Many of the comments we reviewed expressed support for retaining different performance tests for different types of banks, including the strategic plan option. We also heard this at the regional roundtables, where banker participants ranged from small community banks to large internet-only banks. It was clear that CRA regulations cannot be one-size-fits-all.
We will consider whether we need to make changes to the legislation that better ensures appropriate competition between overseas branches and locally incorporated insurers. And we will look to enhance the enforcement tools available to the Reserve Bank, to better align with our supervisory approach. Additionally, the International Financial Reporting Standard, IFRS 17, is scheduled to take effect in 2022 for most insurers.