Part 6 – Division 13
Overview: Bank Act
The government proposes to amend the Bank Act to create an explicit regulation-making power for banks' activities in relation to derivatives. This will facilitate the integration and consolidation of over-the-counter derivatives regulations with the cooperative capital markets regulatory system and make it easier for foreign regulators to assess the Canadian regulatory framework.
To strengthen Canada's regulatory framework and respond to new international standards, the Government also proposes to amend the Bank Act to provide a regulation-making power to cover banks submitting data used to calculate various financial benchmarks.