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1.Signed on September 15, 2008; Entered into force on September 15, 2008;
 
1.The Office of the Superintendent of Financial Institutions
Canada (OSFI) and the Taipei Economic and Cultural Office,
Canada (TECO) have reached the following understanding
regarding the sharing of information in order to facilitate
the performance of the duties of the OSFI and the Financial
Supervisory Commission in Taipei (FSC) (hereinafter
collectively referred to as "Authorities" and individually as
"Authority") and to promote the safe and sound functioning of
financial institutions with cross-border establishments in
their respective jurisdictions.
2.The OSFI and TECO express, through this understanding, their
willingness to cooperate with each other on the basis of
mutual trust and understanding in the supervision of
cross-border establishments within their respective
jurisdictions. A "cross-border establishment" is defined as a
branch, a subsidiary or any other entity of a bank or insurer
supervised by one Authority (the host Authority), which gives
rise to the need for consolidated or group-wide supervision by
the other Authority (the home Authority).
The Authorities
3.The OSFI was established in July 1987 by the Office of the
Superintendent of Financial Institutions Act (OSFI Act). Under
this Act, the OSFI is responsible for regulating and
supervising all federally chartered, licensed or registered
banks, insurance, trust and loan companies, cooperative credit
associations and fraternal benefit societies in Canada. The
Superintendent reports to the Minister of Finance.
4.The FSC is Taiwan's financial services and markets regulator,
whose authority is empowered by the Organic Act Governing the
Establishment of the Financial Supervisory Commission and
other applicable laws and regulations to supervise financial
services, financial products and financial markets.
Scope and General Principles
5.The provisions of this Memorandum of Understanding are not
intended to create legally binding obligations or supersede
domestic laws.
6.The OSFI and TECO will ensure that the Authorities provide
each other with the fullest assistance possible to promote the
safe and sound functioning of financial institutions.
7.The OSFI and TECO recognise the importance and desirability of
mutual assistance and exchange of information and will ensure
that information to be shared by the Authorities will be to
the extent reasonable and subject to any relevant statutory
provisions, including those restricting disclosure. In
addition, the provision of or request for information by the
Authorities pursuant to this understanding may be denied on
the grounds of internal security or when disclosure would
interfere with an ongoing investigation. Where a request for
assistance is denied, or where assistance is not available
under domestic law, the requested Authority will provide the
reasons for not granting the assistance.
8.Requests for assistance will be made in writing by designated
employees of the requesting Authority and will be addressed to
the requested Authority's contact persons (Annex B). However,
where the Authorities perceive a need for expedited action,
requests may be initiated in any form and will be confirmed
subsequently in writing.
Sharing of information
9.The OSFI and TECO will ensure that information-sharing by the
Authorities includes contact during the authorisation and
licensing process, the supervision of the on-going activities
of such entities and the handling of problem institutions.
10.In connection with the authorisation process, the OSFI and
TECO will ensure that:
(a)the host Authority notifies the home Authority, without
delay, of applications for approval to establish offices
or make acquisitions in the host jurisdiction;
(b)upon request, the home Authority informs the host
Authority whether the applicant bank or insurance company
is in substantial compliance with applicable laws and
regulations and whether it may be expected, given its
administrative structure and internal controls, to manage
the cross-border establishment in an orderly manner. The
home Authority will also, upon request, assist the host
Authority with verifying or supplementing any information
submitted by the applicant;
(c)upon request, the home Authority will inform the host
Authority about the nature of its regulatory system and
the extent to which it will conduct consolidated or
group-wide supervision over the applicant bank or
insurance company. Similarly, the host Authority should
inform the home Authority about the nature of its
regulatory system and the extent to which it will
supervise the cross-border establishment of the applicant
institution; and
(d)to the extent permitted by law, the Authorities will share
information on the fitness and properness of prospective
managers of a cross-border establishment.
11.In connection with the ongoing supervision of cross-border
establishments, the OSFI and TECO will ensure that the
Authorities:
(a)provide relevant information to each other regarding
material developments or supervisory concerns in respect
of the operations of a cross-border establishment;
(b)respond to requests for information on their respective
regulatory systems and inform each other about major
