Canada underwent an assessment update under the Financial Sector Assessment Program (FSAP) in 2007-08. The FSAP team reported that the Canadian authorities had implemented the principal recommendations of the 2000 FSAP and concluded that “Canada’s financial system is mature, sophisticated, and well-managed.” At the same time, the FSAP highlighted some issues to be addressed in banking supervision, the functioning of asset-backed commercial paper (ABCP) and structured finance markets, securities regulation, and securities settlement systems. The main purpose of this report is to assess Canada’s progress in addressing these issues.