Finance committee  Thank you, Mr. Chair. Our presentation will be on sub-division A of division 3 of part 4, which proposes four amendments to financial institutions legislation. The first two amendments are substantive but targeted, and the last two are corrections. The first set of amendments,

Finance committee  We're talking about the financial institutions as Canadian regulated financial institutions.

Finance committee  This is really a clarification of the statute. The regulations already allow customers and shareholders to consent electronically, so we're clarifying the legislation to allow this. I think we've looked at this. Banks have strong models of security. There's really nothing new he

Finance committee  They have to agree on the form. The customer and the shareholder have to agree to the form of electronic consent. It could be through email, or it could be through other means, if they agree to the other means.

Finance committee  Yes.

Finance committee  There is no proposal in the legislation to make adjustments to capital rules. OSFI sets the capital rules independently. Of course, as you learn by experience—and we very much see this as a journey on new types of investments—there'll be lessons to be learned and adjustments to b

Finance committee  At this point, life insurers are not allowed to take investments in infrastructure on the equity side, so this will open up a new area for investment for them in terms of better asset-liability matching. That's what's going to change for them. It's a new asset type of investment

Finance committee  The amendments we're proposing now are part of the 2019 Bank Act review. This is the priority of amendments arising from that review. The focus is on fintech infrastructure, and on bank name use.

Finance committee  In closing, the last amendments proposed in division 16 of part 6 concern the sunset date in legislation governing financial institutions. It is proposed that the sunset provisions in certain laws governing federal financial institutions be renewed to five years after the day on

Finance committee  This is the conclusion of the first part of the review of the Bank Act. We're renewing the sunset date for five years from the coming into force of the legislation, so for another five years. That will allow the government and the department to do another review. That's what we'r

Finance committee  It depends on when the legislation comes into force, when it receives royal assent. It would be five years after that.

Finance committee  Thank you, Mr. Chair. Part 6, division 16 of the bill, entitled “Financial Sector Legislative Renewal”, proposes amendments as part of the financial sector legislative review prior to the statutory sunset date of March 29, 2019. The periodic sunset of financial sector legislatio