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Glossary of Financial Terms

O

OFAC

Acroynym for Office of Foreign Assets Control (see definition below).

Office of Foreign Assets Control

Office of Foreign Assets Control is run by the US Department of the Treasury and is responsible for the administration and enforcement of economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction.

It is important to note that OFAC acts under Presidential wartime and national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and freeze foreign assets under US jurisdiction.

For more information visit the OFAC website .

Office of the Superintendent of Financial Institutions

OSFI is a Canadian federal agency established under the Financial Institutions and Deposit Insurance System Amendment Act to supervise all federally regulated financial institutions. OSFI is also responsible for monitoring federally regulated pension plans.

One Account

A bank account whereby savings account, chequing account, mortgage, credit cards and other debts are managed as one account.

The term "One Account" is increasingly being used in day-to-day banking language. This is a problem for the Royal Bank of Scotland because they own the trademark "One Account" and "The One Account".

Technically speaking, The One Account^TM, One Account^TM, Manulife One^TM (by Manulife Bank), All in One Account^TM (by Rabbobank), and accounts like this - are segregated lines of credit. They are complex to implement from a systems perspective, yet easy to manage from a consumer perspective.

Online Banking

Transactions carried out by businesses or individuals over the internet.

Portfolio Plus has an online banking module.

Ontario Securities Commission

The Ontario Securities Commission oversees the securities industry in Ontario. It administers and enforces the Securities Act and the Commodity Futures Act as well as certain provisions of the Business Corporations Act.

Visit the Ontario Securities Commission website for more information.

· See Also · Canadian Securities Commission

Operating Loan

A (usually short-term) loan extended to a company to cover some or all of that company's operating expenses.

Option

The right of a shareholder in a company to purchase further shares in that company at a predetermined price for a specific period of time.

Ordinary Shares

The most common form of publicly traded stocks, are ownership certificates in a traded company entitling the share holder to dividends relative to that company's profitability.

OSFI

Acronym for Office of the Superintendent of Financial Institutions (see definition, above).

· See Also · Office of the Superintendent of Financial Institutions

Overdraft

A specified monetary amount by which an account may be overdrawn.

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