Hello there i have to talk about the strength and weaknesses of the Canadian Financial System during the Crisis of 2007-2008 and i am having troubles understanding the context could you please paraphrase this so i could understand better

STRENGTHS OF REGULATION BEFORE THE CRISIS

The first strength of Canadian financial regulation has been the regulation of bank capital. The Office of the Superintendent of Financial Institutions (OSFI), the Canadian banking supervisor, has placed significant emphasis on capital regulation over the years and has tended to have higher capital standards than those required internationally.

The second strength was a 'culture of learning'. The Canadian Parliament has recognized, and the staff of the Department of Finance, the Bank of Canada, OSFI and CDIC have acted consistently with - the importance of continually updating legislation, regulation and supervisory practices.

The third strength of Canadian financial regulation and supervision has been the emphasis on both principles and rules. In its oversight and in its discussions with bank boards and risk committees, OSFI pays close attention to the bank's governance, risk management processes, and broader processes within the bank. When deemed appropriate, OSFI requests institutions to establish appropriate policies for them that are consistent with OSFI guidelines, to take ownership of those policies, and to ensure that processes are in place to enforce them. When the supervisor adopts a conservative approach to dealing with risk, even exceeding the minimum Basel standards when deemed appropriate, and regulated banks accept the principles behind the rules, a conservative culture within banks is reinforced.

A final strength of Canadian financial regulation that was important in the context of the recent global crisis that was characterized by a glut of residential mortgage lending in several economies is the wide variety of regulations that, to some extent, constrained the growth of such lending. in Canada.