Priority 1: Expanded mandate – integrity and security regime
Intended outcome
Our supervisory and regulatory frameworks ensure federally regulated financial institutions address risks to their integrity and security.
Why this is a priority
In June 2023, Parliament expanded our mandate and powers through the Budget Implementation Act (Bill C-47). These new powers are a unique and significant increase in the type of oversight we had provided previously. They include determining whether financial institutions have adequate policies and procedures to protect themselves against threats to their integrity and security, such as foreign interference.
This expanded mandate means we need to build our capabilities in this new area and integrate them into our existing functions.
Goals for our integrity and security mandate priority
- Financial institutions have adequate policies and procedures to protect themselves against threats to their integrity or security, including foreign interference.
- We have the tools, systems, authorities and required classified infrastructure to support our role related to integrity, security and national security.
- We have an effective process for the application of expanded intervention powers in relation to integrity, security, and national security.