Remarks by Deputy Superintendent Mark Zelmer to the C.D. Howe Institute, Toronto, Ontario, April 3, 2014.
The impact of regulatory reform has been most pronounced on the largest, most systemically important financial institutions. That said, OSFI recognizes more can be done to manage regulatory burden for smaller institutions. But, at the end of the day, OSFI’s mandate requires us to focus on protecting depositors, policyholders and creditors, while having due regard to the need to allow institutions to compete effectively and take reasonable risks. After all, competition in financial services is best served by a resilient financial system.