Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce
Issue 26 - Minutes of Proceedings - November 7, 2012
OTTAWA, Wednesday, November 7, 2012
The Standing Senate Committee on Banking, Trade and Commerce met this day at
4:15 p.m., in room 9, Victoria Building, the chair, the Honourable Irving
Members of the committee present: The Honourable Senators Brown,
Gerstein, Greene, Harb, Hervieux-Payette, P.C., Massicotte, Moore, Oliver,
Ringuette, Smith (Saurel), Stewart Olsen and Tkachuk (12).
In attendance: Adriane Yong and Brett Stuckey, Analysts, Parliamentary
Information and Research Service, Library of Parliament.
Also in attendance: The official reporters of the Senate.
Pursuant to the order of reference adopted by the Senate on Tuesday, October
30, 2012, the committee continued its examination of the subject-matter of those
elements contained in Divisions 1, 3, 6 and 14 of Part 4 of Bill C-45, A second
Act to implement certain provisions of the budget tabled in Parliament on March
29, 2012 and other measures.
Office of the Superintendent of Financial Institutions Canada:
Philipe-A. Sarrazin, Managing Director, Legislation and Policy Initiatives.
Canadian Life and Health Insurance Association:
Frank Zinatelli, Vice President and General Counsel.
Canadian Securities Administrators:
William S. Rice, Chair, and Chair, Alberta Securities Commission (by video
Canada Deposit Insurance Corporation (CDIC):
Greg Cowper, Director, Policy;
Chantal Richer, Director, Legal Services.
Bank of Canada:
Robert Turnbull, Special Counsel, Financial System.
The chair made an opening statement.
Mr. Sarrazin made a statement and answered questions.
Mr. Zinatelli made a statement and answered questions.
At 5:13 p.m., the committee suspended.
At 5:16 p.m., the committee resumed.
Mr. Rice made a statement and answered questions.
Mr. Cowper made a statement and, together with Ms. Richer, answered
Mr. Turnbull made a statement and answered questions.
At 6:13 p.m., the committee adjourned to the call of the chair.
Clerk of the Committee