OSFI-658 – Required Roles and Contact Information Return
Type of Publication: Instructions
Date: 2017 Revision
Authority
The information provided in the Corporate Profile is required pursuant to one or more of the following provisions: sections 628, 632, 950 and 951 of the Bank Act, sections 495 and 499 of the Trust and Loan Companies Act, or sections 549, 664, 668, 993 and 994 of the Insurance Companies Act.
Applicability
This return applies to all Federally Regulated Financial Institutions (FRFIs), Foreign Representative Offices (FROs) and Private Pension Plans (PPPs).
General
The name and address of the Audit Firm(s) of the Financial Institution provided within the Required Roles and Contact Information Return is part of the public register required by governing legislation to be maintained by the Superintendent of Financial Institutions and therefore, the Privacy Act allows this information to be disclosed to the public.
All other information (Board of Director's residential address, the name of the Designated Audit Partner and all Functional Appointments) provided is protected and is deemed to be personal information.
The personal information you provide to OSFI will be stored in the Personal Information Bank (PIB) (to be registered with Treasury Board Secretariat). Individuals have a right to protection of and access to their personal information stored in each corresponding PIB in accordance with the Privacy Act and the A ccess to Information Act. Details on these matters are available at the Infosource website (http//infosource.gc.ca) and through the OSFI Call Centre. Info source is also available at public libraries across Canada.
The purpose of this return is to provide the full name and salutation of each individual or related organization, their associated role and their complete contact information.
All fields located under this return are mandatory fields. This return also requires a mandatory email address for each individual or related organization being added to your organization profile. For each individual or related organization, a Business Mailing Address must be maintained at all times.
This return must be used to submit changes to any and all individuals, related organizations and other roles within your organization profile, as deemed required by the Superintendent. For example, adding new individuals/related organizations, deleting (removing) individuals/related organizations from your profile or updating existing information. This return must also be used for updating all contact information related to individuals and related organizations.
When it comes to the Board Chairman and Director roles, an individual can only hold 1 of these roles at any given time. It is understood that if an individual is given the role of Board Chairman, this individual is also considered a Director.
NOTE: You are required to maintain the information under your Organization Profile. As some roles within your profile may be re-appointed on a yearly basis, you are not required to change or update the role effective date of that individual or organization. When the information remains the same, then no updates are required. OSFI requires that the original appointment date be kept on file for historical purposes. Role expiry dates should only be added when the individual has been removed from that position.
RRS resubmissions are not permitted for this return type. If you identify errors in your profile, you are required to call Returns Administration in order to correct the error(s). This includes changes to existing effective dates.
This return is subject to the Late and Erroneous Filing Penalty (LEFP) Framework for FRFIs only.
Filing Deadlines
The return should be filed no later than 30 days after the effective date of change.
Mandatory Required Roles
For all Canadian Domestic Banks and Foreign Bank Subsidiaries, and Trust and Loan Companies, the following mandatory roles must be maintained within your organization profile: Chief Executive Officer, Chief Compliance Officer, Chief Anti-Money Laundering Officer, Chief Financial Officer, Business Continuity/Disaster Recovery Coordinator, External Auditor and Audit Firm, Chief Risk Officer (or equivalent), President (if applicable), Chief Internal Auditor (if applicable), and Treasurer (if applicable).
For all Foreign Bank Branches, the following mandatory roles must be maintained within your organization profile: Principal Officer, Chief Compliance Officer, Chief Anti-Money Laundering Officer, Chief Financial Officer, Business Continuity/Disaster Recovery Coordinator, External Auditor and Audit Firm, Chief Risk Officer (or equivalent), Chief Internal Auditor (if applicable), and Treasurer (if applicable).
For all Canadian Life Insurance Companies and Fraternal Benefit Societies, the following mandatory roles must be maintained within your organization profile: Chief Executive Officer, Chief Compliance Officer, Chief Anti-Money Laundering Officer, Chief Financial Officer, Business Continuity/Disaster Recovery Coordinator, Appointed Actuary, External Auditor and Audit Firm, Chief Risk Officer (or equivalent), President (if applicable), Head of Actuarial Function (if different from the AA), Chief Internal Auditor (if applicable), and Treasurer (if applicable).
