Contributing to Canada’s financial stability
Established in 2009, the CSA’s Systemic Risk Committee (SRC) is the principal forum through which CSA staff analyze and monitor systemic and emerging risks.
The SRC delivers on the CSA’s core mandate to reduce systemic risk by assessing vulnerabilities to the Canadian financial system and seeks to reduce the impact on investors and market participants. To promote financial stability and broader discussions on systemic and emerging risks, the SRC is making public some of its analyses:
SRC annual report:
This report presents the SRC’s overall assessment of the recent evolution of key financial vulnerabilities within Canadian capital markets. The report also highlights the CSA’s efforts to mitigate those vulnerabilities.
Systemic Risk Survey:
Launched in 2022, the CSA Systemic Risk Survey solicits views from market participants on financial risks that may affect Canadian capital markets. This annual survey is sent to portfolio managers and investment dealers domiciled in Canada.
- Click here for a summary of the results of the 2023 CSA Systemic Risk Survey
- Click here for a summary of the results of the 2022 CSA Systemic Risk Survey
Domestic cooperation
As part of efforts to reduce systemic risk and promote financial stability, the CSA collaborates with other agencies at the federal and provincial level to ensure appropriate monitoring of those risks and the development of mitigation strategies where appropriate. Notably, the CSA engages with other agencies through the Systemic Risk Surveillance Committee (SRSC), which was established in 2020 to support collaboration among member agencies for the purpose of monitoring and assessing systemic risk. The SRSC reports to the Heads of Regulatory Agencies Committee (HoA), a federal-provincial forum for the discussion of financial sector issues chaired by the Governor of the Bank of Canada.
International cooperation
At the international level, some CSA members actively participate in the International Organization of Securities Commissions’ (IOSCO) Committee on Emerging Risks (CER), which was set-up with a broad risk identification and monitoring mandate related to systemic risk and the review of the regulatory perimeter. The CER plays a pivotal role in supporting the IOSCO Board prioritisation process. Also, some CSA members participate in IOSCO’s Financial Stability Engagement Group (FSEG), which role is to facilitate IOSCO’s work on financial stability and systemic risk issues to help ensure that IOSCO is effective in its coordination with other standard-setting bodies and proactive in its engagement on financial stability.