Hello, Ms. Fraser.
My concerns obviously relate to financial institutions that come under provincial jurisdiction and would like to participate in the open banking system. The institutions in question are credit co‑operatives, financial institutions owned by a province and certain trust companies.
The framework proposed by Bill C-69 is federal. You told us at a briefing that a financial institution under provincial jurisdiction could join the federal framework on an optional basis. However, we understand that if that institution wants to compete and participate in the open banking system, it will have to join the federal framework.
Is that correct?