Department of Finance | Release | Aug 26, 2016

August 26, 2016 - Ottawa, Ontario - Department of Finance Canada

Confidence in a strong and well-functioning financial sector is a must when it comes to ensuring an economy that works for the middle class and those working hard to join it. Canadians expect their government to review and monitor the financial sector so that it remains stable and efficient and meets their evolving needs.

Building on Budget 2016's commitment to extend the sunset date for federal financial sector legislation and regulations by two years, the Department of Finance Canada today announced the launch of the first of 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. In this context, it is important to consult with Canadians on the legislative and regulatory framework that governs the sector.

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The consultations will help maintain and advance a financial sector legislative and regulatory framework that supports:

• Stability—the financial sector is safe and sound, and resilient in the face of stress.
• Efficiency—the financial sector provides competitively priced products and services and passes efficiency gains to customers, accommodates innovation, and effectively contributes to economic growth.
• Utility—the financial sector meets the needs of an array of consumers, including businesses, individuals and families, and is committed to protecting the interests of consumers.

Individuals or organizations interested in submitting their views are invited to review the consultation document at the link below. Submissions will inform the development of a policy paper for the second stage of the consultation process in 2017.

Written comments should be forwarded by November 15, 2016 to LegislativeReview-ExamenLegislatif@canada.ca or to:

Financial Institutions Division
Financial Sector Policy Branch
Department of Finance Canada
90 Elgin Street
Ottawa, Canada
K1A 0G5

Source:  Department of Finance Release