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Office Of The Superintendent Of Financial Institutions
The Office of the Superintendent of Financial Institutions (OSFI; french: Bureau du surintendant des institutions financières, BSIF) is an independent agency of the Government of Canada reporting to the Minister of Finance created "to contribute to public confidence in the Canadian financial system". It is the sole regulator of banks, and the primary regulator of insurance companies, trust companies, loan companies and pension plans in Canada. The current Superintendent is Peter Routledge, who was appointed in June 2021. He replaced Jeremy Rudin, who retired. The term of the appointment is seven years. Mandate The Office of the Superintendent of Financial Institutions (OSFI) was created to contribute to public confidence in the Canadian financial system. OSFI's mandate is to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks. Specifically OSFI achieves this th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chrystia Freeland
Christina Alexandra Freeland (born August 2, 1968) is a Canadian politician serving as the tenth and current deputy prime minister of Canada since 2019 and the Minister of Finance (Canada), minister of finance since 2020. A member of the Liberal Party of Canada, Liberal Party, Freeland represents the Toronto riding of University—Rosedale in the House of Commons of Canada, House of Commons. She was first appointed to Cabinet of Canada, Cabinet following the 2015 Canadian federal election, 2015 federal election and is the first woman to hold the finance portfolio. Born in Peace River, Alberta, Freeland completed a bachelor's degree at Harvard University, studying Russian history and literature before earning a master's degree in Slavic studies, Slavonic studies from University of Oxford, Oxford University. She began her career in journalism working in editorial positions at the ''Financial Times'', ''The Globe and Mail'' and Reuters, becoming managing director of the latter. F ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Minister Of Finance (Canada)
The minister of finance (french: ministre des Finances) is the minister of the Crown in the Canadian Cabinet who is responsible for overseeing the Department of Finance and presenting the federal government's budget each year. It is one of the most important positions in the Cabinet. Chrystia Freeland serves as the 40th and current finance minister, assuming the role in August 2020 following the resignation of Bill Morneau. She concurrently serves as the deputy prime minister of Canada. Because of the prominence and responsibility of this cabinet position, it is not uncommon for former ministers of finance to later become prime minister. Charles Tupper, R. B. Bennett, John Turner, Jean Chrétien, and Paul Martin all became prime minister after previously serving as minister of finance. Responsibilities In addition to being the head of the Department of Finance, the minister of finance is also the minister responsible for: *Bank of Canada *Canada Deposit Insurance Corpor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Structure Of The Canadian Federal Government
The following list outlines the structure of the federal government of Canada, the collective set of federal institutions which can be grouped into the legislative, executive, and judicial branches. In turn, these are further divided into departments, agencies, and other organizations which support the day-to-day function of the Canadian state. The list includes roughly 130 departments and other organizations, with nearly 300,000 employees, who collectively form the Public Service of Canada. Special Operating Agencies (which are departmental organizations), and non-departmental organizations such as Crown corporations, administrative tribunals, and oversight organizations are parts of the public service operating in areas seen as requiring a higher level of independence from it and the direct political control of ministers. Public servants are agents of the Crown and responsible to Parliament through their relevant minister. This list is organized according to functional group ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Of Canada
The government of Canada (french: gouvernement du Canada) is the body responsible for the federal administration of Canada. A constitutional monarchy, the Crown is the corporation sole, assuming distinct roles: the executive, as the ''Crown-in-Council''; the legislature A legislature is an assembly with the authority to make law Law is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior,Robertson, ''Crimes against humanity'', 90. with its p ..., as the ''Crown-in-Parliament''; and the courts, as the ''Crown-on-the-Bench''. Three institutions—the Privy Council ( conventionally, the Cabinet); the Parliament of Canada; and the Judiciary of Canada, judiciary, respectively—exercise the powers of the Crown. The term "Government of Canada" (french: Gouvernement du Canada, links=no) more commonly refers specifically to the executive—Minister of the Crown, ministers of the Crown (the Cabinet) and th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canada Bank Act
The ''Bank Act'' (1991, c. 46) (the ''Act'') is an act of the Parliament of Canada respecting banks and banking. History The ''Bank Act'' was originally passed in 1871. The terms of the ''Act'' provide for a statutory review of the ''Act'' on a regular basis to ensure that legislators update the ''Act'' in order that it keep pace with developments in the financial system. Historically, this was done on a decennial basis. In 1992, this requirement was changed to every five years. The ''Act'' contains a "sunset" clause providing that it and the bank charters provided by it will expire unless the statutory review is conducted every five years. In 2016 the Federal Government proposed a 2 year extension to the review deadline. The most recent statutory review of the ''Act'' took place in 2019 with the next review scheduled for 2023. Credit unions In 2010, the Parliament of Canada passed amendments to the ''Act'' to allow federal credit unions to exist as a new class of financial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Royal Commission On Banking And Currency