changes to those regulatory systems, in particular those
which have a significant bearing on the activities of
cross-border establishments;
(c)inform each other of material administrative penalties
imposed, or other formal enforcement action taken, against
a cross-border establishment. Prior notification will be
made, as far as practicable and subject to applicable
laws; and
(d)facilitate the transmission of any other relevant
information that might be required to assist with the
supervisory process.
On-site inspections
12.The OSFI and TECO recognise that cooperation is particularly
useful in assisting the Authorities with carrying out on-site
inspections(1) of cross-border establishments in the host
jurisdiction. In this regard, the OSFI and TECO will ensure
that each Authority allows the other Authority to conduct
on-site investigations in the host jurisdiction. The home
Authority will notify the host Authority of plans to examine
a cross-border establishment or to appoint a third party to
conduct an examination on its behalf, and will indicate the
purposes and scope of the examination. As may be jointly
decided by the Authorities, examinations may be carried out
by the home Authority alone, or accompanied by the host
Authority. Following the inspection, an exchange of views
will take place between the examination team and the host
Authority.
Protection of information
13.The OSFI and TECO recognize that mutual trust can only be
achieved if exchanges of information can flow with confidence
in both directions. In this regard, the Authorities will take
all possible steps to preserve the confidentiality of the
information received pursuant to this MOU. In this regard,
employees of both Authorities are bound to hold confidential
all information obtained in the course of their duties. Any
confidential information received from the other Authority
will be used exclusively for lawful supervisory purposes.
14.An Authority that has received confidential information from
the other Authority may subsequently receive a request (not
legally enforceable) for that information from a third party,
including a third party supervisory authority, who has a
legitimate common interest in the matter. Prior to passing
information to the third party, the Authority will consult
with and obtain consent from the Authority that originated
the information, who may attach conditions to the release of
information, including that the third party recipient be
bound to hold the information confidential.
15.In the event that an Authority is legally compelled to
disclose to a third party, including a third party
supervisory authority, information that has been provided in
accordance with this understanding, this Authority will
promptly notify the Authority that originated the
information, indicating what information it is compelled to
release and the circumstances surrounding its release. If so
required by the originating Authority, the Authority will use
its best endeavours to preserve the confidentiality of the
information to the extent permitted by law. The Authorities
will inform one another of the circumstances in which they
may be subject to legal compulsion to release information
obtained.
16.Notwithstanding Section 15, the OSFI and TECO acknowledge
that confidential information, including information the
Authorities receive from each other, may be required by
legislation to be passed to the related government agencies
set out in Annex A to this document, and confirm that in
their respective jurisdictions these agencies are required by
legislation to maintain the confidentiality of such
information.
Financial Crime
17.The OSFI and TECO intend for the Authorities to co-operate
closely when they identify suspected financial crime
activities in supervised banks, insurance companies and
financial transactions. For the purposes of this
understanding, financial crimes are in particular: money
laundering, unauthorised banking, investment or insurance
business and all other violations of law relating to
financial markets.
Ongoing Coordination
18.The OSFI and TECO will promote the cooperation of the
Authorities through visits for information purposes and will
pursue areas where the training of staff at either Authority
would benefit from input and support by the other Authority
in order to reinforce sound supervisory practices in both
jurisdictions.
19.The OSFI and TECO will ensure that the Authorities conduct
meetings as often as appropriate to discuss issues concerning
banks and insurance companies that maintain cross-border
establishments in the respective jurisdictions, and to review
the effectiveness of their cooperation arrangements.
Modifications and Term
20.This MOU will come into effect from the date of signature,
and continue indefinitely. This MOU may be amended upon the
mutual written consent of the OSFI and TECO.
21.Either the OSFI or TECO may terminate this MOU upon 30 days
advance notice in writing but the confidentiality provisions
will continue to apply to any information provided pursuant
to this understanding.
22.Annexes A, B and C will be reviewed at least annually and
reconfirmed or amended, pursuant to paragraph 20, as
necessary to ensure that the information therein remains
current.

