The Office of the Superintendent of Financial Institutions (OSFI), the federal financial institutions prudential regulator, has posed seven revised transactions instructions on its website.
Transaction instructions set out OSFI's requirements for information and documents in connection with applications for approval under federal financial institutions statutes, and may include guidance from OSFI related to the application. The revised transaction instructions relate to certain approvals under Part XII of the Bank Act. Part XII addresses the activities, in Canada, of foreign banks and entities associated with them.
OSFI's update of the transaction instructions should be welcomed. We frequently consult OSFI's transaction instructions on behalf of our clients who are applying or are considering applying for a regulatory approval; it is helpful to the client when the transaction instructions are up-to-date as it is less likely that there will be surprises from OSFI with respect to application requirements as the application progresses.
The following transaction instructions have been revised:
- Approval to have a financial establishment in Canada
- Acquisition of control of a provincially regulated financial institution or other financial intermediary
- Acquisition of control of, or a substantial investment in, a non-financial services entity (other than a limited commercial entity)
- Establishment of a branch of a cooperative credit society, securities dealer or investment counselling and portfolio management service provider
- Acquisition of control of, or a substantial investment in, a limited commercial entity
- Establishment of a limited commercial branch
- Establishment, maintenance or acquisition for use in Canada of automated banking machines
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