Canadian Mortgage News

September 2010 National News Archive

Minister of Finance Announces Review of Financial Institutions Legislation

OTTAWA, Ontario, September 20, 2010 — The Honourable Jim Flaherty, Minister of Finance, today launched the scheduled review of legislation governing federally regulated financial institutions.

“The Government reviews the statutes that govern federally regulated financial institutions every five years to ensure Canada remains a global leader in financial services,” said Minister Flaherty. “This practice sets Canada apart from almost every other country in the world.”

Federally regulated financial institutions include domestic and foreign banks, trust and loan companies, insurance companies, federal credit unions and cooperative credit associations. The commitment to keeping the legislation current ensures the stability and growth of the financial services sector.

The last legislative review was completed in 2007. The sunset date for the financial institutions statutes is April 20, 2012.

Minister Flaherty pointed out that the global financial crisis that began in 2007 has led to extensive changes in the regulatory framework, so the current exercise is not likely to lead to major reforms.

“Some fine-tuning to the system may be required, but wholesale change is not necessary,” he said. “The Government would like to hear the views of all Canadians on how to improve our financial system.”

Comments can be submitted in writing by November 19, 2010 to:

Jane Pearse
Director, Financial Institutions Division
Department of Finance
L’Esplanade Laurier
15th floor, East Tower
140 O’Connor Street
Ottawa, ON  K1A 0G5
Facsimile: 613-943-1334E-mail: finlegis@fin.gc.ca

News source: Department of Finance