Finance committee  Yes, I'll just add to that because there were a number of issues raised. I do not believe that we have a tax information exchange agreement with China. We could confirm that for you, but I don't believe that to be the case. However, China is a member of the G-20 and is actively

Finance committee  This question may be better directed to Mr. Gavsie, as the banker among us, but certainly from the finance perspective, indeed they would be served by this facility—I would think of it more as a facility than as a hub in a physical sense—and that would be through the ability to g

Finance committee  I think there are five: London, Luxembourg, Singapore, Frankfurt, and Canada.

Finance committee  I would have characterized it as a joint interest, in that, I think this idea of clearing has been discussed for some time in the private sector as they've opened up, and as they've offered this centre to other marketplaces. But from an official's point of view, we just picked up

Finance committee  That's right.

Finance committee  Good question. I think it's both. Maybe Mr. Gavsie—

Finance committee  In terms of the renminbi?

Finance committee  I wouldn't quite describe them as being completely separate. Obviously, the foreign investment protection and promotion agreement affords the opportunity for people to invest in China, within the quota that's allowed, with greater protection than they would have had before. But t

Finance committee  Thank you very much. I welcome the opportunity to be here today. Thank you for the opportunity to speak to your committee. I would like to make some remarks about the offshore renminbi centre. Canada is the first country in the Americas to have agreements in place with the Ch

Finance committee  My apologies for stepping in, but I'm also responsible for the initiative on this on the securities regulation side. The definition we're using is subject to extensive legal review and analysis—

Finance committee  —in consideration of the fact that federal legislation has been proposed once and received judgment from the Supreme Court.

Finance committee  Yes, indeed.

Finance committee  Technically speaking, it will, but there is an issue here around significance, in terms of the size of the credit union. If it's a very small credit union, it really won't be in a situation where ELA is going to be an issue.

Finance committee  Indeed, I'd be happy to comment. The government announced previously that it would support federal credit unions and provided a legislative framework therefor. In this bill it provides two further actions to support the credit unions becoming federal. One is the amalgamation of

Finance committee  I'll ask my colleague to speak to that issue.