The challenge of developing an appropriate Canadian formula is made more difficult because we do not have a single lead securities regulator, as do the United States, the United Kingdom, and Australia. I'm not here to argue whether or not Canada should have a single lead regulator. The point is we need to improve our current system, and we need to do it now.
This Article limits the tasks that can be conferred on the ECB to those that concern policies that relate to the prudential supervision of credit institutions and other financial institutions – with the exception of insurance undertakings. This provision, in turn, was duly reflected in the SSM Regulation which further limited the scope to banks only.