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Recent Changes to Canada's Financial Sector Legislation

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Author Info
Fred Daniel (Bank of Canada)
Abstract

Significant legislative developments have occurred in Canada's financial services sector over the past decade. This article chronicles those developments and gives an overview of the key provisions contained in Bill C-8, the legislation to reform the sector that came into force in October 2001. The article briefly describes some of the restructuring trends in the financial services sector since the early 1990s and the legislative changes that affected federal financial institutions over the period 1992-2001, as well as the process leading up to the 2001 legislation and some of its key provisions.

The 2001 financial sector legislation was wide-ranging. It maintained the principle of wide ownership of large banks and introduced a number of changes, including a holding company option that can give greater organizational flexibility to banks and life insurance companies; the creation of the Financial Consumer Agency of Canada to enforce consumer-related provisions as they relate to federal financial institutions; and changes to the Canadian Payments Association and the access to and governance of the payments system.

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File URL: http://www.bankofcanada.ca/review/2002/daniele.pdf
File Format: application/pdf
File Function: full text
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Publisher Info
Article provided by Bank of Canada in its journal Bank of Canada Review.

Volume (Year): 2002-2003 (2003)
Issue (Month): Winter ()
Pages: 3-16
Download reference. The following formats are available: HTML, plain text, BibTeX, RIS (EndNote), ReDIF
Handle: RePEc:bca:bcarev:v:2003:y:2003:i:winter:p:3-16

Contact details of provider:
Postal: 234 Wellington Street, Ottawa, Ontario, K1A 0G9, Canada
Phone: 613-782-8899
Fax: 613-782-8874
Web page: http://www.bank-banque-canada.ca/

Order Information:
Postal: Publications Distribution, Bank of Canada, 234 Wellington Street, Ottawa, Ontario, K1A 0G9, Canada
Email:
Web: http://www.bank-banque-canada.ca/en/publication/pub_res.html

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This page was last updated on 2008-11-20.

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