Program directory · Office of the Superintendent of Financial Institutions Canada
Regulatory Approvals and Legislative Precedents
- Program code
- BVN03 (OSFI)
- Core responsibility
- Financial Institution and Pension Plan Regulation and Supervision
- In Departmental Plans
- 2018-19 – 2025-26 · Appeared and later dropped
What it does
Federally regulated financial institutions are required to seek regulatory approval for certain types of transactions. This program involves evaluating and processing applications for regulatory consent; establishing positions on the interpretation and application of the federal financial institutions’ legislation, regulations and guidance; identifying precedential transactions that may raise precedent-setting issues; and developing recommendations that recognize the need to allow institutions to compete effectively and take reasonable risks.
Source: the department's Program Inventory, via GC InfoBase.
History and lineage
First appears in GC InfoBase's actual spending by program in 2018-19. The data does not record when a program was created; it may be older than its first appearance here, which is limited by the sources (program spending starts in 2010-11, Departmental Plans in 2018-19).
| Program | Relation | Years with data | Actual spending over those years |
|---|---|---|---|
| Regulatory Approvals and Legislative Precedents | This program | 2018-19 – 2027-28 | $29.2M |
No earlier or later program in the same department has a similar name.
Significant changes in scope and budget
Detected from the data: renames between plans, programs it appears to replace, merge with or split into (matched by name), year-over-year changes in spending of at least 25% and $5M, or in employees of at least 20% and 25 FTEs, linked budget measures, and results indicators added or dropped.
No significant changes detected.
Success criteria
The program's indicators from its department's Departmental Results Framework: the target set in each year's plan, and the result reported the following year. Source: GC InfoBase.
Historical: targets against results
Bars: result reported. Dashed line: target.
| Report year | Target | Due | Result | Status |
|---|---|---|---|---|
| 2018-19 | ≥ 90% | 2019 | 99% | Met |
| 2019-20 | ≥ 90% | 2020 | 96% | Met |
| 2020-21 | ≥ 90% | 2021 | 97% | Met |
| 2021-22 | ≥ 90% | 2022 | 100% | Met |
| 2022-23 | ≥ 90% | 2023 | 94% | Met |
| 2023-24 | ≥ 90% | 2024 | 98% | Met |
| 2024-25 | ≥ 90% | 2025 | 91% | Met |
Bars: result reported. Dashed line: target.
| Report year | Target | Due | Result | Status |
|---|---|---|---|---|
| 2018-19 | ≥ 85% | 2019 | 79% OSFI is currently circling back to the industry to inform future actions to improve this result. | Not met |
| 2019-20 | ≥ 85% | 2020 | 79% OSFI is committed to improving on an ongoing basis the transparency of its regulatory approval process and the basis upon which decisions are made. The feedback provided will help enhance internal guidance and may lead to changes to documentation for applicants on our website. | Not met |
| 2020-21 | ≥ 85% | 2021 | 81% OSFI remains committed to ongoing and transparent communication with applicants surrounding regulatory approvals as well as the decision making process. This includes making sure that we adapt the frequency and extent of our communication with applicants based on the nature of the approval and their needs. As standard practice, in the 2020-21 fiscal year, we established more frequent reporting an… | Not met |
| 2021-22 | ≥ 85% | 2022 | — A Financial Institutions Survey (FIS) was not conducted in 2021-22, therefore no updated data is available. | No result reported |
| 2023-24 | ≥ 85% | 2024 | 82% OSFI publishes transaction instructions that provide the standard list of information required and related guidance to support an approval request. OSFI requests additional information from institutions to address complexity, new and emerging risks, as well as systemic and idiosyncratic risks. These additional information requirements are not publicly available prior to a FRFI applying for regula… | Not met |
Current: the 2026-27 plan's targets
No indicators in the 2026-27 plan.
Future goals: targets due after 2026-27
No targets with a later due date.
Spending and employees: planned against actual
Spending
Show the numbers
| Fiscal year | Planned | Actual |
|---|---|---|
| 2018-19 | $4.7M | $3.8M |
| 2019-20 | $4.9M | $3.6M |
| 2020-21 | $4.4M | $3.9M |
| 2021-22 | $4.5M | $4.1M |
| 2022-23 | $4.6M | $4.1M |
| 2023-24 | $5.6M | $4.3M |
| 2024-25 | $5.3M | $5.4M |
| 2025-26 | $4.7M | — |
| 2026-27 | $4.7M* | — |
| 2027-28 | $4.9M* | — |
Employees (FTEs)
Show the numbers
| Fiscal year | Planned | Actual |
|---|---|---|
| 2018-19 | 28 | 23 |
| 2019-20 | 28 | 21 |
| 2020-21 | 24 | 23 |
| 2021-22 | 24 | 25 |
| 2022-23 | 24 | 23 |
| 2023-24 | 28 | 21 |
| 2024-25 | 25 | 22 |
| 2025-26 | 23 | — |
| 2026-27 | 23* | — |
| 2027-28 | 23* | — |
Planned spending, plan by plan
Each row is one year's Departmental Plan and its forecast for the next three fiscal years; read a column down to see how the forecast for one year changed. The last row is what was actually spent. Click an amount for its source. Biggest changes in federal spending plans
| Plan | 2018-19 | 2019-20 | 2020-21 | 2021-22 | 2022-23 | 2023-24 | 2024-25 | 2025-26 | 2026-27 | 2027-28 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2018-19 plan | $4,686,654 | $4,774,229 | $4,874,355 | |||||||
| 2019-20 plan | $4,946,773 | $5,026,898 | $5,107,948 | |||||||
| 2020-21 plan | $4,403,625 | $4,509,041 | $4,606,300 | |||||||
| 2021-22 plan | $4,531,660 | $4,649,581 | $4,741,394 | |||||||
| 2022-23 plan | $4,574,693 | $4,685,711 | $4,818,769 | |||||||
| 2023-24 plan | $5,633,568 | $4,851,859 | $4,879,380 | |||||||
| 2024-25 plan | $5,321,656 | $5,459,389 | $5,515,814 | |||||||
| 2025-26 plan | $4,731,237 | $4,736,181 | $4,900,224 | |||||||
| Actual | $3,760,320 | $3,637,374 | $3,863,445 | $4,072,834 | $4,074,616 | $4,329,672 | $5,421,296 |
Actual spending is from Departmental Results Reports and the Public Accounts, as published in GC InfoBase. FTEs are full-time equivalents.
