On March 26, 2013, the Office of the Superintendent of Financial
Institutions ("OSFI"), the Canadian bank
regulator, issued an Advisory in which it identified the banks
considered to be systematically important for Canada in accordance
with the framework set out by the Basel Committee on Banking
Supervision. These banks are the Bank of Montreal, the Bank of Nova
Scotia, the Canadian Imperial Bank of Commerce, the National Bank
of Canada, the Royal Bank of Canada and the Toronto-Dominion
Bank.
In October 2012, the Basel Committee published a document
setting out certain principles for Member States of the Bank for
International Settlements to help them address the impact that the
distress or failure of certain banks can have on domestic financial
systems and national economies.
