Finance committee  The text is consistent with the other parts of the act. Within a financial institutions act, it is reasonable to be limited to the considerations that affect the financial sector and not all the broader considerations. We don't need to list all of them. The Minister of Finance ha

Finance committee  The concept you're talking about isn't currently in the Bank Act.

Finance committee  He submits a written recommendation to the minister. That is already occurring. That's what I have been trying to explain. The minister already gets the recommendation of the superintendent of financial institutions.

Finance committee  I can take a stab at it. As Ms. Glover mentioned, the wording of this section is consistent with other parts of the statute, and it draws from various other pieces of legislation, so it offers some consistency. I would point out, too, that the wording of the legislation is “tak

Finance committee  There was simply an erroneous reference. The number of the provision wasn't correct in the French version.

Finance committee  It wasn't the wording that was incorrect; it was simply the reference to the provision in question.

Finance committee  The 30-day clock starts once the superintendent's recommendation has been made.

Finance committee  It's a deemed approval.

Finance committee  That's consistent with the approvals process elsewhere in the legislation.

Finance committee  No, you'd have to amend the legislation to make it an explicit approval.

Finance committee  In practice, the minister signs the transaction. So he does it explicitly. It's on paper; it's documented.

Finance committee  Are you asking how we could change the process?

Finance committee  What you're asking for is basically a change in the process. Legislative amendments would be needed. It would fundamentally change the process.

Finance committee  I think what may be the concern you are getting at is that the decision point that is now being made by the superintendent wouldn't happen, while it would. The superintendent would still have to make a recommendation, based on her prudential assessment in favour of the transactio

Finance committee  As my colleague explained, we want to be able to offer some degree of certainty, meaning we want to ensure, one way or another, that the people who proposed the transaction will receive a response within a reasonable period of time.