BANC - Standing Committee

Banking, Commerce and the Economy

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41-1 41st Parliament, 1st Session (June 2, 2011 - September 13, 2013)
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Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce

Issue 8 - Second Report of the Committee

Thursday, December 15, 2011

The Standing Senate Committee on Banking, Trade and Commerce has the honour to present its

SECOND REPORT

Your committee, to which was referred Bill S-5, An Act to amend the law governing financial institutions and to provide for related and consequential matters, has, in obedience to the order of reference of December 6, 2011, examined the said Bill and now reports the same without amendment but with observations, which are appended to this report.

Respectfully submitted,

MICHAEL A. MEIGHEN

Chair

OBSERVATIONS
to the Second Report of the Standing Senate Committee on Banking, Trade and Commerce
(Bill S-5)

The committee urges the Minister to clarify the amended definition of  ''clearing and settlement system'' in the Payments Clearing and Settlement Act as proposed in S-5 and, specifically, the scope of the term ''jurisdiction'' and confirm that it means outside of Canada and outside of a province.