Finance Minister Jim Flaherty Monday kicked off the scheduled review of legislation governing federally regulated financial institutions.

“The government reviews the statutes that govern federally regulated financial institutions every five years to ensure Canada remains a global leader in financial services,” said Flaherty. “This practice sets Canada apart from almost every other country in the world.”

The last legislative review was completed in 2007.

Flaherty pointed out that the global financial crisis that began in 2007 has led to extensive changes in the regulatory framework, so the current exercise is not likely to lead to major reforms.

“Some fine-tuning to the system may be required, but wholesale change is not necessary,” he said.

Federally regulated financial institutions include domestic and foreign banks, trust and loan companies, insurance companies, federal credit unions and cooperative credit associations.