OSFI Administrative Penalties Amendments

Summary#

These are final amendments to the Administrative Monetary Penalties (OSFI) Regulations made by the federal government. They clean up obsolete references and correct section numbers in the schedule that lists when the Superintendent can impose penalties. The changes took effect on the day they were registered: April 7, 2020 (published in the Canada Gazette on April 29, 2020).

What it does#

• Repeals some items in the Schedule that no longer apply (items 8, 28, 29, and 38).
• Updates parts of other items in the Schedule (items 30, 31, and 72) to correct section references and wording.
• Simplifies the short description for item 30 to: “Failure to comply without delay with a direction of the Superintendent.”
• Removes outdated or spent regulatory cross‑references left over after earlier changes to the Bank Act, the Insurance Companies Act and the Trust and Loan Companies Act.
• States the amendments come into force on the registration day (April 7, 2020).

Who's affected#

• Federally regulated banks, insurance companies, and trust and loan companies that are supervised by the Office of the Superintendent of Financial Institutions (OSFI).
• OSFI and its ability to enforce rules through administrative monetary penalties.
• The Department of Finance and other stakeholders who rely on clear regulatory references.
• If it is unclear who else might be affected, the notice does not identify any other groups.

Why it matters#

• It clarifies which parts of the federal financial statutes give OSFI the power to impose administrative monetary penalties. That helps regulated firms understand what rules they can be penalized for breaching.
• It removes old or incorrect references that could cause confusion about enforcement.
• The changes are described as technical fixes and are not expected to create new costs for businesses, including small businesses.