Finance committee  We've certainly heard those calls as well. I think some context on this section would be useful. The existing provisions in terms of information technology activities date back to 2001. The proposed amendments don't seek to change those existing provisions. They are looking at m

Finance committee  That's precisely it.

Finance committee  That's correct.

Finance committee  They would still be covered by the direct or indirect prohibition.

Finance committee  Amendments to Part 8 of the Bank Act are subject to sections 416 concerning the prohibition against banks undertaking insurance business. This prohibition applies to all sections in part 8. Thus, any new flexibility provided for by the bill remains subject to section 416.

Finance committee  Yes, that is the case. The bill sets out the “what”, or what information must be disclosed, namely the insurance plan and the status. An entity must indicate whether it is a bank or a co-operative. The “how” and the “where” of disclosure will be set out in the regulations and w

Finance committee  We plan to discuss that with the industry to find out what its voluntary code of conduct covers. We want to ensure that the code would provide consumers with the protection they need.

Finance committee  Yes.

Finance committee  Yes. I understand.

Finance committee  Thank you, Mr. Chair. Part 6, division 16 of the budget implementation act amends a number of acts governing federal financial institutions, in order to adapt the legislative framework in response to the emergence of financial technology or fintech. Fintech refers to both the i