Accessible navigation:
The Bank of Canada today released a guideline outlining how it intends to carry out its responsibilities under the Payment Clearing and Settlement Act (PCSA).
Approved by Parliament in 1996, the PCSA is designed to contribute to the development of sound clearing and settlement systems in Canada. Under the Act, the Bank is responsible for the regulatory oversight of these clearing and settlement systems with the potential to create systemic risk.
The document released today describes procedures to be used in identifying clearing and settlement systems which may pose systemic risk and could therefore be designated as subject to the PCSA. The minimum standards that designated systems will be expected to meet are also briefly outlined. The document is entitled Guideline Related to Bank of Canada Oversight Activities under the Payment Clearing and Settlement Act. It is available on the Bank of Canada web site and printed copies are available from the Bank's publications division.
FOR FURTHER INFORMATION: | |
Clyde Goodlet Regulatory Policy Adviser Tel. (613) 782-8545 Email: cgoodlet@bankofcanada.ca |
Robert Turnbull Senior Counsel, Legal Affairs Tel. (613) 782-8185 Email: rturnbull@bankofcanada.ca |
FOR PAPER COPIES: Bank of Canada Publications Distribution |