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OSFI's Revised Pillar 3 Disclosure Requirements

  • IFRS - OSFI Image

Aug 17, 2016

On August 17, 2016, the Office of the Superintendent of Financial Institutions (OSFI) issued a letter which communicates its expectations on the implementation date of the Revised Basel Pillar 3 standards for Canadian domestic systemically important banks (D-SIBs) and expectations for small and medium size banks.

As noted in OSFI's letter, D-SIBs are expected to implement the Revised Basel Pillar 3 standards for the fiscal year ending October 31, 2018. Small and medium size banks, with certain exceptions, are permitted to continue with their existing Pillar 3 disclosure practices.

In 2017, OSFI will issue a final guideline on the implementation of the Revised Basel Pillar 3 standards. As the Basel Committee continues to complete each phase of the disclosure project, OSFI will determine the applicability of those revisions and provide further guidance to federally regulated deposit-taking institutions.

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