Madam Chair, I thank the member for his question and for his work. He truly is an expert economist and always delves into the most complex aspects of the budget and of the work we do here.
As always, he asked a technical and important question. My quick answer is that we will work with all of the provinces and territories on this important issue. I would also like to tell my colleague that I really appreciate this specific and important question and that my team would be happy to set up a briefing to give him more details than what I can get into this evening in the House.
However, I do want to give him an answer. The Bank of Canada will be responsible for ensuring that payment service providers comply with the framework and it will maintain a registry of regulated payment service providers.
The proposed legislation would require payment service providers to establish a risk management framework to identify and mitigate risks. The requirements of the proposed framework would be based on international best practices. These requirements would be set out in the regulations, and may include, for example, reliability objectives; specific policies regarding physical security or information technology security to manage cyber risk; and continuity plans.
I have a lot more to say, but I will cede the floor to the member for Joliette. If he would like, I could get back to what I was saying after he speaks.