Office of the Superintendent of Financial Institutions

Office of the Superintendent of Financial Institutions

February 23, 2009 11:40 ET

OSFI Issues Amending Order Regarding Stanford International Bank Representative Office

OTTAWA, ONTARIO--(Marketwire - Feb. 23, 2009) - The Office of the Superintendent of Financial Institutions (OSFI) announced on Friday, February 20, 2009, that it was amending an Order dated September 8, 2004, which had authorized Stanford International Bank Ltd. to maintain a representative office in Canada.

The Superintendent has opted to amend the Order rather than revoke it, to allow the representative office to remain open to assist Canadian clients in trying to recover the investments made with Stanford International Bank in Antigua. The amendment states that the representative office of Stanford International Bank Ltd. shall restrict the activities of its representative office in Canada to acting as a liaison between other offices of the Bank and any of its clients in Canada wishing to withdraw amounts deposited or otherwise invested with the Bank. This amendment is effective as of February 20, 2009, and will remain in effect until varied or revoked.

OSFI continues to review the activities of the representative office in Montreal.

OSFI reminds Canadians that representative offices in Canada do not have the authority to undertake any banking transactions. Canadians dealing with foreign entities must be aware of the risks involved and are encouraged to research thoroughly, any foreign entity with which they engage in business abroad.

Created in 1987 by an Act of Parliament, the Office of the Superintendent of Financial Institutions (OSFI) is the primary regulator and supervisor of federally registered deposit-taking institutions, insurance companies, and federally registered private pension plans. OSFI's mandate is to advance and administer a regulatory framework that contributes to public confidence in a strong, stable and competitive financial system.

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