Legislation often makes provision for more detailed requirements to be set out in supporting regulations. Such regulations have the force of law because they are made under the authority of the applicable legislation. Federally Regulated Financial Institutions (FRFIs) must conduct their business according to applicable regulations. The specific regulations can be found on the Department of Justice Internet site.
Applicable FRFI regulations not yet posted on the Department of Justice site are located below.
Coming into force of the Service Charge Regulations
The Regulations Amending the Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 (the Regulations) were registered and took effect on April 28, 2006, and are published in the May 17, 2006 issue of the Canada Gazette, Part II (SOR 2006/74). The Regulations reduce the number of service charges for services offered by OSFI from 52 to 14. The service charges that remain are those that are paid by non-federally regulated institutions such as new applicants, and those that are charged for rulings, interpretations, capital quality confirmations, and copies of corporate documents.
The Regulations Amending the Investment Limits (Banks) Regulations and the Regulations Amending the Investment Limits (Bank Holding Companies) Regulations received final approval on February 1, 2005 and were published in the February 23, 2005 issue of the Canada Gazette Part II. The Regulations amend section 3 of the Investment Limits (Banks) Regulations to exempt medium banks that are widely held or that are controlled by a widely held regulated entity from the application of sections 476 to 478 of the Bank Act (i.e., the investment limits). To ensure that a consistent framework applies to bank holding companies with regards to the investment limits, the same amendment was approved pursuant to paragraph 941(c) of the Bank Act for section 3 of the Investment Limits (Bank Holding Companies) Regulations.