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[{"@context":"http:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/wiki.edu.vn\/en\/wiki2\/office-of-the-superintendent-of-financial-institutions\/#BlogPosting","mainEntityOfPage":"https:\/\/wiki.edu.vn\/en\/wiki2\/office-of-the-superintendent-of-financial-institutions\/","headline":"Office of the Superintendent of Financial Institutions","name":"Office of the Superintendent of Financial Institutions","description":"From Wikipedia, the free encyclopedia Canadian regulatory agency Office of the Superintendent of Financial Institutions Formed July\u00a02,\u00a01987\u00a0(1987-07-02) Preceding agencies Department","datePublished":"2019-06-28","dateModified":"2019-06-28","author":{"@type":"Person","@id":"https:\/\/wiki.edu.vn\/en\/wiki2\/author\/lordneo\/#Person","name":"lordneo","url":"https:\/\/wiki.edu.vn\/en\/wiki2\/author\/lordneo\/","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/c9645c498c9701c88b89b8537773dd7c?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c9645c498c9701c88b89b8537773dd7c?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Enzyklop\u00e4die","logo":{"@type":"ImageObject","@id":"https:\/\/wiki.edu.vn\/wiki4\/wp-content\/uploads\/2023\/11\/book.png","url":"https:\/\/wiki.edu.vn\/wiki4\/wp-content\/uploads\/2023\/11\/book.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/f\/f8\/OSFI_BSIF.jpg\/75px-OSFI_BSIF.jpg","url":"https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/f\/f8\/OSFI_BSIF.jpg\/75px-OSFI_BSIF.jpg","height":"93","width":"75"},"url":"https:\/\/wiki.edu.vn\/en\/wiki2\/office-of-the-superintendent-of-financial-institutions\/","wordCount":1648,"articleBody":"From Wikipedia, the free encyclopediaCanadian regulatory agencyOffice of the Superintendent of Financial InstitutionsFormedJuly\u00a02,\u00a01987\u00a0(1987-07-02)Preceding agenciesDepartment of Insurance;Office of the Inspector General of BanksMinister responsibleAgency executivePeter Routledge, SuperintendentKey documentOffice of the Superintendent of Financial Institutions ActWebsitewww.osfi-bsif.gc.caThe Office of the Superintendent of Financial Institutions (OSFI; French: Bureau du surintendant des institutions financi\u00e8res, BSIF) is an independent agency of the Government of Canada reporting to the Minister of Finance created “to contribute to public confidence in the Canadian financial system”.[1] It is the sole regulator of banks, and the primary regulator of insurance companies, trust companies, loan companies and pension plans in Canada.The current Superintendent is Peter Routledge, who was appointed in June 2021. He replaced Jeremy Rudin, who retired. The term of the appointment is seven years.[2]Mandate[edit]The Office of the Superintendent of Financial Institutions (OSFI) was created to contribute to public confidence in the Canadian financial system.OSFI’s mandate is to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks.[3]Specifically OSFI achieves this through:Fostering sound risk management and governance practices: OSFI advances a regulatory framework designed to control and manage risk.Supervision and early intervention: OSFI supervises federally regulated financial institutions and pension plans to determine whether they are in sound financial condition and meeting regulatory and supervisory requirements. OSFI promptly advises financial institutions and pension plans if there are material deficiencies, and takes corrective measures or requires that they be taken to expeditiously address the situation.Environmental scanning linked to safety and soundness of financial institutions: OSFI monitors and evaluates system-wide or sectoral developments that may have a negative impact on the financial condition of federally regulated financial institutions.Taking a balanced approach: OSFI acts to protect the rights and interests of depositors, policyholders, financial institution creditors and pension plan beneficiaries while having due regard for the need to allow financial institutions to compete effectively and take reasonable risks.OSFI\u2019s legislation has due regard to the need to allow institutions to compete effectively and take reasonable risks. The legislation also recognizes that management, boards of directors and plan administrators are ultimately responsible and that financial institutions and pension plans can fail.The Office of the Chief Actuary, an independent unit operating within OSFI, provides a range of actuarial valuation and advisory services to the Government of Canada.[4]Related legislation[edit]Office of the Superintendent of Financial Institutions ActBank ActTrust and Loan Companies ActCooperative Credit Associations ActInsurance Companies ActPension Benefits Standards Act, 1985 (PBSA)History[edit]Late 1800s \u2013 establishment of the Office of the Superintendent of Insurance (OSI), which subsequently became the Department of Insurance (DOI). The DOI was responsible for overseeing federally licensed life insurance companies, property and casualty insurance companies, trust and loan companies and pension plans, and for providing actuarial services to the government.1925 \u2013 the Office of the Inspector General of Banks was established in response to the Home Bank failure and was responsible for regulating Canada’s chartered banks.Early 1930s \u2013 Royal Commission on Banking and Currency reviewed banking and currency issues in the Canadian financial system.Early 1960s \u2013 Porter Royal Commission reviewed structural and operational issues affecting the financial system and financial institutions in Canada. The Commission’s report concluded the financial system was sound, but developments had moved beyond the current state of laws and regulatory practices. Porter argued the public could not be insulated from loss in dealing with public institutions and markets. The Commission called for a system that would provide for adequate disclosure and that would set high standards of self-regulation, backed by strong government supervision and powers to enforce proper practices.1967 \u2013 the Minister of Finance introduced legislation to establish the Canada Deposit Insurance Corporation (CDIC) to ensure the safety of small deposits and bring about a gradual improvement in the minimum financial standard of deposit-taking institutions in Canada. In 1983, legislative amendments extended CDIC’s mandate to include assisting to maintain public confidence and stability in the financial system.Mid-1980s \u2013 increased international competition and the failure of two Canadian banks and the subsequent enquiry into these failures by the Honourable Willard Z. Estey highlighted the need to ensure a sound approach to handling the risks associated with the financial marketplace.July 1987 \u2013 to ensure a coordinated approach to supervision and a modern regulatory framework for Canada’s financial system, and acting on the recommendations of the Estey commission, the government proclaimed the Financial Institutions and Deposit Insurance Amendment Act and the Office of the Superintendent of Financial Institutions Act. This latter Act joined the Department of Insurance and the Office of the Inspector General of Banks to form OSFI, which was given the powers to supervise and regulate all federally regulated financial institutions.May 1996 \u2013 Bill C-15 receives Royal Assent. This new legislation clarifies OSFI’s prime responsibilities as helping to minimize losses to depositors, policy holders, and pension plan members and to maintain public confidence in the Canadian financial system. Preventing failure of financial institutions is not part of OSFI’s mandate; however, promoting sound business practices helps reduce the risk that financial institutions will fail. The mandate stresses the importance of early intervention to achieve OSFI’s objectives and establishes the basis for OSFI’s mission, objectives, priorities and strategies.Sources[edit]https:\/\/www.osfi-bsif.gc.ca\/swppws\/default.htmlSee also[edit]References[edit]External links[edit]"},{"@context":"http:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"https:\/\/wiki.edu.vn\/en\/wiki2\/#breadcrumbitem","name":"Enzyklop\u00e4die"}},{"@type":"ListItem","position":2,"item":{"@id":"https:\/\/wiki.edu.vn\/en\/wiki2\/office-of-the-superintendent-of-financial-institutions\/#breadcrumbitem","name":"Office of the Superintendent of Financial Institutions"}}]}]