Thank you for your answers and comments, as well as for your show of respect toward Quebec and the provinces, their areas of jurisdiction and institutions such as the caisses populaires Desjardins.
However, the choice put forward in Bill C‑69 is to stay in the 20th century or to move forward into the 21st century. However, if institutions under provincial jurisdiction want to move forward into the 21st century, the first step is to regulate open banking. Given the architecture of Bill C-69, that step goes through the province, which must voluntarily relinquish its jurisdiction and announce to institutions that the portion of their operations under open banking will be regulated by the federal government from now on.
Ultimately, it is worrisome to see that it's the province that would give up one of its areas of jurisdiction. In addition, institutions that would remain under provincial jurisdiction would have to double their legal services in order to comply with the requirements of the province on the one hand, and those of the federal government on the other hand, as a result of open banking. That would be a competition issue. Why would an institution want to remain under provincial jurisdiction if costs were higher?
So there is a real fear that the federal government will go for a power grab and could use its power over the banks to regulate all businesses that interact with them. In my opinion, what your government is trying to do with this bill is to squeeze out Quebec and the provinces in the world of finance. Based on the skeleton of the proposed system, that gives me some concerns.
In order to respect jurisdictions, could you not instead consider a system such as the one for securities, or a system such as Interac, where there is self-regulation?