This briefing summarizes the 2002–03 edition of The Canadian Financial Services Industry: The Year in Review. It reviews major developments in the financial services sectors and policy environments in Canada and abroad, focusing in particular on legislation aimed at restoring investor confidence in corporate governance and financial markets.
Document Highlights
The bankruptcies of Enron and WorldCom and the ensuing revelations of corporate malfeasance and accounting malpractice shook financial markets in 2002. This briefing, a summary of the 2002–03 edition of The Canadian Financial Services Industry: The Year in Review, focuses extensively on the legislation enacted in many jurisdictions to restore investor confidence. Of particular note is the Sarbanes-Oxley Act, which, because of its wide-ranging assertion of extraterritorial jurisdiction, has significant implications for Canadian companies listed on stock exchanges in Canada and the United States.
In addition, the briefing outlines major developments in the Canadian financial services industry and policy environment. It reviews the efforts of Canadian financial institutions to improve competitiveness, and it explores the issues surrounding large bank mergers and the creation of a national system of securities regulation. The briefing also assesses external developments that might have implications for the Canadian industry.
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