The Financial Stability Board’s (“FSB”) peer review of Canada found that Canada’s response to the global financial crisis was swift and effective and noted that no Canadian financial institution failed or needed government support. The FSB stated that the Canadian resilience provides valuable lessons for other FSB members. The report further concluded that Canadian authorities have made good progress in addressing Financial Sector Assessment Program recommendations on banking supervision, stress testing and the early intervention regime. According to the report, authorities have also taken steps to address issues with respect to asset backed commercial paper and structured finance markets and have also made progress on recommendations in the securities sector, notably the improvements made on such issues as coordination among provincial regulators, registration reform and enforcement actions. According to the report, however, additional steps are still needed. The report cites the fact that the passport system does not address policy development or enforcement matters. Further, while the passport system is intended to sustain coordination, the report notes that the Canadian Securities Administrators is not a legal entity and relies on the goodwill and consensus of its members. According to the report, a single national securities regulator is preferable. The FSB also highlights issues with respect to, among other things, the oversight reviews of self regulatory organisations, the effectiveness of enforcement actions, the oversight of derivative products and the differences in regulation of market intermediaries.