Archived - Ensuring Financial Stability in Canada

Canada’s financial system is widely considered one of the most resilient and well regulated in the world.

The Minister of Finance has broad responsibility for all matters relating to the financial sector. The Minister has authority for federal financial sector legislation, including the governing legislation for each of the federal financial sector oversight agencies.

The Minister is responsible for financial stability, supported by federal agencies which have clear and distinct mandates that contribute to financial stability:

The Minister of Finance has the authority to impose minimum underwriting, or risk-taking, standards for government-backed insured mortgages which serve to control risks in the government-backed insured housing finance sector, and support financial and macroeconomic stability.

The Senior Advisory Committee (SAC), chaired by the Deputy Minister of Finance and including representatives from the above federal agencies as members, supports the provision of advice to the Minister of Finance on vulnerabilities and risks related to financial stability, and approaches to respond. SAC promotes collaboration and information sharing, and serves as a forum to coordinate actions among the agencies so that they reinforce one another to address identified financial stability risks.

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