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Regulatory Statement
- Date
- 17 December 2025
- Regulatory Statement Number
- 25-017
- Distribution
- Trust Companies
- Legislation
FIA, ss. 157, 163
Purpose
This Regulatory Statement (Statement) establishes the filing requirements and specifies filing intervals for extraprovincial trust corporations authorized in B.C.; that is, having a business authorization from BC Financial Services Authority (BCFSA).
Effective immediately, this Statement repeals and replaces Regulatory Statement 23-017: “Filing Requirements for Extraprovincial Trust Companies Authorized in the Province of B.C”.
Background
Pursuant to section 163(1) and163(3) of the Financial Institutions Act (FIA), extraprovincial trust corporations must file with the Superintendent of Financial Institutions (Superintendent) an Annual Report outlining their financial condition and affairs in the form and at intervals specified by the Superintendent. The Superintendent establishes the form of attachments to the Annual Return, and the form and filing intervals for these reports, both as listed in the Appendix and as set out on BCFSA’s website, through this Statement.
The forms established pursuant to this Statement are updated to:
- Establish assurance expectations for:
- external audit opinion on the numerator and denominator of key regulatory ratios in Basel Capital Adequacy Return (BCAR) Schedule 10.010/10.011, the Leverage and Total Loss Absorbing Capacity (TLAC) Leverage Ratios schedule of the Leverage Requirements Return (LRR), and the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) returns;
- senior management attestation on the accuracy and completeness of the BCAR, LRR, LCR, Net Cumulative Cash Flow (NCCF), NSFR, and Operating Cash Flow Statement (OCFS) Cover Schedules; and
- internal audit opinion on the effectiveness of the processes and internal controls in place for the BCAR, LRR, LCR, NCCF, NSFR, and OCFS, including related systems and models.
- Make changes to improve clarity and ease of use.
Established Filing Requirements
The filing requirements and filing intervals established and specified by the Superintendent under section 163(1) and 163(3) of the FIA are detailed in Appendix 1 (extraprovincial trust corporations).
The required information for the Annual Return is described in Appendix 1 for convenience. The information is required by section 163(1) of the FIA and its form was established in the 2021 Extraprovincial Trust Annual Return Regulatory Statement RS21-012.
Filing requirements that are specified in the FIA, such as the audited financial statements and the audited parent financial statements in section 163(1), do not need to be established by the Superintendent and are therefore not included in Appendix 1.
Unless otherwise stated, the filings are due within 90 days of the corporation’s fiscal year end and must be submitted through BCFSA’s Integrated Regulatory Information System (IRIS) portal in the format required as set out in Appendix 1.
Legislation
FIA, ss. 157, 163
Copies of the legislation are available from www.bclaws.gov.bc.ca
Appendix 1
FIA Section 163(1) and 163(3) Established Filing Requirements for Extraprovincial Trust Corporations Authorized in B.C.
| Filing Requirements | Legislation | Format Required | OSFI | OSFI (Bank Parent) | Alta. | Que. |
|---|---|---|---|---|---|---|
| Corporate Information Form | FIA s163(3) | Fillable PDF | x | x | x | x |
| Extraprovincial Trust Annual Return | FIA s163(1) | Excel | x | x | x | x |
| BCAR – Basel Capital Adequacy Return | FIA s163(1) | x | x | - | x | |
| LCR – Liquidity Coverage Ratio Return | FIA s163(1) | x1 | x1 | - | - | |
| LRR – Leverage Requirements Return | FIA s163(1) | x1 | x1 | - | - | |
| M4 – Balance Sheet | FIA s163(1) | x | x | - | - | |
| NCCF – Net Cumulative Cash Flow | FIA s163(1) | x1 | x1 | - | - | |
| NSFR – Net Stable Funding Ratio | FIA s163(1) | x1 | x1 | - | - | |
| OCFS – Operating Cash Flow Statement | FIA s163(1) | x1 | x1 | - | - | |
| P3 – Income Statement | FIA s163(1) | x | x | - | - | |
| R2 – Regional Distribution of Selected Assets and Liabilities, if any | FIA s163(1) | x | - | - | - | |
| Annual Statement to the Autorité des marchés financiers | FIA s163(1) | - | - | - | x | |
| External Audit Opinion on the numerator and denominator of key regulatory ratios in BCAR Schedule 10.010/10.011, Leverage and TLAC Leverage ratios schedule of the LRR, and LCR and NSFR returns | FIA s163(3) | x1 | x1 | - | x1 | |
| Senior Management Attestation on the accuracy and completeness of the BCAR, LRR, LCR, NCCF, NSFR, OCFS COVER Schedules (for Q4) | FIA s163(3) | x1 | x1 | - | x1 | |
| Internal Audit Opinion on the effectiveness of the processes and internal controls in place for the BCAR, LRR, LCR, NCCF, NSFR, OCFS | FIA s163(3) | x1,2 | x1,2 | - | x1,2 |
2 Required to be filed minimum once every three years based on trust corporation’s frequency of review.
Regulatory Statements establish the form and content of a regulatory submission; prescribe the manner of meeting or enforcing a requirement existing in an enactment; and/or provide the regulator’s view of the laws that BC Financial Services Authority administers. Regulatory Statements are made pursuant to a requirement or power contained in provincial legislation. Compliance with a Regulatory Statement is therefore mandatory. Regulatory Statements may refer to law, practice, or background existing at the time of publication. If relying on the legal information contained in a Regulatory Statement, confirm that any references to the law, including enabling legislation, are up to date and obtain independent legal advice, when needed. Regulatory statements are effective on the date of their publication, unless stated otherwise.