Canadian financial regulation has a clear bias: stability and consumer protection dominate, while efficiency and growth barely register. Three straight years of tracking new rules from banking, insurance, pensions and securities regulators show that the pattern hasn’t moved: well over nine in 10 new regulatory documents are written in the language of stability, market integrity and consumer protection. Only a small fraction even mention efficiency, competition or growth. Regulators aren’t weighing these objectives against each other and striking a balance. They’re ranking one above the other and treating growth and innovation as an afterthought. Read More