That's a much bigger question. If the question is, should the government reassess whether a 30-day timeline for the minister to make a decision is inappropriate, and should be longer or should be shorter, then there would have to be a bigger assessment done of all the approvals that are referred to in the Bank Act, the Trust and Loan Companies Act, the Insurance Companies Act.
Right now what we're proposing is that we're replacing what is currently a superintendent approval with what used to be, pre-2001, a ministerial approval process. We're not changing the balance between certainty for the private sector in being able to have an appropriate timeline or a reasonable timeline for that decision to be made, and the ability for the government to have a fulsome review process to make sure that approval is appropriate.
In the legislation, when we're moving it to a ministerial approval as well as in a number of other places in the financial sector legislation, we put a time limit on the amount of time that the department and the minister can take to review the superintendent's recommendation that sits on top of the approval for the purposes of giving the final approval to the transaction.
What we have decided in the past is that a 30-day period for the minister to consider that recommendation and transaction is a reasonable length of time for the minister. In effect, it gives the department and the minister the time to review the transaction, review the superintendent's advice and recommendation, and respond to the applicant on whether or not that approval is going to go through.