Sure. My colleague Annie has just explained the process for getting the approval of the Superintendent of Financial Institutions. In this case it would work the same way. The applicant and the financial institution in Canada would both come to OSFI to make an application. OSFI would assess it from a prudential perspective, would bring a recommendation forward to the Minister of Finance, and then there would be a process whereby we would consider whether the criteria that were added to the law in Bill C-38 had been met. That recommendation would then go to the minister for approval.
On November 1st, 2012. See this statement in context.