Thank you, Mr. Chairman.
If my understanding is correct, part 12 creates a new Payment Card Networks Act which grants many powers to the Governor in Council. Section 6 sets out all the regulations the Governor in Council will be able to make in relation to network operators and card issuers.
I understand the enforcement of these regulations will take place under another piece of legislation, the Financial Consumer Agency of Canada Act. The responsibility being transferred to another act is to monitor payment card network operators in order to ensure that they comply with the provisions of the Payment Card Networks Act. This means giving incentives to network operators to comply with the provisions of the Payment Card Networks Act. It is a transfer of responsibilities.
Am I understanding this correctly? I wonder if you considered the implications of this decision on a practical level. Credit card operators are everywhere. How will this monitoring function that is handed to the Financial Consumer Agency of Canada be carried out? Will new inspectors be trained and assigned to this task? I would like to know your assessment of how this legislation will be enforced.