ECON 3430 Study Guide - Quiz Guide: Pension, Financial Institution, Financial Regulation

• School: York University
• Department: Economics
• Course: ECON 3430
• Professor: Brenda Spotton- Visano

Document Summary

Office of the superintendent of financial institutions (article 10) The office of the superintendent of financial institutions (osfi) was created in 1987 to regulate and supervise financial institutions and private pension plans subject to federal oversight. It is an independent, self-financing agency that reports to parliament through the. Osfi regulates and supervises all banks in canada, and all federally incorporated or registered trust and loan companies, insurance companies, cooperative credit associations, fraternal benefit societies and private pension plans. Osfi"s mandate does not include consumer-related issues or the securities industry. Osfi does not manage the daily operations of financial institutions or private pension plans. Their executive management and boards of directors or trustees are ultimately responsible for the success or failure of the financial institution or pension plan. Osfi regulation involves providing input into developing and interpreting legislation and regulations, issuing guidelines, and approving requests from federally regulated institutions as required under financial institution legislation.