The Department of Finance is seeking comments on the framework of the federal financial sector
With the sunset date for federal financial sector legislation and regulation being pushed back two years, the Department of Finance Canada has initiated a two-stage consultation process on the federal financial sector legislative and regulatory framework.
“While Canada has a highly regarded and well-functioning financial sector, it is an industry that is continuously evolving to meet the changing needs of its clients and find new ways to provide financial services to Canadians,” the department said in a statement. “In this context, it is important to consult with Canadians on the legislative and regulatory framework that governs the sector.”
The consultation was launched with the aim of supporting a financial sector that has:
Individuals and organizations alike have been invited to review the document and send their comments by November 15, either by email or through the post. Comments received will be critical for the development of a policy paper, which will be used for the second stage of the consultation process in 2017.
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“While Canada has a highly regarded and well-functioning financial sector, it is an industry that is continuously evolving to meet the changing needs of its clients and find new ways to provide financial services to Canadians,” the department said in a statement. “In this context, it is important to consult with Canadians on the legislative and regulatory framework that governs the sector.”
The consultation was launched with the aim of supporting a financial sector that has:
- Stability – the financial sector should be safe, sound, and able to withstand stresses
- Efficiency – the sector should provide products that are competitively priced, pass any gains from efficiencies on to customers, accommodate innovation, and contribute to economic growth
- Utility – the sector should fulfill the needs and protect the interests of a wide variety of consumers, including businesses, individuals, and families.
Individuals and organizations alike have been invited to review the document and send their comments by November 15, either by email or through the post. Comments received will be critical for the development of a policy paper, which will be used for the second stage of the consultation process in 2017.
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