On the timeline going forward, we have consulted intensely with the industry about having a path forward for banks that need to be compliant and effectively introduce these new instruments to the marketplace. The banks have asked us that question. Of course, pending parliamentary approval of the legislation, we would anticipate moving forward with regulations in the fall. That would include additional consultations. We would anticipate that it would come into effect sometime in 2017, at which time banks could start issuing this new form of debt. The coming into force date would be determined in regulations.
On May 18th, 2016. See this statement in context.