After the bruising experience of the 2007-2008 financial crisis, one of the most important and under-stated accomplishments since that time has been the steady build-out of the systemic regulator for Canadian markets and accompanying federal legislation, the Capital Market Stability Act (CMSA). The CMSA is the vision of the late minister of finance, Jim Flaherty, to create a federal entity to oversee emerging systemic risks in national markets and coordinate findings and actions with the responsible Canadian regulators.