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NEW In-House Counsel | Insurance | Intellectual Property | Immigration | Natural Resources | Real Estate | Tax

Banks have more time to adopt new disclosure rules

Thursday, October 20, 2016 @ 8:00 PM | By Luis Millan

The federal financial watchdog has given Canada’s big banks an extension to implement global reforms that establish more consistent disclosure rules, to allow them to focus and devote the “significant level of effort required” to implement new international accounting standards for financial instruments.

The Office of the Superintendent of Financial Institutions (OSFI), globally renowned as a dominant and strong regulator, originally adopted an aggressive timeline for the implementation of the revised Pillar 3 standards issued by the Basel Committee on Banking Supervision and an equally aggressive...