I'd like to thank all members for seeking clarification and for their suggestions on how to improve this motion for the study.
There have been some changes to it, and I'll read it into the record:
That, the Standing Committee on Finance undertake a study on open banking and report back the House on: a) whether open banking could provide benefits to Canadians; b) how potential risks related to consumer protection, privacy, cyber security and financial stability could be managed; c) what steps, if any, the Government should take to implement an open banking system;
—and here are the new parts, Mr. Chair—
that the Committee dedicate up to four meetings to the hearing of witnesses in Ottawa; that the Committee examine opportunities to travel to jurisdictions that have implemented a framework for open banking, including the United Kingdom; and that the Committee report its findings to the House no later than Friday, June 7th, 2019.
Mr. Chair, one of the reasons.... As you know, open banking is a process that is currently under way, but the framework in which we should try to take a look at it, specifically on the questions of consumer protection, privacy, cybersecurity and the like, hasn't been fully developed.
We're sort of catching up, but it's important for us to have an opportunity for this committee, and hopefully for this Parliament, to set forth a proper framework to make sure that Canadians going forward, as this gains in currency, know that we've protected ourselves on this file very well and protected them very well by making sure that the system is sound.
To that end, not only should we take a look at what we're doing here within our own private financial sector, but we should also have the opportunity to take a look at what is going on in other jurisdictions that have had an opportunity to really set a better framework in place than what we currently have. We can learn from them and adapt that to our situation.
I'm hoping this motion will receive the approval of this committee. I think we can do some really good work, like we did on the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, which, again, I think was a remarkable cross-party effort to really come to the aid of Canadians.
I lay this on the table, and I move it.