News - Full Story IBC Letter Re: Bank Act - March 2007 March 20, 2007 Dear fellow brokers, I am writing to inform everyone of the status of the Bank Act as it proceeds through Parliament. Firstly, bill C-37 (Bank Act) is currently at the Senate stage of debate. The bill has passed three readings of the House of Commons and the House Finance Committee met and discussed the bill in late February of this year. The Minister of Finance, Jim Flaherty, was a witness at the Finance Committee and was asked why greater powers to banks in insurance retailing are not included in the bill. He answered that the government had taken a position, and was not changing its mind on this issue. The Canadian Bankers Association (CBA) appeared as well and gave a brief statement saying they were disappointed that the bill was silent on this question, and that they were moving on to other issues. The Senate Banking Committee is scheduled to hold hearings on C-37, tentatively beginning this week. The exact format of these hearings is yet unclear, however seeing that the bill is not a controversial one, simply an administrative one, the duration of these hearings should be fairly short. Once they conclude, the bill will be sent back to the Senate for final reading/debate and then be sent along to the Governor-General for Royal Assent. One date to keep in mind during this process is April 24th as the current Bank Act expires on that date. Sincerely, Larry Kozakevich President
		Privacy Policy  |  Liability Statement