In term of costs, there absolutely is a cost associated with the implementation of the framework. What we included in budget 2021 was an estimated cost of $160 million over six years, of which $130 million would be attributed to oversight requirements from the Bank of Canada. Of the $130 million, we are estimating that approximately $71 million in costs would be recovered from the sector, and then the remainder would be covered by the Bank of Canada in terms of its seigniorage revenues.
How that would be applied to specific payment service providers is still to be determined, and that will be outlined within the broader regulatory framework. The Bank of Canada has initiated discussions with payment service providers on this and recognizes that this sector is by no means homogenous. You mentioned a number of the larger payment service providers that are active in the market, but there are also a number of smaller start-ups, so we'll need to determine a cost allocation framework that would be appropriate, given the nature and size of the payment service providers they're regulating. Also, I think the larger companies are going to present more complex situations that require more of the Bank of Canada's time and effort, so the intention is that that would be proportionate.