On August 26, 2016, the Department of Finance Canada (Finance
Canada) announced the launch of the first of a
two-stage consultation process on the federal financial sector
legislative and regulatory framework.
While acknowledging the high quality and reputation of the
Canadian financial sector, Finance Canada noted that it is
important to consult with Canadians with a view to advance the
stability, efficiency and utility of the sector as it conducts its
regular review of Canada's federal financial sector legislative
and regulatory as required by the legislation.
In its consultation document, Supporting a Strong and Growing Economy:
Positioning Canada's Financial Sector for the
Future, Finance Canada provides an overview of
the Canadian financial sector's landscape, and explains its
policy context and focus on stability. Finance Canada describes the
current trends and regulatory environment, notably the current
macroeconomic backdrop, increased concentration and the changing
competitive landscape, the internationalization of Canadian
financial institutions, the evolving financial marketplace for
consumers, the financial innovation and emergence of financial
technologies (or Fintech), demographic changes (Canada's aging
population and the millennial generation), emerging risks
(including the rise of catastrophic risks due to urbanization,
terrorism, and climate and environmental change) and its three core
policy objectives of stability, efficiency and utility. Finance
Canada seeks input from Canadians on the trends that are
highlighted in the paper, the implications of such trends and the
areas where action is possible and desirable.
In this first stage of the consultation process, Finance Canada
seeks input from stakeholders on the priorities for reviewing the
financial sector framework to be set out in its policy paper to be
published for consultation in 2017. Finance Canada asks the
What are your views on the trends and challenges identified in
this paper? Are there other trends or challenges that you expect to
significantly influence the financial sector going forward?
How well does the financial sector framework currently balance
trade-offs between the three core policy objectives of stability,
efficiency and utility?
Are there lessons that could be learned from other
jurisdictions to inform how to address emerging trends and
What actions could be taken to strengthen the financial sector
framework and promote economic growth, including with respect to
the identified themes? How should those actions be
What other actions should be taken to ensure the financial
sector framework remains modern and technically sound?
Written comments should be sent to Finance Canada by November
On February 24, the Supreme Court of Canada heard the appeal in Teva Canada Inc. v. Bank of Montreal. The appeal concerns who bears the loss for cheques payable to fictitious or non-existing payees, which were fraudulently issued by an employee.
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