Chant has been Research Director of the Financial Markets Group at the Economic Council, Research Director of the Task Force on the Future of the Canadian Financial System, and Adviser to the Governor of the Bank of Canada. [...] The originator’s function differs between the two approaches: the originator supplies finance and bears the credit risk in the former case and transfers both of these functions to the investors in the latter. [...] Invest in the equity of the conduit Distribution agents Sell the conduit’s commercial paper to investors Liquidity providers Supply liquidity to conduits under specified conditions (i) Conduits At the core of the ABCP market are the conduits that issue notes, or commercial paper, against the security of a portfolio of assets. [...] The Heads of Agencies (HOA) provides an informal forum that brings together the Governor of the Bank of Canada, the Supervisor of OSFI, the federal Department of Finance, and the heads of the B. C., Alberta, Ontario and Quebec securities regulators. [...] The authority over financial intermediaries, such as banks or thrift institutions, is spread among the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Controller of the Currency (part of the Treasury), the Office of Thrift Supervision and state agencies.