Finance committee  Thank you, Chair. I'm Julie Trepanier. I'm the director of payments policy at the Department of Finance. I'm joined by William Gibson, who is an economist and on the payments team as well. The Canadian Payments Act prescribes Payments Canada's mandate, membership and governanc

Finance committee  Thank you for the question. The proposed changes will make it possible to remunerate the representatives of consumer organizations.

Finance committee  The details will be specified in the by-laws. The advisory council will meet three or four times a year. Remuneration will be based on participation.

Finance committee  No.

Finance committee  As I was saying, the details will be determined in the regulations, but the purpose is to allow these organizations to participate.

Finance committee  Consumer organizations are currently part of the advisory council. However, these changes are the result of a statutory review. This is part of the feedback that we received from stakeholders.

Finance committee  Thank you for the question. A term is added for members of the board of directors because payment systems are complex subjects and it takes a long time to develop the necessary expertise. An additional term ensures that the expertise acquired by the members of the board of direc

Finance committee  Exactly.

Finance committee  Chair, it's Julie Trepanier. I'm the director of payments policy. I'm joined by Jean-François Girard, senior director. I believe he had some difficulties connecting, so I don't know if he's on.

Finance committee  Maybe that's a good idea. Thank you, Chair.

Finance committee  Thank you, Chair. Under the Payment Clearing and Settlement Act, the Bank of Canada has responsibility for overseeing clearing and settlement systems. These are the core payment infrastructure that banks, for example, use to settle payments among themselves. Under the act, the G

Finance committee  That's right.

Finance committee  Thank you, Chair. Clause 133 replaces the definition of “clearing and settlement system” and “clearing house” in section 2 of the Payment Clearing and Settlement Act to clarify that the act also applies to systems for the exchange of payments. This is to reflect the fact that as

Finance committee  Clause 136 replaces subsection 14(1) of the Payment Clearing and Settlement Act to ensure the information-gathering powers of the bank in respect of the clearing and settlement system also apply to payment exchange. This is in relation to the modification of the definition in cla

Finance committee  Clause 137 replaces subsection 18(3) of the PCSA, which is about the ability of the governor of the bank to share information on designated systems. This is to make sure that these powers also extend to payment exchanges, and again is in relation to the change in the definition.