related requirements issued by the Basel Committee on Banking Supervision (BCBS) into OSFI guidance.

January 1, 2015

OSFI

[Applicable to banks]

Issued – May 30, 2014

Draft Guideline E-20 - CDOR Benchmark-Setting Submissions

The draft Guideline outlines OSFI’s expectations for the governance and internal controls surrounding the rate submission processes within Canadian banks that are involved in setting the Canadian Dealer Offered Rate (CDOR) benchmark rate.

To provide comments by July 11, 2014

OSFI

[Applicable to banks, cooperative retail and credit associations, trust and loan companies, and insurance companies]

Issued – May 14, 2014

Changes to the Membership of the Board or Senior Management

The purpose of this Advisory is to outline the process for informing the Office of the Superintendent of Financial Institutions (OSFI) of potential changes to the membership of the Board or Senior Management of a federally regulated financial institution (FRFI) in order to provide OSFI with the opportunity to convey concerns or comments, if any, to a FRFI’s Board before such an appointment or nomination occurs.

Effective

OSFI

[Applicable to banks, cooperative retail and credit associations, trust and loan companies, and insurance companies]

Issued – May 9, 2014

External Audit Quality Initiatives

Recent international and domestic initiatives have been undertaken with a view to strengthening external audit quality. OSFI is of the view that three of these initiatives provide best practices and will be of assistance to audit committees in discharging their responsibilities.

Should be applied accordingly by fiscal year-end 2014

Authors

Jeffrey S. Graham 
JGraham@blg.com
416.367.6174

Alexandra M. Nicol 
ANicol@blg.com
514.954.3158

Stephen J. Redican 
SRedican@blg.com
416.367.6134

Sean Muggah 
SMuggah@blg.com
604.640.4020

Other Author

Jill E. McCutcheon

Expertise

Financial Services Sectors
Regulatory
Insurance — Corporate and Regulatory