Thank you.
Like my colleagues, I'm going to provide a quick overview of the proposed amendments. I would then be glad to answer any questions you have.
The Payment Clearing and Settlement Act gives the Bank of Canada responsibility for the oversight of payment and other clearing and settlement systems in Canada for the purpose of controlling systemic risk or risk to the payment system. The proposed amendments in part 5, division 6, strengthen the Bank of Canada's ability to identify risks to financial market infrastructures and to respond in a proactive and timely manner.
The proposed amendments to the Bank of Canada's powers are primarily meant to expand the bank's power to issue directives for a broader range of risks and situations; provide the bank with the power to approve significant changes to operations, rules, procedures, or other documentation related to the financial market infrastructure; and clarify the bank's ability to enter into oversight agreements with financial market infrastructures.
The proposed amendments will make it easier for the Bank of Canada to exercise its powers, duties and functions by providing more graduated tools to improve its oversight over financial market infrastructures.