6 The Bank of Canada has designated it as systemically important. That means we oversee it, in co-operation with the Autorité des marchés financiers, the Ontario Securities Commission and the British Columbia Securities Commission. The Bank has authority to oversee all systemically important financial market infrastructures. The implications This response by global and national authorities has meant a lot of change.
Taken as a whole, the reforms make the world’s financial system safer. However, that safety isn’t free. Like all regulations, the Basel rules on capital and liquidity come with costs, both direct and indirect. For example, financial institutions have to make decisions about how to best allocate their capital.