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FinancialInstitutions
COLUMBIA
September 2,2015File No.: 71000-10
Ref. No.: 1001
To: All CEOs/CFOs/General Managers of British Columbia Authorized Credit Unions
Re: Capital Adequacy Return - New Filing Requirements
In 2013, the Financial Institutions Commission (FICOM) conducted a review of the Capital
Adequacy Return (CAR). As a result of the review, FICOM proposed to implement changes to
CAR and invited the BC Credit Unions to submit their comments. In June 2014, FICOM sent a
letter to the BC Credit Unions indicating that we will be implementing audit requirement for
CAR effective 2016 year-end.
FICOM is now issuing an updated version of its CAR and Completion Guide. Effective for the
2016 fiscal year, FICOM will require credit unions to obtain and file an annual audit report of its
CAR.
FICOM will post the Completion Guide and CAR on the web site and encourages credit unions
to share these documents with its external auditors for planning purposes.
Financial institutions are expected to be aware of its regulatory requirements, including its
statutory filings deadlines and requirements, and to comply with them. The CAR is subject to
FICOM'sNon-Compliant Filings Administrative Penalty Guideline.
If you have any questions regarding the guideline, please contact Tiffany Mak, Senior Analyst,
Information Management, at [email protected].
Yours truly,
^J^SDFrank Chong
Deputy Superintendent, Regulation
JH/db
• Superintendent of Financial Institutions 2800-555 West Hastings
• Superintendent of Pensions Vancouver, BC V6B 4N6
• Superintendent of Real Estate Telephone: 604 660-3555• Registrar of Mortgage Brokers Facsimile: 604 660-3365
www.fic.gov.bc.ca
