OSFI is often criticized on PrefBlog! In a recently published article I developed the theme and set six milestones for improvement.
Look for the opinion link!
Opinion: OSFI and the Third Pillar
PrefBlog
Canadian Preferred Shares: Data and Discussion
OSFI is often criticized on PrefBlog! In a recently published article I developed the theme and set six milestones for improvement.
Look for the opinion link!
Beautiful — could not agree more, but doubt anything will change. It is already noteworthy that OSFI is a Federal regulator, so one can only expect a Federal market regulator (replacing the OSC, BCSC, etc.) to be just as (a) opaque and (b) controlled by the regulated. It is exactly why Canadian mutual fund MERs are among the highest in the world.
The investor has, perforce, a lot more confidence in US regulation….imperfect as it is.
[…] of OSFI gave a speech to the ABA clearly demonstrating her contempt for investors, the despised third pillar of the banking system. The role of investors – and their reliance on mandated disclosures – was, basically, […]
[…] the investment worthiness of banks, in accordance with the Basel Pillar 3 philosophy; this stands as a great contrast to OSFI. In C-EBS latest effort, they evaluate bank disclosures to investors: In line with the July 2008 […]
[…] is significant. In the past I have harshly criticized OSFI’s lack of consultation. There’s no way of telling at this point whether this is […]
[…] lack of transparency has aroused my ire in the past: in that paper I made particular note of the totally inconsistent, completely opaque […]
[…] Ms. Dickson also made several remarks about market discipline, which should not be taken seriously. […]
[…] And, of course, sunshine is the best disinfectant. OSFI must publish more of its internal – and, ideally, external commissioned – research so that investors can decide for themselves where the regulatory flaws might be. That is an integral support of the third pillar. […]
[…] secretiveness and back-door regulation is a disgrace if true – and OSFI has often demonstrated its contempt for investors – who are supposed to be the “third pillar” supporting bank […]
[…] The Bloomberg story doesn’t explore the regulators’ obsession with “stability” in detail, or even define what it is. Stability of the Financial System? Stability of Lehman? Stability of their jobs? What? One way or another … so much for the third pillar! […]
[…] strategy, however, has been notoriously contemptious of Canadians and markets in general for a long time. The same Financial Post article claims: Some bank CEOs have grown impatient with Ms. Dickson and […]