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The global financial industry is changing continuously. Internationally, mergers between banks and insurance companies have led to a more integrated financial marketplace. Financial institutions are becoming larger and much more complex – forming conglomerates that span many countries and giving rise to cross-border implications that affect Canada's financial sector safety net. As the globalization of the financial sector continues, CDIC must understand the changes occurring internationally that could affect its members.
CDIC receives many requests for international assistance in establishing or updating deposit insurance systems. Requests for participation in global conferences and seminars have increased. CDIC's assistance aligns with the federal government's policy of more international cooperation in financial institution regulation. We also benefit by learning about other deposit insurance systems and emerging global issues.
These issues, which have the potential to add to the complexity CDIC may have to address, include:
In addition to providing direct assistance to deposit insurers in other countries, CDIC also participate in the development of international guidance for deposit insurance. This is being done through the Financial Stability Forum (FSF) – a forum convened by the G7 Finance Ministers and Central Bank Governors to promote international financial stability. Jean Pierre Sabourin, CDIC's President and Chief Executive Officer, tabled to the FSF in September 2001 a report on the development of international guidance.
If you have any questions on CDIC's participation in the global financial industry, please write to international@cdic.ca
Last modified : 18 October 2001
CDIC receives many requests for international assistance in establishing or updating deposit insurance systems. Requests for participation in global conferences and seminars have increased. CDIC's assistance aligns with the federal government's policy of more international cooperation in financial institution regulation. We also benefit by learning about other deposit insurance systems and emerging global issues.
These issues, which have the potential to add to the complexity CDIC may have to address, include:
- internationalization and its effect on the financial services sector
- the effect of multiple regulators/supervisors dealing with a global financial institution
- variances in international law
- new deposit and investments products
- developments in e-money and e-commerce
- the potential for international clearing arrangements.
In addition to providing direct assistance to deposit insurers in other countries, CDIC also participate in the development of international guidance for deposit insurance. This is being done through the Financial Stability Forum (FSF) – a forum convened by the G7 Finance Ministers and Central Bank Governors to promote international financial stability. Jean Pierre Sabourin, CDIC's President and Chief Executive Officer, tabled to the FSF in September 2001 a report on the development of international guidance.
If you have any questions on CDIC's participation in the global financial industry, please write to international@cdic.ca
Last modified : 18 October 2001
