Guideline E-13 outlines the expectations of the Office of the Superintendent of Financial Institutions (OSFI) in respect of the controls through which Federally Regulated Financial Institutions (FRFIs) must manage legislative and regulatory risk. OSFI has mandated that all FRFIs have in place an effective Legislative Compliance Management (LCM) process by which they can satisfy both themselves and OSFI that they have complied with governing laws, regulations and guidelines. Issues that OSFI expects FRFIs to address include:
The specific regulations governing these fields are constantly changing and trend toward a more complex regulatory regime. CRSTL currently assists federally regulated financial institutions, including property and casualty insurers, life insurers, reinsurers, trust and loan companies, schedule I and II banks, and foreign bank branches, in meeting their compliance obligations and in demonstrating their compliance efforts to OSFI.
In addition to the Federal requirements, Financial Institutions are subject to provincial regulation, particularly in the areas of consumer protection, brokers and advertising. CRSTL has compiled the databases required for provincial compliance for trust and loan companies and insurance companies. CRSTL's databases also include relevant provisions from other legislation including the Criminal Code and Lobbying Act.
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