Canada: Report on the Observance of Standards and Codes

Canada: Report on the Observance of Standards and Codes

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This paper discusses key findings of the Report on the Observance of Standards and Codes for Canada. Canada has a very high level of compliance with the Basel Core Principles for Effective Banking Supervision. In response to the challenges and structure of its market, the Canadian banking supervisor (OSFI) has developed and is a strong proponent of risk-based, proportionate, supervisory practices and applies a a€œclose toucha€ approach to its supervised entities. The supervisory approach is well structured, forward looking and maintained on as dynamic a basis as possible. Entry to the Canadian market is subject to demanding prudential entry standards.The Canadian regulatory regime for insurance has a high level of observance with the Insurance Core Principles (ICPs). ... requirements applying to the appointed actuary and capital adequacy frameworks, separate for Life and Health (Laamp;H) and ... Laws applying to OSFI and the AMF should be updated to separate provisions governing prudential decisions of supervisors from national interest issues.

Title:Canada: Report on the Observance of Standards and Codes
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher:International Monetary Fund - 2014-02-03

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