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This paper applies a theory of financial system function and organization to an analysis of possible regulatory reforms to Canada's system of financial regulation. It begins with an overview of the financial system in Canada today, including its changing environment and the pressures for regulatory change. An economic theory of financial activity is then outlined, touching on the system's functions and market structures, the governance of different types of financial transactions, the economics of change, the determinants of financial firms' organizational structures, and some of the trade-offs involved in regulation. The theory is used in assessing proposed regulatory changes, taking into account their objectives, the treatment of similar functions, ownership and structural rules, prudential concerns, and improvements in the release of information. A list of recommendations closes the paper.
"The British North America Act gives the federal Parliament exclusive power to regulate banking, currency and payments in Canada. Banks may thus only be incorporated under the exclusive authority of the federal Parliament. The Bank Act confers on the Canadian chartered banks their powers, and subjects them to all the restrictions and obligations contained in it."--Introduction.

Canada

International Monetary Fund. Monetary and Capital Markets Department

Published: 2019-06-24

Total Pages: 85


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This Financial System Stability Assessment paper discusses that Canada has enjoyed favorable macroeconomic outcomes over the past decades, and its vibrant financial system continues to grow robustly. However, macrofinancial vulnerabilities—notably, elevated household debt and housing market imbalances—remain substantial, posing financial stability concerns. Various parts of the financial system are directly exposed to the housing market and/or linked through housing finance. The financial system would be able to manage severe macrofinancial shocks. Major deposit-taking institutions would remain resilient, but mortgage insurers would need additional capital in a severe adverse scenario. Housing finance is broadly resilient, notwithstanding some weaknesses in the small non-prime mortgage lending segment. Although banks’ overall capital buffers are adequate, additional required capital for mortgage exposures, along with measures to increase risk-based differentiation in mortgage pricing, would be desirable. This would help ensure adequate through-the cycle buffers, improve mortgage risk-pricing, and limit procyclical effects induced by housing market corrections.
The financial crisis that erupted in 2008 severely affected the global economy, plunging most countries into a recession with aftershocks still being felt today. Canada was able to weather the crisis well in comparison to many euro-zone countries and the United States, but it did not escape unscathed. Two major themes are explored in this volume: Canada’s role in the international financial system and the Canadian policy response to the global financial crisis. These themes are examined in light of the shift from the classical gold standard to Bretton Woods to the “non-system” of late, the finance-trade crossover agenda, the changing role of central banks, the European Monetary Union, developing countries and a post-financial crisis global political economy. What becomes clear in this volume is that Canada plays a powerful role, which belies its size, in the development of the financial system and its regulation at an international level. Crisis and Reform: Canada and the International Financial System — the 28th volume of the influential Canada Among Nations series — examines the global financial crisis through Canada’s historical and current role in the international financial system. Canada has been held up as a shining example of good governance during the financial crisis, and its prominent role within international financial institutions should grow as Canada continues as a leading player in the global financial system.
Studies the regulations affecting the activities of Canada's financialintermediaries and agents and recommends proposals for improving the effectiveness of regulatory control over the financial system in Canada whichwill enable it to compete in changing international markets.
Proceedings of a conference held at Queen's University, June 20-21, 1996.
In light of the major changes in financial regulation introduced by the Gramm-Leach-Bliley Act of 1999, the significant security and operational concerns connected with the events of September 11, and the failure of Enron, the scope, structure, operations and functions of the US financial system are receiving a heightened level of attention. However, the United States is not unique in facing fundamental questions about markets and regulation. A number of other nations have instituted basic changes and overhauls in their financial system. This book provides a descriptive overview of the Canadian financial system. While the Canadian and American systems are generally similar in structure and function, there are significant differences in market and regulatory practices, and comparison may yield useful insights for oversight of the US financial system. Contents: Introduction; The Bank of Canada; Commercial Banking System; Securities Dealers and Markers; Other Financial Intermediaries; Summary of Canadian Financial Regulation; Appendix A-B; Bibliography; Index.
This report contains a synthesis of the extensive factual study and analysisundertaken to provide a basis for the 31 proposals for strengthening theCanadian financial system that have been formulated by the Economic Councilof Canada. The recommendations put forward are necessarily of a generalnature and make no attempt to encompass all the legal, legislative, andadministrative provisions that would have to accompany their implementation.