Canada: Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles for Effective Banking Supervision

Banking supervision in Canada is well-functioning and mature, overseeing a complex, concentrated and large banking system. The Office of the Superintendent of Financial Institutions (OSFI) regulates and supervises all banks and other federally regulated financial institutions, which include trust and loan companies, federal credit unions, insurers, and pension plans. Canada’s six Domestic Systemically Important Banks (D-SIBs) account for 96 percent of banking sector assets, with total assets of the banking sector reaching more than 226 percent of GDP as of 2023. This assessment looked into OSFI’s regulation and supervision of banks and foreign bank branches and federally regulated deposit-taking institutions, including trust and loan companies and credit cooperatives, generally referred to as banks.