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Opinion

It’s time to launch the systemic regulator

By Ian Russell      

The CMSA is a platform with the potential to help Canada remain a competitive player on the global stage, but for now it remains benched.

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. The Hill Times file photograph

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.

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