Assistant Superintendent Tolga Yalkin highlights important regulatory developments in OSFI’s second quarter release, focusing on financial stability and transparency.
Tolga Yalkin, Assistant Superintendent of the Office of the Superintendent of Financial Institutions (OSFI), made remarks on November 21, 2024, during OSFI’s second Quarterly Release Announcement Day. Speaking during his address, Yalkin highlighted several key updates to regulations in pursuing the robustness and greater transparency of Canada’s financial system.
Other major announcements were the outcome of OSFI’s Policy Review, a new version of the Regulatory Notice on Commercial Real Estate (CRE) Lending, and a Regulatory Notice on Culture Risk Management. OSFI published final versions of the Guideline for Liquidity Adequacy Requirements (LAR), the Guideline for the Life Insurance Capital Adequacy Test (LICAT), the Guideline for the Mortgage Insurer Capital Adequacy Test (MICAT), and the Guideline for International Financial Reporting Standard (IFRS) 17.
Yalkin stressed that OSFI remains committed to prudent regulatory guidance in view of the most significant risks, and thereby the organization’s Annual Risk Outlook is expected to reflect that. “The quarterly release strategy will keep stakeholders duly informed and updated on the latest issues simultaneously, and that will contribute to an increase in predictability and transparency in communications of OSFI,” added Yalkin.
After the speech, Yalkin was open for questions from the press with regards to newly declared items and OSFI’s continued work on further strengthening the financial sector in Canada.
With this, it becomes part of the OSFI’s continued work toward making its regulatory processes more efficient as well as improving stakeholder engagement through regular structured updates on critical financial and non-financial risks affecting federally regulated financial institutions.
