Thank you, Chair.
I'd like to continue along the same questioning regarding the Foreign Account Tax Compliance Act, more commonly known as FATCA.
An absence of an intergovernmental agreement, an IGA, would have meant there still would have been an obligation on Canadian financial institutions to comply with FATCA. It would have been a unilateral and automatic obligation imposed by the United States that would have come into effect on July 1, 2014.
Can you please explain what the consequences would be for Canadians and financial institutions had the IGA not been arrived at?