Regulatory Statement

Purpose

This regulatory statement (statement) establishes the filing requirement and form, and specifies filing intervals, for the Financial and Statistical Return (FSR) from B.C. credit unions, beginning January 1, 2027.

Effective January 1, 2027, this statement (including the FSR template and reporting instructions) repeals and replaces Regulatory Statement 21-008: Financial and Statistical Return (FSR) and Regulatory Statement 22-004: Annual Supplemental Information Form. Credit unions are required to complete and file the FSR (using the linked FSR template and reporting instructions) beginning with the January 2027 reporting period.

Background information

The Minister of Finance consented to adopt the Credit Unions Capital Requirements Rules (rules) that update the capital framework for credit unions. The rules will come into effect on January 1, 2027. In conjunction, FSR reporting is revised to align with the rules, and with supervisory data requirements. This statement reflects updates to the form of the FSR, and the power relied on to specify FSR reporting.

Filing requirements

Under Sections 127(1) and (3)(a) of the Financial Institutions Act (FIA), the Superintendent of Financial Institutions (superintendent) requires all credit unions (including Central 1 Credit Union but excluding Stabilization Central Credit Union) to file an FSR annually as an annual return, and monthly as a financial affairs report.

Due dates and frequency

All credit unions are required to submit the FSR monthly within 20 days of each month end and annually within 90 days of the credit union’s fiscal year end. The FSR submitted quarterly includes additional sections required to be completed only at each quarter end.

Two FSRs must be submitted for the credit union’s fiscal year end: the monthly (including the additional quarterly sections) and the annual. The annual FSR is the same as the monthly (including the quarterly sections), but the information reported is based on the audited consolidated financial statements of the credit union at fiscal year end.

Completion of the FSR

The FSR must be prepared for the credit union on a consolidated basis using the FSR reporting template provided by BC Financial Services Authority (BCFSA). Line numbers, fields, descriptions, or other aspects of the template must not be altered, and accordingly, these features are locked.

The FSR must be based on the consolidated financial statements of the credit union prepared in accordance with the International Financial Reporting Standards (IFRS), reflecting book values at the date of the FSR, unless otherwise specified.

Amounts must be reported in Canadian dollars and rounded to the nearest dollar. Foreign currency amounts must be converted to the Canadian dollar equivalent in accordance with IFRS. Percentages must be rounded to two decimal places (or four decimal places if in decimal format).

Filing of the FSR

The completed FSR must be filed with the superintendent by submitting electronically in Excel format through BCFSA’s Integrated Regulatory Information System (IRIS): Login | BCFSA.

Late Filing

Late submissions of the FSR may result in an administrative penalty under Section 253.1 of the FIA and the Administrative Penalties Regulation, as described in BCFSA’s Non-Compliant Filings Administrative Penalty (NFAP) Guideline. Credit unions should notify BCFSA as soon as possible of expected delays in the FSR submission.

Legislation

FIA, ss.127(1), 127(3)(a), 253.1
Administrative Penalties Regulation

Copies of the legislation are available from www.bclaws.gov.bc.ca.

Resource links

1. FSR Template 
2. FSR Reporting Instructions 

Other information

For questions on completion and submission of the FSR, please email filings@bcfsa.ca.