Sure, I'd be glad to.
The Minister of Finance, Minister Flaherty, launched the review by putting a press release on the Department of Finance website inviting all interested Canadians to make a submission, noting that this was part of the regular process of updating the financial institution statutes. He also took the opportunity to point out that a number of important changes had been made in the legislation governing the financial system as a consequence of the turbulence in financial markets and the lessons we had learned domestically, and more importantly, I think, from observing what was going on in other countries. He anticipated therefore that the review would be principally focused on technical issues, that the government wasn't contemplating major policy changes but was certainly prepared to contemplate a fine-tuning exercise.
Everyone was invited to make their submissions electronically, and a number of submissions came in, on the order of 30. Then we looked at all of those within the Department of Finance. In some cases we went back to the people who had submitted the suggestion to get more information, to get more background, to understand better where they were coming from. We also consulted not only within the Department of Finance but also with the relevant federal agencies, whether it be the Office of the Superintendent of Financial Institutions, the Financial Consumer Agency, or the Canada Deposit Insurance Corporation. Then subsequent to that, the bill was tabled.