FSB has published its peer reviews of Canada and Switzerland. It found that Canada's response to the financial crisis has been swift and effective and noted that no Canadian financial institution failed or needed government support. FSB said the Canadian resilience provides valuable lessons for other FSB members. Its only significant criticism was that there could be better coordination between provincial regulators in the securities sector. Switzerland also received praise for its response and its ability to recover fairly quickly from the crisis with limited fiscal help. The report notes that significant risks would arise from the failure of a systemically important bank and that Switzerland has now taken action to develop a package of "too-big-to-fail" legislation. FSB also noted the improvements the prudential regulator is making to its supervisory framework. (Source: FSB Peer Review on Canada and FSB Peer Review on Switzerland)
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FSB publishes Canada and Switzerland peer reviews
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