In closing, the last amendments proposed in division 16 of part 6 concern the sunset date in legislation governing financial institutions. It is proposed that the sunset provisions in certain laws governing federal financial institutions be renewed to five years after the day on which the budget implementation bill receives royal assent.
These amendments would ensure that the financial sector regulatory framework continues to be reviewed regularly and that it remains effective and technically sound. The proposed amendments apply to the Bank Act, the Insurance Companies Act, and the Trust and Loan Companies Act.
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