CANADA INTRODUCES NEW BANKING LEGISLATION
Legislation to implement the first stage
of a promised sweeping new regulatory framework for the
Canadian banking system was presented in the House of Commons,
the finance department said.
    The department said the main measures in the bill include
the previously announced consolidation of federal supervisory
agencies into the new Office of the Superintendent of Financial
Institutions and a strengthening of the Canada Deposit
Insurance Act.
    The department said further legislation, first outlined in
the December policy statement will be introduced later this
year and will include broadening of the powers of financial
institutions and the new ownership policies.                
 Reuter
