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.

November 2014

Institution

Published

Title and Brief Summary

Status

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

Issued – Nov 24, 2014

Guideline D-12 on Public Disclosure Requirements  related to Basel III Leverage Ratio
Guideline D-12 has received minor consequential revisions that reflect updated references to numbered paragraphs in the Leverage Requirements guideline. Guideline D-12 is otherwise unchanged.

Effective Jan 1, 2015

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

Issued – Nov 14, 2014

Liquidity  Adequacy Requirements
OSFI is re-issuing Chapters 1, 2, and 6 of its guideline. These chapters have been updated to clarify interpretation and applicability regarding the Net Cumulative Cash Flow metric, intraday liquidity
monitoring tools and the Liquidity Coverage Ratio (LCR) inflow treatment for certain deposits.

Effective Jan 1, 2015

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

Issued – Nov 13, 2014

Guideline E-13 Regulatory Compliance Management
OSFI is issuing the final version of revised Guideline
E-13 (re-named Regulatory Compliance Management) to reflect current industry best practices. The draft Guideline is intended to revise and replace the 2003 Guideline
E-13 - Legislative Compliance Management (LCM) to better align it with more recently updated OSFI Guidelines and to complement OSFI’s Supervisory Framework and Assessment Criteria.

Effective by May 1, 2015

OSFI
[Applicable to insurance  companies]

Issued – Nov 6, 2014

B-21 Residential Mortgage Insurance Underwriting  Practices  and Procedures
OSFI is issuing the final version of Guideline B-21. The Guideline sets out OSFI’s expectations with respect to prudent residential mortgage insurance underwriting and related activities.

Effective

OSFI
[Applicable to insurance  companies]

Issued – Nov 6, 2014

Minimum Continuing Capital and Surplus Requirements
OSFI is issuing the final revised version of its MCCSR guideline for life insurers.

Effective Jan 1, 2015

Expertise

Banking and Financial Services
Financial Services Sectors