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

Issue No. 49 - Evidence - November 22, 2018


OTTAWA, Thursday, November 22, 2018
(122)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met in camera this day at 10:31 a.m., in room 9, Victoria Building, the chair, the Honourable Douglas Black, presiding.

Members of the committee present: The Honourable Senators Black (Alberta), Dagenais, Deacon (Nova Scotia), Klyne, Stewart Olsen, Tannas, Tkachuk, Wallin and Wetston (9).

In attendance: Adriane Yong and Brett Stuckey, Analysts, Parliamentary Information and Research Services, Library of Parliament; Stav Nitka, Communications Officer, Senate Communications Directorate.

Also present: The official reporters of the Senate.

Pursuant to the order of reference adopted by the Senate on Wednesday, January 27, 2016, the committee continued its study on the present state of the domestic and international financial system. (For complete text of the order of reference, see proceedings of the committee, Issue No. 2.) (Topic: The collection of financial information by Statistics Canada)

Pursuant to rule 12-16(1)(d), the committee considered a draft report.

It was agreed that the committee allow the transcription of the in camera portion of the meeting, that one copy be kept in the office of the clerk of the committee for consultation by committee members present and/or by the committee analysts, and that the transcript be destroyed by the clerk when authorized to do so by the Subcommittee on Agenda and Procedure, but no later than at the end of this parliamentary session.

It was agreed that the draft report, as amended, be adopted; and that the chair and deputy chair be empowered to approve the final version of the report, taking into consideration this meeting's discussions, and with any necessary editorial, grammatical and translation changes required.

It was agreed that the chair be authorized to table the report in the Senate.

At 11:08 a.m., the committee suspended.

At 11:10 a.m., the committee resumed in public.

Pursuant to the order of reference adopted by the Senate on Wednesday, November 7, 2018, the committee continued its consideration of the subject matter of those elements contained in Divisions 3, 4, 6, 7 and 10 of Part 4 of Bill C-86, A second Act to implement certain provisions of the budget tabled in Parliament on February 27, 2018 and other measures. (For complete text of the order of reference, see proceedings of the committee, Issue No. 48.)

WITNESSES:

Department of Finance Canada:

Justin Brown, Director, Financial Stability, Capital Markets Division, Financial Sector Policy Branch;

Manuel Dussault, Senior Director, Framework Policy, Financial Sector Policy Branch;

Olivier Paradis-Béland, Senior Economist, Framework Policy, Financial Institutions Division, Financial Sector Policy Branch;

Lynn Hemmings, Acting Director General, Financial Systems Division, Financial Sector Policy Branch;

Maxime Beaupré, Director, Financial Crimes Policy, Financial Systems Division, Financial Sector Policy Branch;

Safeena Alarakhia, Senior Advisor, Financial Systems Division, Financial Sector Policy Branch.

Office of the Superintendent of Financial Institutions Canada:

Theresa Hinz, Managing Director, Legislative Policy, Interpretations and Compliance, Regulatory Affairs Division.

Canada Deposit Insurance Corporation:

Gregory Cowper, Managing Director, Policy, Insurance and Emerging Risks.

Innovation, Science and Economic Development Canada:

Mark Schaan, Director General, Marketplace Framework Policy Branch, Strategy and Innovation Policy Sector.

As an individual:

Mora Johnson, Barrister and Solicitor.

Transparency International Canada:

James Cohen, Executive Director.

The chair made a statement.

Mr. Dussault, Mr. Brown, Ms. Hinz and Mr. Cowper each made a statement and answered questions.

At 12 p.m., the committee suspended.

At 12:03 p.m., the committee resumed.

Ms. Hemmings made a statement and, together with Mr. Beaupré, answered questions.

Mr. Schaan made a statement and answered questions.

At 12:20 p.m., the committee suspended.

At 12:25 p.m., the committee resumed.

Mr. Cohen made a statement and answered questions.

Ms. Johnson made a statement and answered questions.

At 12:40 p.m., the committee adjourned to the call of the chair.

ATTEST:

Lynn Gordon
Clerk of the Committee