I think you're correct, in that currently it is the CRA that provides the registration. As I understand how it would be administered, it would be a continuation of that; it would be the CRA coming to a conclusion based on the facts and based on the criteria around eligibility. Then there's a little loop over to “the Minister of Finance” to consult, and then that information or that decision would be made public, or if it's a denial it would be provided back to the applicant with a reason.
On May 16th, 2012. See this statement in context.