Thank you, Mr. Chair.
Good afternoon, members.
My name is Philipe Sarrazin, I am Director General of the Legislation and Strategic Initiatives Division at OSFI, the Office of the Superintendent of Financial Institutions. Among other things, my team is responsible for helping develop statutes, regulations and guidelines with respect to financial institutions. I therefore hope to be able to answer from OSFI's perspective any questions you may have about the bill your committee is presently studying.
The five-year review of financial statutes is an opportunity to evaluate the goal and efficiencies of federal statutes that govern financial institutions in Canada. Furthermore, it allows all the stakeholders, including political, financial and regulatory authorities, to re-examine previous legislative changes and continue to clarify its laws. The legislative review process is one of the elements that explain why Canada survived the global financial crisis relatively well.
Perhaps I should explain briefly OSFI's existing legislative mandate. A key element is to advance and administer a regulatory framework that promotes the adoption of policies and procedures designed to control and manage risk. This provides us the authority to refine our own guidance for federally regulated financial institutions, guidance that is sensitive to developing risks and promotes industry best practices.
The superintendent, the Minister of Finance, and others frequently speak about the importance of clear and focused mandates. OSFI's mandate is clear and focused, and we do have the flexibility to respond to developing risks. The elements contained in this bill are consistent with OSFI's mandate, role, or powers. In general, the bill provides more clarity and consistency across financial legislation and does not contain fundamental changes to the federal financial legislative framework.
In summary, from OSFI's perspective the federal financial system legislation in Canada is clear, effective, and enforceable. The bill before the committee today contains further technical refinements to an already strong legislative framework.
I am pleased to have participated in the review of this bill. I will be pleased to answer your questions.