The Bank of Canada today released a guideline outlining how it intends to carry out its responsibilities under the Payment Clearing and Settlement Act (PCSA).

Approved by Parliament in 1996, the PCSA is designed to contribute to the development of sound clearing and settlement systems in Canada. Under the Act, the Bank is responsible for the regulatory oversight of these clearing and settlement systems with the potential to create systemic risk.

The document released today describes procedures to be used in identifying clearing and settlement systems which may pose systemic risk and could therefore be designated as subject to the PCSA. The minimum standards that designated systems will be expected to meet are also briefly outlined. The document is entitled Guideline Related to Bank of Canada Oversight Activities under the Payment Clearing and Settlement Act. It is available on the Bank of Canada web site and printed copies are available from the Bank's publications division.

FOR FURTHER INFORMATION:

Robert Turnbull
Senior Counsel, Legal Affairs
Tel. (613) 782-8185
Email:

FOR PAPER COPIES:

Bank of Canada Publications Distribution
234 Wellington St., Ottawa K1A 0G9
Telephone: (613) 782-8248
Email: