• Skip to primary navigation
  • Skip to main content
  • Skip to footer
CUBE announces its acquisition of The HubCUBE announces its acquisition of The HubCUBE announces its acquisition of The Hub

CUBE global

  • Products
        • RegPlatform product overviewOur enterprise product, providing regulatory intelligence for large, global financial institutions looking to tackle complex compliance.
        • RegAssure product overviewOur highly intuitive, seamless compliance product, that grows with your small or medium sized business.
        • View all products
  • Solutions
        • PrivacyGlobal governance for data privacy regulations, the world over
        • RecordsHolistic oversight of ever-growing regulations for records
        • CybersecurityAutomated workflows for up to date, relevant data on cyber
        • Technology riskEffective policies and controls to mitigate technology risk
        • Financial crime and AMLWatertight audit trails to show risk-based rationale
        • View all solutions
  • Resources
        • Resource hubLifting the lid on financial services, compliance, and regulation
        • Read

        • Case Studies
        • Blog posts
        • Reports
        • Brochures
        • Find

        • Compliance Corner
        • Compliance confessions
        • ESG Conference
        • CUBE’s regulation game
        • Listen

        • Videos
        • Webinars
        • Podcasts
  • Partners
        • Advisory and consulting partnersEnhance your regulatory compliance offering with the entire suite of CUBE regulatory data.
        • Integration partnersCompliance is complex enough without over-complicated integration procedures.
        • Technology partnersAdd value to existing customer applications with a unified window into regulatory intelligence.
        • Partners overview
  • About us
        • About usThe story of who we are, how we got here and why we’re exceptionally proud of what we do
        • TeamThe visionaries and leaders powering CUBE’s success
        • NewsThe latest news from CUBE
        • CareersOur movement to transform regulatory data into regulatory intelligence
        • ContactWant to know more? Get in touch
  • Request a demo
Customer login
Home » Resources » OSFI announces gradual return to policy developments

January 10, 2022

Estimated reading time: 3 minutes

OSFI announces gradual return to policy developments: is this the end of a slower pace of regulatory change?

Canada’s OSFI has announced that it will be making a gradual return to policy development work after placing it on hold for several months. Many financial institutions have been grateful for the break in regulatory change, but work is now set to resume in a step towards economic recovery.

Canada’s Office of the Superintendent of Financial Institutions (OSFI) has revealed that it plans to gradually restart its work on upcoming policy developments as the country takes steps towards economic recovery.

Canadian financial regulators, including the OSFI, were quick to take decisive action as the coronavirus pandemic hit in March this year. As we noted in our blog post, ‘Canadian regulators’ response to COVID-19: how are they managing the uncertainty?’, Canada’s Department of Finance suggested at the time that financial institutions should focus on ‘managing the uncertainty’ instead of allocating resources towards meeting previously announced regulatory changes. As such, the regulatory change landscape in Canada has been at a standstill, giving financial institutions breathing space in which to manage new challenges posed by the pandemic. The OSFI’s latest statement suggests this period of quiet will now begin to slowly lift.

In early March this year, the OSFI lowered its Domestic Stability Buffer, in a bid to quell instability and financial uncertainty. This resulted in the release of around $300bn in lending capacity for Canada’s banks. The OSFI has made clear that its intention was to “support lending and absorb losses” and has supported both businesses and consumers throughout by publishing regular updates and FAQs.

As Canada takes its first steps towards economic recovery, the OSFI has said “we must now look ahead.” It is with that in mind that it has announced it will gradually restart its work on policy developments – though it will “remain ready to act to ensure that the work […] keeps pace and responds appropriately to Canada’s economic environment.”

The OSFI will be publishing more information and seeking input from the relevant sectors in the coming months, adding “the OSFI is planning for our new normal; but at our core, we remain ever vigilant so that the Canadian financial system remains strong and resilient.”

CUBE comment

As the coronavirus pandemic took hold, financial regulators across the globe were quick to ensure that they slowed the pace of regulatory change. Most regulators have delayed or paused consultations, policy releases and regulatory work with the intention of giving financial institutions breathing space from upcoming financial regulatory obligations – allowing them to instead manage the unprecedented challenges presented by COVID-19.

Some parts of the globe are seeing a gradual decline of coronavirus and are now looking to restart their economies and mitigate any damage done (where possible). The OSFI appears to be in the first wave of financial institutions committing to a gradual return to regulatory normality – other regulators will be sure to follow.

This quieter regulatory period may well have a knock-on effect for financial institutions, who could see a substantial volume of policies and regulations finalized and implemented later in the year. Firms will need to keep on top of new or revised implementation dates, as well as keeping abreast of regulatory change.

However, with the future of the pandemic remaining uncertain, it’s difficult to predict the path the regulators may take if coronavirus does not subside. Either way, an automated regulatory compliance platform that enables horizon scanning and utilizes regulatory intelligence will be hugely advantageous for financial institutions looking to manage and mitigate the challenges of the ‘new normal’; outdated legacy or manual systems may struggle to cope.

Find out how legacy change management systems present more challenges than they solve

Related resources
View all resources
Find out about recent anti money laundering crimes and how RegTech can help
Blogs

Poor AML policies and procedures cost banks millions

Sylvia Yarbough whispers to a colleague about the key to customer complaints
Blogs

Compliance Confessionals – The Policy on Policies

Lessons on how to reach good Governance at your firm
Blogs

‘G’ for Good Governance

Learn about the Financial Services and Markets Bill (FSMB)
Blogs

How the FSMB will transform UK financial markets


Want CUBE updates and latest industry news sent straight to your inbox?

Footer

Add CUBE logo here

  • Products
    • Partners
    • Solutions
  • Resource hub
    • Blogs
    • Reports
    • Brochures
    • Compliance Corner
    • Webinars
    • Podcasts
    • Videos
  • Behind CUBE
    • About us
    • Meet the team
    • Careers
    • News US
    • Contact us
  • The legal bits
    • Privacy policy
    • Cookie policy
    • Terms of use
    • Accessibility
Follow us:
  • LinkedIn
  • Twitter
  • YouTube

© 2023 CUBE Content Governance Global Limited

  • US
  • English