Canada Adopts the Extended UMR Timeline
The Canadian Office of the Superintendant of Financial Institutions has adopted the 1 year extension for UMR into Phases 5 and 6
The OSFI in Canada has publishing ruling E22 setting out their adoption of the extended Phase 5 and 6 of UMR.
- If your firm exceeds CAD 75bn AANA then IM will apply from 1st Sept 2020
- If your firms exceed CAD 12bn AANA then IM will apply from 1st Sept 2021
Time to update your compliance plans.
- The OSFI UMR page: https://www.osfi-bsif.gc.ca/Eng/fi-if/rg-ro/gdn-ort/gl-ld/Pages/e22.aspx
- Letter E22 page: https://www.osfi-bsif.gc.ca/Eng/fi-if/rg-ro/gdn-ort/gl-ld/Pages/e22_let.aspx
- Letter E22 PDF (and attached below). https://www.osfi-bsif.gc.ca/Eng/Docs/e22.pdf
- ISDA UMR thresholds chart: http://assets.isda.org/media/5e7ce0f1/4f4fc9ed-pdf