OSFI statement on the Financial Stability Board’s Regulatory and Supervisory Modernisation Principles
Statement -
The Office of the Superintendent of Financial Institutions (OSFI) welcomes the publication of the Financial Stability Board's (FSB) consultation report on Regulatory and Supervisory Modernisation Principles.
This report comes at an important moment. While the reforms implemented following the Global Financial Crisis strengthened the resilience of the global financial system, the financial system continues to evolve. Drawing on the expertise of regulatory and supervisory authorities from around the world, the report articulates a set of high-level principles that provide a foundation for modernizing regulation and supervision in a rapidly changing financial system. In developing this report, the FSB found that regulatory and supervisory modernization efforts are widespread amongst its membership with 27 jurisdictions and standard-setting bodies reporting 126 efforts that span multiple sectors, entity types, and financial authorities.
The themes reflected in this report align closely with modernization efforts underway across OSFI. Resilience remains the foundation of our approach. At the same time, OSFI’s regulatory and supervisory framework will continue to evolve with the risk environment, while supporting innovation, growth, and competition in Canada.
OSFI supports the FSB’s work to advance international dialogue on the future of regulation and supervision.