Heads of Regulatory Agencies: Terms of Reference


The objective of the Heads of Regulatory Agencies (HoA) is to share information and perspectives on:

  • Emerging regulatory issues
  • Financial system trends
  • Broad market developments that cut across functional responsibilities of HoA member agencies

Specifically, it is a venue for members to:

  • Share information and cooperate on areas of common interest, including systemic risk surveillance and data gaps
  • Inform each other of their agencies’ policy priorities
  • Share views on domestic and international regulatory work underway
  • Support relationships and coordinate with member agencies, including to prepare for and manage crises
  • Discuss policy and inform the formulation of their agencies’ own policies, including with respect to mitigating systemic risk


Members are heads of key federal and provincial agencies (HoA agencies) with regulatory and prudential responsibility for different elements of the financial system:

Authorities that are not members may be invited to HoA meetings to address specific matters, as needed.

Supporting structure

Sub-Heads of Agencies (Sub-HoA) helps set the HoA agenda and promotes efficient discussions at the HoA meeting by making sure that relevant information is shared and understood in advance. It consists of representatives from the HoA agencies.

Systemic Risk Surveillance Committee (SRSC) facilitates information sharing and collaboration to monitor and assess current and emerging vulnerabilities and risks to the financial system. The SRSC reports to the HoA. See the SRSC’s terms of reference for more information.

Other working groups or committees may be formed as needed. They are created by and report to the HoA. They may include non-HoA agencies.


The HoA holds semi-annual meetings, chaired by the Bank of Canada. The Governor of the Bank of Canada can also convene an HoA meeting on an ad-hoc basis to coordinate on urgent matters as they arise.

Member responsibilities

HoA agencies are invited to collaborate and share information in accordance with their own independent mandates and subject to their confidentiality obligations. HoA agencies are responsible for keeping confidential, to the extent permissible by law, any non-public information they receive through HoA. This includes any information shared in confidence with HoA members by Canadian representatives from various international forums, bodies and working groups.


The Bank of Canada will circulate minutes to HoA agencies after each meeting.

Updates on the HoA’s work are published in the Bank of Canada’s Financial System Review.