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OSFI announces compliance deadlines for bank word restrictions

August 15, 2018 | Posted by: Aaron Baxandall

Amendments will permit regulated non-bank institutions to use “generic bank terms”

James Langton August 14, 2018

Trust and loan companies and credit unions will have until Aug. 31, 2019 to comply with recent revisions to banking legislation regarding the use of the words “bank”, “banker” and “banking” in their online and print materials, the Office of the Superintendent of Financial Institutions Canada (OSFI) announced Tuesday.

The firms will have until Aug. 31, 2020 to comply with restriction for information contained on physical signage.

OSFI issued an advisory concerning the use of these words by non-bank financial institutions in June 2017. The Department of Finance Canada issued a consultation paper in August 2017 that addressed the issue as part of its review of financial sector legislation.

That consultation led to legislative amendments that will permit regulated non-bank institutions to use “generic bank terms,” OSFI says in a news release,, subject to certain disclosure requirements.

The deadlines announced today are designed to give firms time to get in compliance with those new requirements.

https://www.investmentexecutive.com/news/from-the-regulators/osfi-announces-compliance-deadlines-for-bank-word-restrictions/

 

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