OSFI seeks feedback on disclosure of crypto-asset exposures
OTTAWA, ON, Nov. 20, 2023 /CNW/ - Today, the Office of the Superintendent of Financial Institutions (OSFI) launched a consultation on the public disclosure of crypto-asset exposures by federally regulated financial institutions (FRFIs) in Canada.
Digital innovation is transforming how we transact, manage money, and view value but poses risks to our financial system. Recent crypto events underscore risks of unregulated financial innovation. Public disclosures enhance transparency, comparability of data, and market discipline for a safer financial system.
The Basel Committee on Banking Supervision (BCBS) is seeking feedback from internationally active banks through its own consultation. This consultation allows industry to provide feedback on BCBS proposals, ensuring guidelines align with the Canadian context.
OSFI will issue draft guidelines on public disclosures by fall 2024. Final guidelines will be communicated by winter 2025, taking effect in Q4 2025. Share your consultation at [email protected] until January 31, 2024.
Quote
"Public disclosures are crucial for managing risks in banks and insurers, especially regarding crypto-asset exposures. We welcome feedback to tailor disclosure expectations to the Canadian context." - Peter Routledge, Superintendent of Financial Institutions
Quick facts
A non-attributed summary of comments received, along with OSFI's responses, will be published with the draft guidelines in 2024.
OSFI completed a public consultation on draft guidelines on the regulatory capital and liquidity treatment of crypto-asset exposures for banks and insurers in September 2023.
UroGen Pharma Ltd. , a biotech company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers, today announced results from a new analysis of the ATLAS trial, which estimates using Kaplan Meier...
U.S.-based tech startup Iozera, in collaboration with the Government of Morocco, announces an initiative set to transform the AI industry. Iozera has announced the signing of a Memorandum of Understanding (MOU) for the establishment of a pioneering...
UroGen Pharma Ltd. , a biotech company dedicated to developing and commercializing novel solutions that treat urothelial and specialty cancers, today highlights the results of a sub-analysis from a real-world patient cohort review of JELMYTO...
With a remarkable achievement of 81.556 billion yuan in operating revenue, marking an 11.74% increase from the previous year, and a net profit attributable to shareholders of 7.039 billion yuan, soaring by 27.21%, JA Solar hit historic highs in both...
Leading research and experience management firm Sogolytics will showcase innovations in HR and employee experience at UNLEASH America next week.
"With such a rapid evolution in the world of HR tech, we're seeing some major changes in how employers...