Author/Editor:

International Monetary Fund. Monetary and Capital Markets Department

Publication Date:

January 24, 2020

Electronic Access:

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Summary:

Financial market infrastructures (FMIs) have operated normally under a well-established legal and oversight framework that is distinct for Canada. A major modernization program is ongoing. The systemically important payment system (SIPS), which has been operational for around 20 years, will be replaced with a real-time gross settlement (RTGS) system. A fast retail payment system is also being implemented. The governance structure respects the regulatory, supervisory and oversight powers at both the federal and provincial levels. The Payment Clearing and Settlement Act (PCSA) assigns the Bank of Canada (BOC) the authority to oversee the designated FMIs, with responsibility being shared by three provincial securities regulators based on their respective securities legislation. The Department of Finance (DOF) is also involved in the oversight of payment systems.

Series:

Country Report No. 20/22