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Ottawa, June 14, 2001
2001-056

Government Welcomes Passage of Financial Sector Reform Legislation

Finance Minister Paul Martin and Secretary of State (International Financial Institutions) Jim Peterson welcomed the granting of Royal Assent today to Bill C-8 – An Act to establish the Financial Consumer Agency of Canada and to amend certain Acts in relation to financial institutions.

Regulations required to implement certain provisions of the legislation are currently being drafted and will be published in the Canada Gazette. This process is expected to be completed this fall, at which time the legislation will come into force.

"The measures contained in Bill C-8 will meet the needs of consumers and the financial services sector," Secretary of State Peterson said. "This legislation will promote efficiency and growth of the sector, foster international competitiveness and domestic competition, empower and protect consumers of financial services, and improve the regulatory environment."

Minister Martin added that the legislation "encourages new entrants into Canada’s financial services sector with a new size-based ownership regime and lower minimum capital requirements. Competition will also be enhanced by expanding access to the payments system, and through more flexible regimes for credit unions and foreign banks."

Bill C-8 fulfills the Government’s commitment to reform the policy framework for the financial services sector, which includes domestic and foreign banks, trust companies, insurance companies, the credit union movement and other financial institutions. The legislation was drafted following extensive consultations with industry, consumer groups, stakeholders and government agencies.

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