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Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce

Issue 26 - Minutes of Proceedings - November 7, 2012


OTTAWA, Wednesday, November 7, 2012
(62)

[English]

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 Gerstein, presiding.

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.

WITNESSES:

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 conference).

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 questions.

Mr. Turnbull made a statement and answered questions.

At 6:13 p.m., the committee adjourned to the call of the chair.

ATTEST:

Barbara Reynolds

Clerk of the Committee