Financial Institutions and Markets

The Department of Finance Canada deals with issues affecting federal financial institutions (banks, trust and loan companies, insurance companies and credit unions), pension plans, and all of their respective clients. For example, it:

• Develops the regulations that govern the institutions so they remain safe and sound and are responsive to consumers' needs.
• Analyzes the financial sector in Canada and abroad.
• Helps ensure that Canada has an effective regime to combat money laundering and the financing of terrorism.
• Manages the debt and international reserves of the Government of Canada, in conjunction with the Bank of Canada, and provides policy advice on activity in the domestic capital markets.

Finance Canada works closely with other agencies, including the

• Bank of Canada
• Canada Deposit Insurance Corporation (CDIC)
• Canada Savings Bonds
• Financial Consumer Agency of Canada (FCAC)
• Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
• Office of the Superintendent of Financial Institutions (OSFI)

General

• Minister of Finance Financial Risk Management Guidelines For Crown Corporations
• Capital Markets Report
• Government of Canada Securities: quarterly update
• Government of Canada Treasury Risk Management Framework
• Memorandum of Understanding between the Bank of Canada, Canada Investment and Savings, and the Department of Finance - Retail Debt Program
• Memorandum of Understanding on Treasury Risk Management between the Bank of Canada and the Department of Finance
• Post -September 11th: initiatives in the financial sector
• Treasury Management Governance Framework

Canada's Financial Sector

• Minister of Finance letters to associations regarding banking and insurance
• 2006 Financial Institutions Legislation Review: Proposals for an Effective and Efficient Financial Services Framework

Fact Sheets:

• Canada's Banks (Updated August 2002)
• Canada's Credit Unions and Caisses Populaires (Updated March 2003)
• Canada's Life and Health Insurers (Updated September 2002)
• Canada's Mutual Fund Industry
• The Canadian Financial Services Sector
• The Canadian Securities Industry (Updated January 2005)
• Financial Institutions Renew their Commitment to Provide Low-Cost Accounts (July 2003)
• Property and Casualty Insurance in Canada. (Updated October 2003)
• Strengthening Venture Capital in Canada
• Previous Fact Sheets

For more information, see News Release 2001-014 (Government Reintroduces Legislation to Create New Policy Framework for Financial Services Sector).

Payments System:

• The Payments System in Canada (Payments System Working Group)
• Payments System Review Discussion Paper (July 1998)
• Reforming Canada's Financial Services Sector (June 25, 1999).
• See Bill C-8 for legislation reforming the financial services sector (entry into force October 24, 2001)

Corporate Governance

• Fostering Investor Confidence in Canadian Capital Markets (June 8, 2006)

New Measures to Deter Capital Markets Fraud:

• Backgrounder (Department of Justice site)
• News Release (Department of Justice site)

Government Financial Markets Activities

• Government of Canada Lending Rates
• Government of Canada Cash Management
• Government of Canada Securities

Official International Reserves:

• Report on the Management of Canada's Official International Reserves
• Official International Reserves (monthly news release)

Policies/Guidelines

• Statement of Investment Policy (January 2008)
• Swap Management Policy for the Government of Canada (January 2008)
• Investment and Credit Guidelines for the Exchange Fund Account (June 2004) (Please note these guidelines are no longer applicable and have been replaced by the Statement of Investment Policy above)

Trade in Financial Services

• Consultation Paper for the World Trade Organization - Negotiations on Financial Services (May 26, 2000)
• Initial WTO Negotiating Proposal on Financial Services (March 2001)
• 1997 WTO Agreement on Financial Services (Updated June 2000)
• WTO Agreement on Financial Services:
  the Canadian perspective on the General Agreement on Trade in Services - financial services (updated June 7, 2000)

Treasury Evaluation Program

• Treasury Evaluation Program Framework

Evaluations:

• Risk Management Report (November 2007)
• Evaluation of the Exchange Fund Account (July 2006)
• Report on the Evaluation of the Receiver General Cash Management Program (June 2006)
• Review of Borrowing Framework of Major Federal Government-Backed Entities (June 2005)
• Governance Evaluation: Debt & Reserves Management (March 2004)
• Review of Canada Savings Bonds (January 2004)
• Evaluation of the Bond Buyback Program (April 2003)
• External Review of the Reserves Management Framework (December 2002)
• Developing Well Functioning Canada Bond and Bill Markets (March 2002)
• Evaluation of the Government's Decision to Target a Higher Fixed Rate Debt Structure(February 2002)

Related Links

• Wise Persons' Committee
• Financial Action Task Force on Money Laundering Consultations - Review of the FATF 40 Recommendations
• Canadian Economy Online
• Forum to develop a code of conduct for Electronic Funds Transfers (This forum is for working group participants)
• An Act to establish the Financial Consumer Agency of Canada and to amend certain Acts in relation to financial institutions (Statutes of Canada 2001 - Parliamentary website)
• Government Securities & Savings Bonds (Bank of Canada)
• Report on the Property and Casualty (P&C) Insurance Industry in Canada and covering letter from Superintendent Nick Le Pan (PDF format)
• Report of the Financial Stability Forum on Enhancing Market and Institutional Resilience (April 2008) - (PDF format)
• Expert Panel on Securities Regulation