Office of the Superintendent of Financial Institutions

In derivatives, OSFI appears as the authority that sets margin rules for non-centrally cleared trades. Its Guideline E-22 sets minimum standards for margin on non-centrally cleared derivatives transactions of federally regulated financial institutions, and is based on the framework of the Basel Committee on Banking Supervision and the International Organization of Securities Commissions¹.

In Japan, the Financial Services Agency designates, by notice, the foreign rules that it treats as equivalent to Japanese rules for the margin requirements on non-centrally cleared over-the-counter derivatives transactions. The rules under the jurisdiction of OSFI, together with those under the jurisdiction of the Commodity Futures Trading Commission (CFTC), were included in the designation in the notice of October 21, 2016².

Notes

1. OSFI, "Margin Requirements for Non-Centrally Cleared Derivatives" (Guideline E-22; checked on October 13, 2026), the opening text ("establishes minimum standards for margin requirements for non-centrally cleared derivative transactions" and "based on the BCBS-IOSCO framework") and the paragraph on the entities covered. ↩

2. Financial Services Agency, "Results of the public comment" (October 21, 2016; checked on October 13, 2026), the main text, which names the rules under the jurisdiction of the CFTC and OSFI. ↩