Ms. Wasylycia-Leis.
Evidence of meeting #68 for Finance in the 39th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was amendment.
A recording is available from Parliament.
Evidence of meeting #68 for Finance in the 39th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was amendment.
A recording is available from Parliament.
12:25 p.m.
NDP
Judy Wasylycia-Leis NDP Winnipeg North, MB
Thank you very much. I appreciate all the feedback.
However, I would point out that it is not a novel idea to require this from banks and to have that included in some form of legislation. I would remind committee members that in fact the Community Reinvestment Act in the United States, which we've heard a great deal about, does exactly this. It puts the onus on the banks to prove that they are not viable and that there are other alternatives. There is nothing now that requires banks to say, to show, or to prove that it's not profitable or viable. They can simply assert that, without any kind of disclosure to the clients who have been loyal to that bank for years and years and years.
We are talking about something that is a vital service, for which people have a right to access.
12:25 p.m.
NDP
Judy Wasylycia-Leis NDP Winnipeg North, MB
Let me say, Mr. Chairperson, that the kinds of remarks we're hearing from the Conservatives across they way do not address the issue of adequate information.
12:25 p.m.
Liberal
The Vice-Chair Liberal Massimo Pacetti
Okay, Ms. Wasylycia-Leis. Thank you.
Are you ready for the question?
12:25 p.m.
NDP
12:25 p.m.
Liberal
12:25 p.m.
NDP
Judy Wasylycia-Leis NDP Winnipeg North, MB
I know, but before we vote and people oppose it, as it seems they likely will, let me say that we need to pursue this in a real way.
12:25 p.m.
NDP
Judy Wasylycia-Leis NDP Winnipeg North, MB
I can tell you about communities that have been left with no banks and no avenues for pursuing the service.
12:25 p.m.
Liberal
The Vice-Chair Liberal Massimo Pacetti
That's fine. Thank you.
Okay, now for the question on NDP-10.
12:25 p.m.
Liberal
The Vice-Chair Liberal Massimo Pacetti
Okay, let's go with the recorded vote. By the time you guys raise your hands.... I think it's better if we do a recorded vote.
(Amendment negatived) [See Minutes of Proceedings]
12:25 p.m.
Liberal
The Vice-Chair Liberal Massimo Pacetti
Thank you.
It doesn't look like we're going to finish by one o'clock. We have the room until two, so we're going to go until two. We're going to break right now for a minute and a half until I get my plate, and then we're starting again.
The meeting is suspended.
12:35 p.m.
Liberal
The Vice-Chair Liberal Massimo Pacetti
Could we begin, please?
(Clause 36 as amended agreed to)
(Clauses 37 to 39 inclusive agreed to)
(On clause 40)
12:35 p.m.
Liberal
The Vice-Chair Liberal Massimo Pacetti
We are now at page 16 in your package. It is government amendment G-3.
Ms. Ablonczy, will you speak to that?
February 20th, 2007 / 12:35 p.m.
Conservative
Diane Ablonczy Conservative Calgary Nose Hill, AB
Thank you, Mr. Chairman.
The bill here, Bill C-37, amends the financial institutions statutes to allow certain entities to act as mutual fund trustees. In light of recent comments from stakeholders, we have concerns that the proposed language could be overly restrictive and as such not fully convey our policy intent.
This amendment would add a fifth category--investment counselling and portfolio management services--of entities that would qualify for our proposed exemption to act as a trustee of a mutual fund. The amendment would also edit the language of the provision in order to more accurately reflect the policy intent of allowing these entities to be engaged in a combination of some of the permitted business activities.
Both these changes would reflect current market practices and are in line with our policy on trustees of mutual funds.
12:35 p.m.
Liberal
The Vice-Chair Liberal Massimo Pacetti
We will now vote on the amendment.
(Amendment agreed to) [See Minutes of Proceedings]
(Clause 40 as amended agreed to)
(Clauses 41 to 58 inclusive agreed to)
(On clause 59)
12:35 p.m.
Liberal
The Vice-Chair Liberal Massimo Pacetti
We have an amendment on clause 59. It is G-4 in your package, on page 18.
Ms. Ablonczy, will you speak to that?
12:35 p.m.
Conservative
Diane Ablonczy Conservative Calgary Nose Hill, AB
Mr. Chairman, the Investment Canada Act provides a framework that aims to encourage investment in Canada. It gives power to the Minister of Industry to receive notice and review investments in Canada by non-Canadians. However, it exempts transactions that would already be approved by the Minister of Finance with regard to financial institutions. To do so, the Investment Canada Act borrows wording from the financial institutions statutes. Bill C-37 makes changes to the Insurance Companies Act to clarify that the legislation as it relates to foreign insurers applies only to their insurance business written in Canada, regardless of the location of the risk, so some consquential amendments were also made in other acts to ensure consistency in the legislative framework governing foreign insurers.
Another such technical amendment would be needed to the Investment Canada Act to ensure language consistency and maintain the broader integrity of federal legislation.
This amendment is designed to do those things.
(Amendment agreed to) [See Minutes of Proceedings]
(Clause 59 as amended agreed to)
(Clauses 60 to 86 inclusive agreed to)
(On clause 87)
12:40 p.m.
Liberal
The Vice-Chair Liberal Massimo Pacetti
We now go to amendment G-5. It is on page 20 of your package.
Ms. Ablonczy.
12:40 p.m.
Conservative
Diane Ablonczy Conservative Calgary Nose Hill, AB
It's the same amendment I just spoke to. It just applies to other clauses, and clause 87 is one of them.
12:40 p.m.
Liberal
The Vice-Chair Liberal Massimo Pacetti
We will now vote on the amendment.
(Amendment agreed to) [See Minutes of Proceedings]
(Clause 87 as amended agreed to)
(Clause 88 agreed to)
(On clause 89)
12:40 p.m.
Conservative
Diane Ablonczy Conservative Calgary Nose Hill, AB
This is the same amendment that we passed as G-1, and it also applies to clause 89, Mr. Chairman, as I mentioned earlier.
(Amendment agreed to) [See Minutes of Proceedings]