Question

What does the Office of the Superintendent of Financial Institutions regulate?

1) All financial institutions operating in Canada.
2) All federally regulated financial institutions.
3) All provincially regulated financial institutions.
4) Banks, trust companies and some pension plans.

Answer 1

1) All financial institutions operating in Canada.

The Office of the Superintendent of Financial Institutions regulates all federally regulated financial institutions in Canada, including banks, trust companies, insurance companies, and certain pension plans.

Step-by-step explanation:

The Office of the Superintendent of Financial Institutions (OSFI) regulates all federally regulated financial institutions. This encompasses a range of organizations including banks, insurance companies, trust and loan companies, as well as private pension plans under federal jurisdiction. The goal of the OSFI is to ensure that these institutions are financially sound and compliant with governance standards.

While the OSFI is responsible for federally regulated financial institutions, provincial regulation is not within its remit. In contrast, in the United States, the Office of the Comptroller of the Currency supervises the largest national banks and savings and loan institutions, and the Federal Reserve supervises bank holding companies.