Canada: Report on the Observance of Standards and Codes

IMF Staff Country Reports, February 3, 2014

Source details

Canada has a very high level of compliance with the Basel Core Principles for Effective Banking Supervision.
The Canadian banking supervisor (OSFI) has developed and is a strong proponent of risk-based, proportionate, supervisory practices.
OSFI applies a “close touch” approach to its supervised entities.
The supervisory approach is well structured, forward looking and maintained on as dynamic a basis as possible.
Entry to the Canadian market is subject to demanding prudential entry standards.

Risk-based, proportionate supervision is the central framework promoted by OSFI.
A “close touch” supervisory stance is applied to supervised entities, reflecting the structure and challenges of Canada’s market.
Emphasis on maintaining a forward-looking and dynamic supervisory framework.

Prudential entry standards for the Canadian market are demanding, serving as a key element of the overall supervisory framework.

Subjects addressed: Banking, Basel Core Principles, Financial institutions, Financial regulation and supervision, Insurance, Insurance companies, Legal support in revenue administration, Revenue administration, Securities.
Keywords included in the source: Basel Core Principles, CR, due diligence, financial market, Global, hedge fund, holding company, Insurance, Insurance companies, ISCR, Legal support in revenue administration, OSFI supervisor, risk management, Securities, securities regulator.

Source: Canada: Report on the Observance of Standards and Codes (IMF Staff Country Reports).

Canada: Report on the Observance of Standards and Codes; IMF Country Report 14/30; January 2014
- Canada: Report on the Observance of Standards and Codes; IMF Country Report 14/30; January 2014 (Markdown version)
- Canada: Report on the Observance of Standards and Codes; IMF Country Report 14/30; January 2014 (PDF)