A. Introduction

• Author: M.H. Ogilvie
• Profession: LSM, B.A., LL.B., M.A., D.Phil., D.D., F.R.S.C. Of the Bars of Ontario and Nova Scotia Chancellor's Professor and Professor of Law, Carleton University
• Pages: 37-37

Page 37

Historically, the Bank Act has been the primary regulatory mechanism by which Parliament has exercised its jurisdiction under section 91(15) over banks and banking in Canada. However, since the mid-twentieth century, Parliament has expanded its governance of the banking sector as well as the federal financial institutions sector generally by enacting legislation regulating particular aspects of banking that relate either to the security and solvency of the national economy or to the safety and security of customers’ deposits and other retail transactions. Oversight is exercised either directly through the Minister of Finance or indirectly through various corporations or arms length government agencies with statutory authority over specific aspects of banking...