Opening remarks to the Senate BANC Committee on the Budget Implementation Act

Opening remarks: Superintendent, Peter Routledge

Madame Chair and members of the Committee,

Thank you for the opportunity to stay with you this afternoon to speak with you and contribute to your study of the Budget Implementation Act, and OSFI’s role in executing or supporting certain provisions of the Act.

Budget 2023, proposes targeted amendments to the federal financial sector framework to enhance the authorities of the Superintendent of Financial Institutions’ and the Minister of Finance to better address emerging security and integrity risks, including those stemming from foreign interference.

Integrity and security risks, including threats from foreign interference, can undermine the confidence Canadians have in their financial institutions. Canadians must be confident that federally regulated financial institutions and their owners act with integrity, and that Canada's financial institutions are protected, including from foreign interference.

From an OSFI perspective, the proposed enhancements include expanding our mandate and adding to the suite of compliance and intervention tools available to the Superintendent and the Minister. These changes would continue the strong oversight of the financial sector that underpins a sound and stable Canadian economy.

I am happy to take your questions.