Administrative Monetary Penalties (OSFI) Regulations

The Administrative Monetary Penalties (OSFI) Regulations establish a framework for the Office of the Superintendent of Financial Institutions (OSFI) to impose administrative monetary penalties on financial institutions, bank holding companies, and insurance holding companies that contravene certain provisions of federal legislation. Violations are categorized as minor, serious, or very serious based on their severity and impact. The regulations outline specific penalties for various offenses, including late or erroneous filings, failure to obtain approval, non-compliance with orders or directions, and other regulatory infractions. Penalties range from $100 to $500 for minor violations, depending on the institution's total assets, while serious and very serious violations can result in higher fines, up to a maximum of $25,000 or more per violation. These regulations provide a framework for OSFI to enforce compliance with federal financial legislation and maintain stability within the Canadian financial system.