Financial System Committees
The Bank of Canada collaborates with federal, provincial and international authorities as well as industry to achieve its financial system goals.
Canadian Official Sector Groups
- Heads of Regulatory Agencies (HoA): a federal-provincial forum for the discussion of financial sector issues. HoA is chaired by the Governor of the Bank of Canada and includes the Department of Finance Canada, the Office of the Superintendent of Financial Institutions, the Quebec Autorité des Marchés Financiers, the Ontario Securities Commission, the Alberta Securities Commission and the British Columbia Securities Commission.
- Systemic Risk Surveillance Committee (SRSC): created by the HoA to collaborate and share information on the assessment of vulnerabilities and risks to the Canadian financial system. The SRSC includes all agencies that participate in HoA plus the Canada Deposit Insurance Corporation, Canada Mortgage and Housing Corporation, Financial Services Regulatory Authority of Ontario and BC Financial Services Authority.
- Financial Institutions Supervisory Committee (FISC): facilitates consultation and the exchange of information on matters relating to the supervision of federal financial institutions. FISC is chaired by the Superintendent of Financial institutions and includes the Canada Deposit Insurance Corporation, the Department of Finance Canada, the Bank of Canada and the Financial Consumer Agency of Canada.
- Senior Advisory Committee (SAC): a discussion forum for financial sector policy issues, including financial stability and systemic vulnerabilities. SAC is chaired by the Deputy Minister of Finance and includes the same members as FISC.
- FMI Resolution Committee (FMI-RC): facilitates federal-level consultation and information sharing on matters relating to the resolution of Canadian financial market infrastructures (FMIs). The FMI-RC is chaired by the Governor of the Bank of Canada, and includes the Office of the Superintendent of Financial Institutions, the Canada Deposit Insurance Corporation and the Department of Finance Canada.
- Canadian Foreign Exchange Committee (CFEC): composed of senior officers from financial institutions actively involved in Canada’s foreign exchange market and the Canadian dollar market globally, CFEC provides a forum for the regular discussion of issues and developments pertinent to the foreign exchange market.
- Canadian Fixed-Income Forum (CFIF): a senior level industry-wide committee established by the Bank of Canada to discuss developments in fixed-income market structure and functioning, market practices, and related policy issues.
- Canadian Alternative Reference Rate Working Group (CARR): was created to identify and seek to develop a new term risk-free Canadian dollar interest rate benchmark.
- Canadian Financial Sector Resiliency Group (CFRG): a public-private partnership to strengthen the resilience of Canada’s financial sector in the face of risks to business operations, including cyber incidents.
The Bank contributes to international discussions on important financial system issues, collaborates with other central banks on research into the international financial system and provides technical assistance. The Bank of Canada:
- participates in joint missions of the International Monetary Fund and the World Bank;
- is a major participant in the Financial Stability Board;
- contributes to Canada’s participation in G20 discussions on global economic stability; and
- provides ongoing support for the committees and working groups of the Bank for International Settlements.