Submission to Finance Canada on the Federal Financial Sector Review
Release Date: 09/11/2024 Staff Reference: Sarah Hobbs; Ethan KohnThe Department of Finance launched the third phase of the federally regulated financial institution statutes consultation from August 12, 2024, to September 11, 2024, as part of the comprehensive financial sector legislative review announced in Budget 2022. Included in the consultation were proposals to support competition in the financial sector, enhance consumer protections, address geopolitical risks and keep pace with new developments and best practices.
The CLHIA submitted its comments to the consultation, which included among others:
• Support for updating statutory thresholds to reflect growth in the financial sector;
• Recommendations to adjust investment limits and allow for greater investment in other sectors;
• Call for greater coordination between federal, provincial and territorial expectations;
• Greater transparency in the oversight of integrity and security, including the sharing of information with private sector; and
• The recommendation to take a balanced approach to oversight of artificial intelligence.
