OSFI Assistant superintendent Ted Price explains that most regulation is based on previous history, something that Gordon Nixon of RBC Financial Group points out as looking in the wrong direction.
Or. Me well. -- It powered. It's well. It. And what not and it. -- You know me you know holding up here or eight. Let -- Our next year you -- How. What. They added. Why -- march to rule making process. Is looking. We as regulators have have a very difficult job to do which is we're trying to regulate to avoid future events when we don't know what future doesn't look like. We use rules based on our experience of the past and and that's all we can do its best we can do. So. In addition to the rules which we think that -- effective. Firm so all of this vision is very very effective is an important element to go -- was handing glow with tougher rules. -- one without the other. Can be an effective these. You know it's with a bit of a dilemma at all regulated states. Our court you can responsibly I can't say that I don't like. What. We honor. Toward looking for national and local. Art art where art. And it's accurate that. I'll be out well. And me pay it now it opt out. And be the short answer is yes we are addressing some of the wrong wrong and apartment next races. I think the last panel would have been better for me talking what worked well and a -- And unlike here my boyfriend in an opposite rate cases and Canadian. When I would say is this. That. You know Smart regulations -- I think it goes unfortunately -- -- -- all Smart regulation rule out. Regulation generally in it hurts them. Implications from now I know that date range. On what I will tell you is that it is having -- on the ability of. Executions to do what institutions should be doing which is. Extending acquitted you -- balance sheet and helping individuals and corporations raise them and and foreign capital. It is having an economic impact and I think that. That you know it's extremely important that we get through this stage and we actually you know get back to as feisty Smart regulation and encouraging institutions to. Two you know participate in the formulation. -- Again just to close to the extent that you stop banks from doing certain things it will ultimately moved outside the main system is now banking system and I'm not sure that's wealthy in terms. Stabilize next crisis either.