Thank you, Chair.
My first question is in regard to measures relating to indirect foreign investment by financial institutions. With the proposed changes, Canadian financial institutions would not be permitted to indirectly acquire control of, or indirectly acquire or increase a substantial investment in, a regulated foreign entity operating primarily outside of Canada that is engaged in the business of banking, insurance, cooperative credit, fiduciary services, or dealing in securities.
Can you explain the rationale behind this proposed amendment?