The Office of the Superintendent of Financial Institutions (OSFI) issued an advisory of Friday that gives Canada’s big banks a bit more flexibility in meeting public disclosure requirements that apply to so-called global systemically important banks (G-SIBs).
Large federally regulated banks will now have until their first quarter report of the following year to publicly disclose financial year-end data as required by the Basel Committee on Banking Supervision.
Previously, the disclosure was required by the time the banks issue their annual reports to shareholders. The change is intended to “accommodate Canadian banks’ October year-ends and provide them with some flexibility to meet financial reporting requirements,” the OSFI advisory says.
The public disclosure requirements were adopted as part of reforms to global capital rules, and efforts to identify G-SIBs. The big banks are required to publicly disclose, at a minimum, the Canadian-dollar denominated values of the 12 different indicators that comprise the G-SIB assessment methodology.