Finance committee  First of all, we need to provide a context for this change. It should be said that we will have immunity to testify only in civil trials that do not involve the Office of the Superintendent of Financial Institutions. It would involve litigation between third parties when these th

Finance committee  This is also because this is relatively recent: the regime was established in 2010. And before a provincial cooperative can move to the federal round, if you can call it that, a long process must be followed.

Finance committee  The Bank Act was amended in 2010 to, indeed, allow for the creation of known entities such as quasi-banking cooperatives, if you will.

Finance committee  The regime exists to enable provincial cooperatives to continue or to be incorporated under federal regulations. However, there are none right now. I would therefore find it difficult to answer you and explain what would happen if a cooperative decided that it wanted to demutuali

Finance committee  There was a study conducted for the benefit of the Department of Finance to arrive at the numbers that are before you in the amendment. I don't have the data with me, but it's not a lot. If I recall correctly, it's ten transactions or fewer.

Finance committee  I will refer you to the answer that Minister Menzies gave to that question. I think he answered quite adequately. There is a 30-day period; however, the minister can extend it. I think that's the answer that Minister Menzies gave you. To assume that a period could go on for 30

Finance committee  I can echo Madam Menke's comment. We were consulted. We have a privileged relationship with the Department of Finance. Obviously we work closely with them on an ongoing basis. They are aware of our opinions on legislative matters. We have shared them. So we found the process to

Finance committee  I have no idea. I am sorry.

Finance committee  I don't participate in that process, but I can find that information.

Finance committee  Thank you for the question. As you surmised, this amendment will change the method. Currently, the decision comes from the superintendent. The review of the file begins when the financial institution submits an application, and then the review continues. Applying is a long and c

Finance committee  I imagine that would always be possible. However, I will not get into hypotheticals, especially since I don't work on approvals at the Office of the Superintendent of Financial Institutions, but rather on legislation. However, we have to look at the criteria the minister must as

Finance committee  Thank you, Mr. Chair. Good afternoon, members. My name is Philipe Sarrazin, I am Director General of the Legislation and Strategic Initiatives Division at OSFI, the Office of the Superintendent of Financial Institutions. Among other things, my team is responsible for helping de