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.

January 2016



Title and Brief Summary



[Applicable to insurance companies]

Published January 28, 2016

Common Framework for the Supervision of Internationally Active Insurance Groups — Draft

In developing ComFrame, the IAIS has utilised an open and transparent process involving both

Members and insurance professionals. A Concept Paper was issued for public consultation in 2011 with the Draft ComFrame similarly being issued for public consultation in 2012 and 2013. The IAIS has also held numerous meetings and dialogues with industry participants in order to obtain and incorporate actual business experiences. The

IAIS finalised ComFrame for the purposes of Field Testing in 2013. The ComFrame is being revised and updated as field testing progresses. The next steps are the finalisation of ICS for the purposes of field testing (2016), the consultation on ComFrame including ICS (2017) and the finalisation and adoption of ComFrame (2018).


Published January 28, 2016


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


Issued January 21, 2016

Draft Guideline — Pillar 3 Disclosure Requirements

OSFI's draft guideline on Pillar 3 Disclosure Requirements clarifies OSFI's expectations regarding domestic implementation by federally regulated deposit-taking institutions of the Revised Pillar 3 Disclosure Requirements issued by the Basel Committee on Banking Supervision in January 2015.

Comments should be provided no later than March 21, 2016.


[Applicable to banks]

Published January 14, 2016

Revised Framework for Market Risk Capital Requirements

The Revised Market Risk Framework is a key component of the Basel Committee's overall efforts to reform global regulatory standards in response to the global financial crisis.

The purpose of the Revised Market Risk Framework is to ensure that the standardised and internal model approaches to market risk deliver credible capital outcomes and promote consistent implementation of the standards across jurisdictions. The final standard incorporates changes that have been made following two consultative documents published in October 2013 and December 2014 and several quantitative impact studies.

An explanatory note has been published to provide a non-technical description of the rationale and main features of the January 2016 revisions to the market risk framework.

Effective January 1, 2019



Jeffrey S. Graham


Financial Services Sectors
Banking and Financial Services