The Reporter provides a monthly summary of significant international and Canadian federal legislative and regulatory developments of relevance to federally regulated financial institutions in Canada. It does not address 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 2015
| Institution | Published | Title and Brief Summary | Status |
| OSFI [Applicable to banks, cooperative credit and cooperative retail associations, trust and loan companies and insurance companies] |
Issued – Jan 30, 2015 | Guideline B-7 Derivatives Sound Practices
(Guideline) OSFI is issuing the final version of the Guideline, which includes updates to reflect the over-the- counter (OTC) derivatives market reforms initiated by G-20 leaders and communicates OSFI's expectations for central clearing of standardized OTC derivatives and reporting derivatives data to a trade repository. |
Effective Nov 1, 2014 |
| Bank of Canada | Issued – Jan 29, 2015 | Planned Changes to Assets Eligible as Collateral
under the Bank of Canada's Standing Liquidity Facility
(SLF) Following a regular review of the Bank's policy in relation to Assets Eligible as Collateral under the Bank of Canada's Standing Liquidity Facility (SLF), the Bank is planning to add certain Canadian-dollar denominated term asset-backed securities (ABS), including those backed by residential mortgages, to the list of eligible collateral. |
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| BIS/Basel | Issued Jan 28, 2015 |
Revised Pillar 3 disclosure requirements The revisions to the disclosure requirements address shortcomings in Pillar 3 of the Basel framework. The revised disclosure requirements will enable market participants to better compare banks' disclosures of risk-weighted assets. The revisions notably focus on improving the transparency of the internal model-based approaches that banks use to calculate minimum regulatory capital requirements. |
BIS indicates that disclosure to be effective from year-end 2016 |
| OSFI [Applicable to banks, bank holding companies, cooperative credit and cooperative retail associations, trust and loan companies and insurance companies] |
Issued Jan 9, 2015 |
Early adoption of IFRS 9 Financial Instruments for
Domestic Systemically Important Banks – Advisory OSFI is issuing the final version of the Advisory on the Early Adoption of IFRS 9 Financial Instruments for Domestic Systemically Important Banks (D-SIBs). In an effort to consolidate OSFI guidance, this final Advisory incorporates the relevant sections of the March 2010 Advisory Conversionto International Financial Reporting Standards (IFRSs) by Federally Regulated Entities (FREs) and the February 2014 letter entitled Early Adoption of Amendments to IFRS 9 – General Hedging andOwn Credit Risk. As a result, these two documents have been removed from the OSFI website. |
D-SIBs expected to adopt IFRS 9 for their annual period beginning on Nov 1, 2014 |
| OSFI [Applicable to Insurance companies] |
Issued Jan 5, 2015 |
Revised Life Insurance Capital Framework –
Standard Approach This paper describes the principles and, in summary, the concepts supporting the development of some key components of the potential new life insurance capital framework standard approach. The paper reflects the current stage of development, up to and including QIS6, and should not be viewed as OSFI final positions. |
n/a |
| CPA | Issued Jan 5, 2015 |
Changes to rules and standards The amendments are to improve the CPA's ability to monitor both Severity 1 and Severity 2 incidents encountered by all Participants and improve the CPA's ability to engage Large Value Transfer System (LVTS) Participants regarding operational events.
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Effective Jan 5, 201 |
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
