Regulatory Consistency Assessment Programme (RCAP) - Assessment of Basel III regulations in Canada

Through its Regulatory Consistency Assessment Programme (RCAP), the Basel Committee monitors the timely adoption of regulations by its members, assesses their consistency with the Basel framework and analyses the quality of intended regulatory outcomes. The RCAP also helps member jurisdictions to identify deviations from the Basel framework and assesses their materiality. This report describes the Committee's assessment of the implementation of the Basel capital standards in Canada. 

Overall, Canada's implementation was found to be "compliant" with the standards prescribed under the Basel framework, which is the highest possible grade. Thirteen of the 14 components assessed were graded as "compliant", while one component - the definition of capital - was assessed as being "largely compliant" (one notch below the highest possible grade) with the Basel standards. This outcome recognises amendments to the Canadian capital rules made by the Canadian authorities during the assessment to improve the consistency of the Canadian capital rules with the Basel framework.