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An explanation of the Office of the Superintendent of Financial Institutions. Canada's financial-sector institutions. OSFI as a legislative mandate. How the mandate, passed into law in 1996, has driven the activities of OSFI. How the OSFI has been fundamentally transformed as a result of that legislation. A new approach to supervising financial institutions. Encouraging institutions to increase capital levels and strengthen their reserves for losses. Recommendations for amendments to the legislation. Organisational changes and their effect. Changes in OSFI's human resources, and in their training. Tracking performance. What the OSFI has had to deal with in terms of what is going on around us. Still fighting the last war? What history can tell us. The need to be scanning the horizon in search of any distant storms tha tmight be brewing. Some current concerns. Putting up more prudential barriers. Regulatory policy and burdens. The financial sector bill that Mr. Martin will introduce next week and the changes it is expected to bring. OSFI's role in ensuring that Canada's financial institutions are able to adapt quickly to the big changes now underway around the planet. Playing a supportive role. Adding further flexibility. Overhauling supervisory practices. Similar initiatives happening in other countries. Some additional regulatory powers. OSFI in the vanguard of the movement to set international standards of best practice for financial regulators and supervisors. Promoting a system of peer review. OSFI to continue its efforts to enhance its capacity to regulate and supervise. The intention to ecome increasingly accountable and to publish their own successes and failures. The formation of an external Advisory Board. The financial sector as key to our current and future economic success. A continuing OSFI mandate to be the protection of deposits and insurance policies in federal institutions in a balanced way that recognises international developments and facilitating a competitive financial system.