The Office of the Superintendent of Financial Institutions (Canada) ("OSFI") has published a ruling that BLG obtained for one of its foreign bank clients that confirms that a Canadian entity that provides back office services to a foreign portfolio manager does not carry on a financial services business within the foreign bank regulation context (the "Ruling"). 1 This Ruling is of interest to foreign bank groups and their Canadian subsidiaries that wish to provide services to investment funds inside or outside Canada and that wish to have back office services provided from within Canada.

type Financial Services Client Update - November 2008 - OSFI Ruling Regarding a Canadian Subsidiary Assisting a Foreign Bank's Portfolio Management Services