Signed in duplicate at on this day of ,
2008, in the French, English and Chinese languages,each version
being equally valid.

For the Office of the For the Taipei Economic and
Superintendent of Financial Cultural Office, Canada:
Institutions Canada:

Julie Dickson, Superintendent David Tawei Lee, Representative
Date: Date:
Witness:
Dr. Gordon Chen, Chairman
Financial Supervisory Commission
in Taipei


Annex A
OSFI/TECO MoU
Related Government Agencies

The Authorities acknowledge that confidential information,
including information the Authorities receive from each other,
may be required by legislation to be passed to related
government agencies or persons set out below, and that these
agencies and persons are required by legislation to maintain the
confidentiality of such information. Confidential information
passed to those listed below are exempted from the notification
provisions of Section [15] of the MoU.

Office of the Superintendent of Financial Institutions Canada:
(2)
o Commissioner of the Financial Consumer Agency of Canada
o Governor of the Bank of Canada
o Chairperson of the Canada Deposit Insurance Corporation
o Deputy Minister of Finance.

Financial Supervisory Commission in Taipei:
o Central Bank in Taipei
o Ministry of Finance
o Central Deposit Insurance Corporation

Annex B
OSFI/TECO MoU
Contact Persons

Office of the Superintendent of Financial Institutions Canada
(OSFI):
Mr. Ted Price, Assistant Superintendent, Supervision Sector
PO Box 39, 121 King Street West, Toronto ON, M5H 3T9, Canada
o Tel: (416) 973-4385
o Fax: (416) 973-1168
o E-mail: ted.price@osfi-bsif.gc.ca

Ms. Patty Evanoff, Senior Director, Legislation and Approvals
Division
15th floor, 255 Albert Street, Ottawa ON, K1A 0H2, Canada
o Tel: (613) 990-9004
o Fax: (613) 998-6716
o E-mail: patty.evanoff@osfi-bsif.gc.ca

Financial Supervisory Commission in Taipei (FSC):
Mr. James Yuan-Chih Chang, Assistant Director-General,
Department of International Affairs
18Fl., No.7, Sec 2, Sianmin Blvd., Banciao City, Taipei County
22041, Taiwan
o Tel: 886-2-8968-0826
o Fax: 886-2-8968-1162
o Email: james.chang@fsc.gov.tw

Ms. Tsui-Wen Hsu, Director, Banking Bureau
7Fl, No.7, Sec 2, Sianmin Blvd., Banciao City, Taipei County
22041, Taiwan.
o Tel: 886 2 8968 9781
o Fax: 886 2 8969 1358
o Email: : twhsu@banking.gov.tw

Mr. Tsan-Tang Cheng, Director, Insurance Bureau
17Fl., No.7, Sec 2, Sianmin Blvd., Banciao City, Taipei County
22041, Taiwan
o Tel: 886-2-8968-0270
o Fax: 886-2-8969-1316
o E-mail: sccheng@ib.gov.tw

Ms. Yeh, Shu-Yuan, Director, Financial Examination Bureau
o Tel: 886-2-8968-0330
o Fax: 886-2-8969-1383
o E-mail: sharony@feb.gov.tw

Annex C
OSFI/TECO MoU
Cross-Border Establishments (CBEs)(3)

Canadian CBEs Supervised in Taiwan by the FSC

o The Manulife Life Insurance Company - Taiwan Branch
o The Bank of Nova Scotia - Taiwan Branch

Taiwanese CBEs Supervised in Canada by OSFI
o CTC Bank of Canada - Canadian Subsidiary
o First Commercial Bank - Canadian Branch
o Mega International Commercial Bank (Canada) - Canadian
Subsidiary

(1)The words "inspection" and "examination" are used here
interchangeably.
(2)All are members of the Financial Institutions Supervisory
Committee (FISC), a statutory body authorized under the OSFI
Act chaired by the Superintendent of Financial Institutions.
(3) Cross-border establishment means a branch, a subsidiary or
any other entity supervised in and by the host jurisdiction
which gives rise to the need for consolidated supervision by
the home supervisor.