Finance committee  To be fair, there's a divergence of opinion on the merits of this initiative. Some provinces are supporting it and some provinces are not supporting it. I don't think we can settle that tonight. Going back to the amendment, it would provide funding to the transition office and t

Finance committee  Notably, Quebec and Alberta have been vocal opponents of the initiative. One of the main points to understand is that there are really two components to this initiative. One of them is the regulation of securities, as I mentioned earlier, which is done by the provinces right now

Finance committee  It's going to be me, Mr. Chair, Jean-François Girard.

Finance committee  Just to clarify the effect of this amendment, right now the appropriation in the legislation is set at $107.5 million, which essentially represents the cumulative amount that has been paid to the office since its creation in 2009. The amendment itself would increase the statutory

Finance committee  In terms of scenario planning, I'm not in a position really to speak about losses to the banks. What the legislation deals with is really the framework. I think Mr. Chair made a reference to the Boy Scouts. It's all about being ready and drawing from, as I mentioned, major refor

Finance committee  Clause 139 is the coming-into-force provisions of clauses 129 to 131. It also includes that transition period that I mentioned of two years. Clause 132 would come into force to repeal the transition rule after two years.

Finance committee  Clause 135 is similar to the clause I described a moment ago, which clarified the English version of the Payment Clearing and Settlement Act that speaks to a determination. It has the term “determination” in that section.

Finance committee  Clause 136 is for my colleague, Julie.

Finance committee  Essentially, in the aftermath of the financial crisis in 2008, there was an agenda for improvement to the system, to the legislative regime, and major reforms were introduced in subsequent years. Over time, these are being examined. They are being tested. In particular, the CDIC

Finance committee  Clause 132 essentially repeals a transitional provision that will be introduced in clause 138. I can deal with it at that time or I can explain what clause 138 does.

Finance committee  Okay. Essentially, clause 138 clarifies certain powers for the CDIC to pay out certain insured deposits, trust deposits that are made through a broker. Certain deposit brokers can place deposits on behalf of their customers, and these deposits are held in trust. The clause dea

Finance committee  The frequency is fairly low. The last failures in Canada occurred in the nineties. This regime that we're talking about, about trust deposits, is a new regime. These trust deposits were already insured deposits, but the information requirements have been updated through legislati

Finance committee  Clause 133 is for my colleague, Julie Trepanier.

Finance committee  Clause 134 is an amendment to the Payment Clearing and Settlement Act that deals with the compensation provisions in that act in the event of a failure in financial market infrastructure. The provisions essentially mirror those that I just described for the CDIC Act, but they are

Finance committee  Clause 127 also deals with resolutions. Currently the CDIC can take control of a member institution. It has to resell it within 60 days. An extension can be granted by the Governor in Council. The amendment would extend the period under which the sale would take place by up to 12