Proceedings of the Standing Senate Committee on
Banking, Trade and
Commerce
Issue 10 - Minutes of Proceedings
OTTAWA, Wednesday, October 2, 1996
(17)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day at 11:05 a.m. in Room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.
Members of the Committee present: The Honourable Senators Angus, Austin, P.C., Kirby, Kolber, Meighen, Perrault, P.C. and Stewart. (7)
In attendance: From the Research Branch of the Library of Parliament, Mr. Gerald Goldstein, Director, Economics Division.
Also present: The official reporters of the Senate.
WITNESSES:
From the Insurance Bureau of Canada:
Mr. George Anderson, President; and
Mr. Alex Kennedy, Vice-President, General Counsel and Secretary.
From the Canadian Institute of Chartered Accountants:
Mr. Graeme Rutledge, Chair, CICA Financial Institutions Reform Study Group; and
Ms Diane R. Hillier, Director, Auditing Standards.
From the Investment Dealers Association of Canada:
Mr. Andrew G. Scace, Vice-President and Director, RBC Dominion Securities Inc.;
Mr. Peter K. Marchant, Vice-President and Director, CIBC Wood Gundy Inc.; and
Mr. Ian C. Russell, Vice-President, Capital Markets, Investment Dealers Association of Canada.
Pursuant to the Order of Reference adopted by the Senate on Thursday, March 21, 1996, the Committee resumed its examination into the state of the financial system in Canada and in particular its review of financial sector legislation.
Mr. George Anderson and Mr. Alex Kennedy made opening statements and then answered questions.
Mr. Graeme Rutledge made an opening statement and then, along with Ms Hillier, answered questions.
Mr. Andrew G. Scace made an opening statement and then, along with Messrs Peter K. Marchant and Ian C. Russell, answered questions.
At 12:30 p.m., the Committee adjourned to the call of the Chair.
ATTEST:
OTTAWA, Wednesday, October 2, 1996
(18)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day at 2:10 p.m. in Room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.
Members of the Committee present: The Honourable Senators Angus, Austin, P.C., Hervieux-Payette, P.C., Kenny, Kirby, Meighen, and Perrault, P.C.(7)
Other senators present: The Honourable Senators Poulin and Taylor.
In attendance: From the Research Branch of the Library of Parliament, Mr. Gerald Goldstein, Director, Economics Division.
Also present: The official reporters of the Senate.
WITNESSES:
From the Canadian Federation of Independent Business:
Ms Catherine Swift, President; and
Mr. Garth White, Vice-President, National Affairs, Research.
From the Canadian Life & Health Insurance Association Inc.:
Mr. Mark Daniels, President; and
Mr. Bob Astley, President and CEO, Mutual Group.
From Beacon Securities Limited:
Mr. Lonsdale W. Holland, President.
From Independent Investment Dealers:
Mr. Robert Schultz, Chairman and CEO, Midland Walwyn Capital Inc.;
Mr. Peter Bailey, CEO, Gordon Capital Corporation; and
Mr. Lorie Waisberg, Partner, Goodman Phillips and Vineberg.
From the Canadian Fraternal Association:
Mr. Richard May, Director of Canadian Fraternal Association and Chairman of the CFA Legislative Committee; and
Mr. Ralf Hensel, Member of the CFA Legislative Committee.
From the Congress Financial Corporation Canada:
Mr. William R. Davis, President and President of Congress Financial Corporation;
Mr. Albert Mandia, President of Cashflex L.P. and Cashflex Inc.;
Ms Ruth Brader, in-house Counsel to CoreStates Financial Corp.; and
Ms Jean Anderson, of McMillan Binch.
From the Consumers' Association of Canada:
Dr. Robert Kerton, Chair, Financial Services Committee and Professor of Economics, Department of Economics, University of Waterloo; and
Ms Marnie McCall, Director, Policy Research.
From Democracy Watch:
Mr. Duff Conacher, Coordinator.
From the Service d'aide au consommateur:
Ms Madeleine Plamondon.
Pursuant to the Order of Reference adopted by the Senate on Thursday, March 21, 1996, the Committee resumed its examination into the state of the financial system in Canada and in particular its review of financial sector legislation.
Ms Catherine Swift made an opening statement and then, along with Mr. Garth White, answered questions.
Mr. Bob Astley made an opening statement and then, along with Mr. Mark Daniels, answered questions.
Mr. Lonsdale W. Holland made an opening statement and then answered questions.
Mr. Robert Schultz made an opening statement and then, along with Messrs Peter Bailey and Lorie Waisberg, answered questions.
Mr. Richard May made an opening statement and then, along with Mr. Ralf Hensel, answered questions.
Mr. William R. Davis made an opening statement and then, along with Mr. Albert Mandia, Ms Ruth Brader and Ms Jean Anderson, answered questions.
Dr. Robert Kerton, Mr. Duff Conacher and Ms Madeleine Plamondon made opening statements and then, along with Ms Marnie McCall, answered questions.
At 6:15 p.m., the Committee adjourned to the call of the Chair.
ATTEST:
Paul Benoit
Clerk of the Committee