It is our understanding that the FATCA would have raised potential privacy issues because that involved a foreign law ostensibly requiring the provision of information from Canadian financial institutions in relation to Canadians.
There certainly seemed to be a privacy issue there and a potential conflict with our privacy law. Our understanding is that in relation to Canadian law, the Privacy Act and its various provisions are subject to other laws of Parliament. So the proposal before you is to change Canada's laws to require financial institutions to collect certain information in respect of their customers or clientele. We believe if that law is in place, that would be read in concert with the Privacy Act. That is to say the Privacy Act would be subject to that other law.
The other aspect of that, to give you a complete answer, is that on the provision of that information, when it goes to the Canada Revenue Agency and on to the United States—our treaty partner—to that we think there's an exemption. Also for laws of Parliament there already is in the statutes of Canada, the Income Tax Act provision to exchange information pursuant to our bilateral tax treaties.