<P> July 1987--to ensure a coordinated approach to supervision and a modern regulatory framework for Canada's financial system, and acting on the recommendations of the Estey commission, the government proclaimed the Financial Institutions and Deposit Insurance Amendment Act and the Office of the Superintendent of Financial Institutions Act . This latter Act joined the Department of Insurance and the Office of the Inspector General of Banks to form OSFI, which was given the powers to supervise and regulate all federally regulated financial institutions . </P> <P> May 1996--Bill C - 15 receives Royal Assent . This new legislation clarifies OSFI's prime responsibilities as helping to minimize losses to depositors, policy holders, and pension plan members and to maintain public confidence in the Canadian financial system . Preventing failure of financial institutions is not part of OSFI's mandate; however, promoting sound business practices helps reduce the risk that financial institutions will fail . The mandate stresses the importance of early intervention to achieve OSFI's objectives and establishes the basis for OSFI's mission, objectives, priorities and strategies . </P> <P> NO LONGER VALID -> http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?ArticleID=1534 http://www.osfi-bsif.gc.ca/Eng/osfi-bsif/Pages/hst.aspx </P>

The office of the superintendent of financial institutions (osfi)