For all Foreign Life Insurance Companies and Fraternal Benefit Societies, the following mandatory roles must be maintained within your organization profile: Chief Agent, Chief Compliance Officer, Chief Anti-Money Laundering Officer, Chief Financial Officer, Business Continuity/Disaster Recovery Coordinator, Appointed Actuary, External Auditor and Audit Firm, Chief Risk Officer (or equivalent), Head of Actuarial Function (if different from the AA), Chief Internal Auditor (if applicable), and Treasurer (if applicable).
For all Canadian Property & Casualty Insurance Companies, the following mandatory roles must be maintained within your organization profile: Chief Executive Officer, Chief Compliance Officer, Chief Financial Officer, Business Continuity/Disaster Recovery Coordinator, Appointed Actuary, External Auditor and Audit Firm, Chief Risk Officer (or equivalent), President (if applicable), Head of Actuarial Function (if different from the AA), Chief Internal Auditor (if applicable), and Treasurer (if applicable).
For all Foreign Property & Casualty Insurance Companies, the following mandatory roles must be maintained within your organization profile: Chief Agent, Chief Compliance Officer, Chief Financial Officer, Business Continuity/Disaster Recovery Coordinator, Appointed Actuary, External Auditor and Audit Firm, Chief Risk Officer (or equivalent), Head of Actuarial Function (if different from the AA), Chief Internal Auditor (if applicable), and Treasurer (if applicable).
For all Foreign Representative Offices, the following mandatory role must be maintained within your organization profile: Chief Representative.
For all Private Pension Plans, the following mandatory roles must be maintained within your organization profile: Plan Sponsor, Plan Administrator and Pension Fund Custodian.
NOTE: When you are adding a new individual or related organization to your Organization Profile, please ensure that the departing individual or related organization is also removed from your RRS profile.
Required Roles Definitions
"Business Continuity/Disaster Recovery Coordinator" includes both the general and pandemic planning coordinator.
"Chief Anti-Money Laundering Officer" means the person responsible for compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and the regulations thereunder.
"Chief Financial Officer" means the head of the function responsible for the reporting and analysis of the FRFI's operating results (includes the Chief Accountant, VP Finance, Comptroller, etc.).
"Chief Internal Auditor" means the head of the internal audit function (sometimes called the Chief Audit Executive in other global documents)
"Chief Risk Officer" means the head of the FRFI's risk management function, an individual responsible for the identification, assessment, monitoring and reporting of risks arising from the FRFI's operations. FRFIs should have a senior officer who has responsibility for the oversight of all relevant risk across the firm (CRO or equivalent).
"Director" includes a member of a supreme governing body of a fraternal benefit society.
"External Auditor" means the designated audit partner.
"Head of the Actuarial Function" means the person in charge of the independent function, applicable only to FRFIs with insurance business, with responsibilities beyond the legal requirements of the appointed actuary. The head's title is usually one of the following: Appointed Actuary; VP, Actuarial; Chief Actuary; or possibly Chief Risk Officer.
"Treasurer" means the head of the function (e.g. Treasury) charged with managing the liquidity of the institution.
General Definitions
"Emergency E-mail Address" means an e-mail address that can be used in the event of a disaster affecting OSFI operations for specific directed emergency communications with the financial institution.
"Financial Institution" means a bank or a bank holding company incorporated under the Bank Act, a trust company or a loan company incorporated under the Trust and Loan Companies Act, an insurance company or an insurance holding company or a fraternal benefit society incorporated under the Insurance Companies Act, and a cooperative credit association incorporated under the Cooperative Credit Associations Act.
"General E-mail Address" means an e-mail address that can be used by OSFI's Communications and Public Affairs Division when required to send general information to all financial institutions.
"Governing Legislation" means the Insurance Companies Act, the Trust and Loan Companies
Act, the Bank Act,and the Cooperative Credit Associations Act collectively or individually, where appropriate, in effect at the time the definition is applied.
"Qualified Foreign Holding Company" means a holding body corporate of a foreign institution prescribed in the Foreign Institutions Subject to the Canadian Residency Requirements Regulations under the Trust and Loan Companies Act and the Insurance Companies Act.
"Salutation" means the title that the addressee wishes to be used on correspondence from OSFI (e.g., Mr., Ms, Mrs., Miss).