Madam Chair, I would appreciate it if you allowed the minister to finish answering my questions about division 8 of part 4 of Bill C-30.
This division enacts the new retail payment activities act, which establishes an oversight framework for retail payment activities. Changes in the banking and financial services sector mean that financial technology companies, or fintech, which include GAFA, now occupy markets traditionally reserved for financial institutions. Obviously, protecting clients and consumers as well as the banking and financial system as a whole is crucial.
My first round of questions is about unauthorized transactions and parties' responsibility. The proposed legislation would protect clients from unauthorized use and errors in electronic funds transfers. The new legislation appears to cover this issue in subclause 17(1) under operational risk management and incident response.
What does the management framework include?