OSFI’s final Quarterly Release pilot: strengthening trust and resilience in Canada’s financial system

OTTAWA, ON, Feb. 20, 2025 /CNW/ – Today, as part of its final Quarterly Release pilot approach, the Office of the Superintendent of Financial Institutions (OSFI) announced measures that will strengthen Canada’s financial framework and launches consultations on key issues.

OSFI released the following:

• Public consultation on draft revisions to the Capital Adequacy Requirements (CAR) Guideline
  • OSFI is launching a 60-day consultation period on proposed revisions to the CAR Guideline (2026). As announced on February 12, 2025, OSFI has deferred increases in the Basel III capital floor (“output floor”) until further notice.
• Capital and Liquidity Treatment of Crypto-asset Exposures – Banking Guideline and Capital Treatment of Crypto-asset Exposures – Insurance Guideline
  • These guidelines set out OSFI’s expectations for financial institutions’ exposures to crypto-assets and define the associated capital and liquidity requirements.
• Final Pillar 3 Disclosure Guidelines on Crypto-asset Exposures
  • Crypto-asset disclosures for banks (Domestic systemically important banks and Small and Medium-Sized Deposit-Taking Institutions) become effective for the fiscal Q1 2026 reporting period, which incorporates the Basel Committee on Banking Supervision standard and is in alignment with the effective date.
• Letter on updates to Guideline B-15: Climate Risk Management
  • OSFI will be updating its climate disclosure expectations for financial institutions so they remain interoperable with the Canadian Sustainability Standards Board’s final standards and consulting on the disclosure expectations of greenhouse gas emissions from off-balance sheet assets under management.

On March 6, 2025, OSFI will hold a virtual Industry Day to give stakeholders further insight on the items released and the opportunity to ask related questions. Stakeholders are invited to register here.

Quote

“Contributing to and supporting public confidence in Canada’s financial system is OSFI’s top priority. The guidance released today provides financial institutions with a look ahead to our expectations so that they can reinforce their resilience to risk.”

Peter Routledge, Superintendent of Financial Institutions

Quick facts

• OSFI’s new guidance and consultations on proposed future guidance supports risks outlined in its Annual Risk Outlook and Semi-Annual Risk Outlook.
• The Quarterly Release and Industry Day approach was a pilot. OSFI is evaluating industry feedback and determining next steps. We will consider improvements to the processes, format and cadence. We intend these improvements to aid federally regulated financial institutions in preparing for OSFI initiatives and will propose the way forward in the next Annual Risk Outlook.

Related links

• Public consultation on draft revisions to the Capital Adequacy Requirements (CAR) Guideline
• Digital and crypto risks
• Letter on updates to Guideline B-15: Climate Risk Management
• Angie Radiskovic, Assistant Superintendent and Chief Strategy and Risk Officer, delivers remarks for OSFI’s February Quarterly Release Announcement Day

SOURCE Office of the Superintendent of Financial Institutions

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