With respect to this, the Bank of Canada has broad powers and authorities in terms of economic activity in the country. In particular, the bank currently has responsibility for oversight of both prominent and systemic payment systems in the country. Those systemic payments systems, for instance, are those owned and operated by Payments Canada, the large value transfer system. Given its expertise in terms of payment systems in general, including operational oversight, we think it's appropriate for it to take on this role with respect to oversight of retail payment systems.
Now, obviously the risk that a retail payment service provider presents is going to be very different from the nature of risk that a systemically important system presents, so the bank will be—and has already been—engaging with the sector to ensure that it understands the nature of the business and the risks, and that it will provide oversight in a proportionate way.