We define it in the legislation. Let me just walk you through it.
The bank reviews significant changes for unintended consequences on the risk management practices of clearing and settlement systems to ensure that risk continues to be controlled. Presently, the PCSA—the Payment Clearing and Settlement Act—only requires designated systems to provide the bank with advance notice of significant changes to their design and operation. Given the ability of significant changes to impact risk management, it was proposed that this power be expanded to allow the governor the ability to approve significant changes prior to their implementation.