I was, of course, talking about financial technology companies and not financial institutions subject to provincial regulation, but I'll move on to that now.
Some officials briefed us on the notice of ways and means with respect to this bill. My understanding is that if a financial institution subject to provincial regulation wishes to adopt the open banking system, it would have to adhere to the federal framework. To do so, the province would have to give its consent and waive its own framework for the activity linked to the open banking system.
Is that your understanding of the situation?