Good morning. It's Manuel Dussault here, senior director at Finance Canada.
Let me present an overview, and I'm happy to take questions.
This division would amend the Bank Act, the Insurance Companies Act and the Trust and Loan Companies Act to extend the current sunset provisions by two years to June 30, 2025.
Canada's federal financial institution statutes currently include sunset provisions that prohibit federally regulated financial institutions from carrying on business after June 21, 2023. These sunset provisions are an important feature of Canada's financial sector framework. By mandating the renewal of the legislation every five years, the sunset provisions provide an opportunity for the government and Parliament to regularly consider the framework to ensure that the financial institution statutes remain up to date, are technically sound, and respond to changes and emergent trends in the financial sector.
Extending the current sunset dates by two years to 2025 will enable full consideration of the impacts of the pandemic on the financial sector as part of the next legislative review.
Thank you.