Madam Speaker, it was part of my speech that we would return the authority to the minister to approve these foreign transactions. This is something that did occur previous to 2001 and now we are bringing it back. Canada's sound financial system is a model for the world and we want to ensure that we keep it that way. Returning this oversight is part of the fine-tuning process that is part of this five year review. It simply requires that the minister give approval when a financial institution acquires a major foreign equity that increases its assets by more than 10%.
In the House of Commons on March 27th, 2012. See this statement in context.