The Royal Commission on Banking and Currency (also known as the Macmillan Commission) was a 1933 Canadian royal commission tasked with reviewing the Canadian government's involvement in monetary policy. Chaired by Scottish jurist Hugh Macmillan, it also included Bank of England director Sir Charles Addis, former Canadian Finance Minister William Thomas White, Banque Canadienne de Montreal general manager Beaudry Leman, and Premier of Alberta John Edward Brownlee.Foster 217 The Order in Council creating the commission was issued July 31, 1933, and the first meeting was held in Ottawa August 8. Meetings across the country followed until the commission completed its hearings in Ottawa on September 15. The commission's two major recommendations were the establishment of a Canadian central bank (passed by a 3–2 margin with White and Leman in opposition) and the establishment of an inquiry "to investigate the existing organizations for the provision of rural credit with a view to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canada Deposit Insurance Corporation
The Canada Deposit Insurance Corporation (CDIC; french: Société d'assurance-dépôts du Canada) is a Canadian federal Crown Corporation created by Parliament in 1967 to provide deposit insurance to depositors in Canadian commercial banks and savings institutions. CDIC insures Canadians' deposits held at Canadian banks (and other member institutions) up to C$100,000 in case of a bank failure. CDIC automatically insures many types of savings against the failure of a financial institution. However, the bank must be a CDIC member and not all savings are insured. CDIC is also Canada's resolution authority for banks, federally regulated credit unions, trust and loan companies as well as associations governed by the ''Cooperative Credit Associations Act'' that take deposits. History The Canada Deposit Insurance Corporation was created 4 March 1967 (under Schedule III, Part 1 of the '' Financial Administration Act'' and ''Canada Deposit Insurance Corporation Act''). It is simila ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking In Canada
Banking in Canada is one of Canada's most important industries with several banks being among its largest and most profitable companies. It is dominated by a small number of large banks, with the six largest combining for 90% of the market share. The two largest, the Royal Bank of Canada and the Toronto Dominion Bank are among the world's 25 largest banks. It has been considered to be one of the safest and soundest banking systems in the world, and avoided major problems in the Financial crisis of 2007–2008.World Economic Forum - Global Competitiveness Report . Canada's banks have high service levels and investments in technology. A report released by the office of the |
Canadian Securities Regulation
Canadian securities regulation is managed through the laws and agencies established by Canada's 10 provincial and 3 territorial governments. Each Provinces and territories of Canada, province and territory has a securities commission or equivalent authority with its own provincial or territorial legislation. Unlike other major federations, Canada has no Security (finance), securities regulatory authority at the federal government level. Nonetheless, most provincial security commissions operate under a passport system, so that approval of one commission essentially allows for registration in another province. However, concerns about the system remain. For example, Ontario (Canada's largest capital market) does not participate in the passport regimen. Securities regulators from each province and territory have joined to form the Canadian Securities Administrators (CSA). Concerns about the provincial system of securities regulation have led to repeated calls for a national securitie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Consumer Agency Of Canada
The Financial Consumer Agency of Canada (FCAC) is an agency of the Government of Canada that enforces consumer protection legislation, regulations and industry commitments by federally regulated financial entities. It also provides programs and information to help consumers understand their rights and responsibilities when dealing with financial institutions and promotes financial literacy. Mandate FCAC has a dual mandate, set out in the ''Financial Consumer Agency of Canada Act''. Broadly, these two main elements are: * ensuring and enforcing compliance by the financial sector with federal legislation and regulations, as well as voluntary codes of conduct and public commitments * promoting greater financial literacy by informing consumers about their rights and responsibilities when dealing with financial entities and payment card network operators. Under its compliance mandate, FCAC is responsible for: * ensuring that the market conduct of federally regulated financial entities ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Departments And Agencies Of Canada
Federal or foederal (archaic) may refer to: Politics General *Federal monarchy, a federation of monarchies *Federation, or ''Federal state'' (federal system), a type of government characterized by both a central (federal) government and states or regional governments that are partially self-governing; a union of states *Federal republic, a federation which is a republic *Federalism, a political philosophy *Federalist, a political belief or member of a political grouping *Federalization, implementation of federalism Particular governments *Federal government of the United States **United States federal law **United States federal courts *Government of Argentina *Government of Australia *Government of Pakistan *Federal government of Brazil *Government of Canada *Government of India *Federal government of Mexico * Federal government of Nigeria *Government of Russia *Government of South Africa *Government of Philippines Other *''The Federalist Papers'', critical early arguments in fa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Regulation
Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system. This may be handled by either a government or non-government organization. Financial regulation has also influenced the structure of banking sectors by increasing the variety of financial products available. Financial regulation forms one of three legal categories which constitutes the content of financial law, the other two being market practices and case law. History In the early modern period, the Dutch were the pioneers in financial regulation. The first recorded ban (regulation) on short selling was enacted by the Dutch authorities as early as 1610. Aims of regulation The objectives of financial regulators are usually: * market confidence – to maintain confidence in the financial system * financial stability – contributing to the protection and e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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