If an applicant wishes to invest in a financial institution, they should begin with the Office of the Superintendant of Financial Institutions. The superintendant then reviews the application to ensure it complies with the law and that the minister will have the information required to give a decision. Then the superintendant makes a recommendation on a prudential basis, that is, he determines whether the applicant may represent prudential risks for the financial institution. Then, when the superintendant is of the opinion that the application meets all the criteria and that it contains the necessary information, he submits it to the Minister of Finance, who gives or withholds his approval.
On November 1st, 2012. See this statement in context.