Thank you, Mr. Chair.
I want to thank all of our committee witnesses for your expertise and for sharing with us a little about some of your concerns and some of your support for various aspects of the bill.
I'm going to start with Mr. Braid. Welcome back to Ottawa today, Mr. Braid.
I just want to start with some of the concerns. You said that there has been a historical separation between banking and insurance, and you say it's important to preserve that.
When I read this bill, again, a lot of it is basically Parliament delegating the authority, in this case, I believe, to the Governor in Council, to be able to put up regulations. Whether it's a minister or the Governor in Council, what that means oftentimes is that the actual meat on the bones, so to speak, comes out in regulation.
Are you and your association concerned that there is a fair bit of delegated authority here, and specifically when it comes to the following:
(i) the carrying on of any activity referred to in subsection 410(1) that is engaged in by a financial institution, by a permitted entity as defined in subsection 449(1), if that definition were read without reference....
It continues on, and there are a number of different things they can do under this in terms of sharing information.
Is there a concern that we're leaving a bit too much to the regulations to define who these permitted entities are and what they're allowed to share?