Backgrounder: Results of OSFI’s Policy Review

Overview

The Office of the Superintendent of Financial Institutions (OSFI) has conducted a comprehensive review of all its regulatory guidelines. Through this process, OSFI identified and is rescinding 20 guidelines and advisories that are outdated, redundant, or no longer fit-for-purpose.

Why it’s important

This process ensures that federally regulated financial institutions are concentrating efforts on the highest priorities when implementing regulatory guidance. It proactively helps reduce regulatory burden on the industries OSFI regulates and supervises by ensuring that the regulatory framework is agile, focused, and lean. By continuously reviewing its policies, OSFI reduces unnecessary regulation, allowing OSFI and industry to focus on the right guidance, the right risks, at the right time.

Current results – rescinded list

Any guidelines and advisories to be rescinded will be listed and available on OSFI’s website, well before the effective rescind date. An initial list, with an effective rescind date by April 1, 2025, is now available on OSFI’s website.

Way forward

This Policy Review supports OSFI’s mandate to promote the prudential soundness, integrity and security of federally regulated financial institutions, and aligns with OSFI’s risk appetite and new Supervisory Framework. For additional transparency and clarity, OSFI has added new content to its website that illustrates how OSFI’s guidance aligns to its mandate.

This is the first stage in OSFI’s Policy Review process, which will become an ongoing process moving forward. In the year ahead, OSFI will also be developing two foundational guidelines: one on risk management, and another on board and senior management accountability (revised Corporate Governance Guideline). These upcoming guidelines will allow OSFI to further consolidate, streamline, and clarify its regulatory framework.