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Canada : Financial Sector Assessment Program
Technical Note-Oversight of Financial Market Infrastructures and Fintech Development

Series:Country Report No. 20/22
ISBN 9781513527222
Code: #1CANEA2020007

Publication year: 2020

Cdn: $25.00; US: $18.00
Paperback
Language: English
37 pages
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Financial market infrastructures (FMIs) have operated normally under a well-established legal and oversight framework that is distinct for Canada. A major modernization program is ongoing. The systemically important payment system (SIPS), which has been operational for around 20 years, will be replaced with a real-time gross settlement (RTGS) system. A fast retail payment system is also being implemented. The governance structure respects the regulatory, supervisory and oversight powers at both the federal and provincial levels. The Payment Clearing and Settlement Act (PCSA) assigns the Bank of Canada (BOC) the authority to oversee the designated FMIs, with responsibility being shared by three provincial securities regulators based on their respective securities legislation. The Department of Finance (DOF) is also involved in the oversight of payment systems.
Canada : Financial Sector Assessment Program
Cdn: $25.00; US: $18.00
International Monetary Fund (IMF) BookID: 126981 Added: 2020.2.9