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This background paper is concerned with improving the structure of prudential regulation of Canadian financial institutions. The first chapter describes the evolution of the existing regulatory framework. Subsequent chapters address: the mandate and governance of the Office of the Superintendent of Financial Institutions; the balance between safety and soundness and competition; the streamlining of regulation; the lack of symmetry between the compensation plans that apply to deposit-taking institutions and life insurers; the absence of a regulatory framework to deal with entry into the Canadian financial services sector by foreign firms that are not physically present in Canada; and international supervisory standards and co-ordination.