Statement from the Superintendent on Royal Assent of Bill C-47
Statement -
Today, Peter Routledge, Superintendent of Financial Institutions, released the following statement:
“Canadians must be confident that federally regulated financial institutions (FRFIs) have protections in place to counter threats to their integrity or security, including foreign interference.
On June 22, 2023, Parliament passed Bill C-47, the Budget Implementation Act (BIA), which expands the Office of the Superintendent of Financial Institution’s (OSFI’s) mandate. These changes complement our existing purpose which is to contribute to public confidence in the Canadian financial system.
The OSFI-related amendments in the BIA add to the suite of compliance and intervention tools available to the Superintendent and the Minister of Finance. These changes will enhance the strong oversight of FRFIs that underpins a sound and stable Canadian financial system.
Starting January 1, 2024, FRFIs will be required to have and adhere to adequate policies and procedures to protect themselves from threats to their integrity and security, including foreign interference. OSFI will examine each FRFI’s policies and procedures to determine if they are adequate. We will annually report on these examinations to the Minister of Finance.
In line with our 2022-25 Strategic Plan and risk appetite statement, we are adapting the nature of our work in response to our evolving risk environment. This allows us to address any developing risks as early as possible.”