11/20/2023 | Press release | Distributed by Public on 11/20/2023 09:03
Ottawa ─ November 20, 2023 - Office of the Superintendent of Financial Institutions
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.
"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
OSFI - Media Relations
Email: [email protected]