Abstract

The technology-driven globalization of the financial markets has created similar problems and concerns for regulators throughout much of the world. In Canada, policymakers have responded by looking beyond national borders in search of solutions. Their perception is that it is no longer possible for any country with an open market economy to legislate and regulate in a vacuum. In an increasingly integrated marketplace for financial services, the maintenance of a stable and sound financial system, the fostering of competition, and the protection of depositors and consumers require a coordinated international approach. Banking law and regulation have evolved rapidly in Canada over the past few years, as in other jurisdictions.