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ARTICLE · 21 AUGUST 2017

Finance Releases Second Consultation On Federal Financial Sector Framework

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On August 11, 2017, the Department of Finance Canada issued a second consultation document requesting input on the Federal financial sector.

CanadaFinance and Banking
Stephen D.A. Clark
Stephen D.A. Clark
Robert McDowell
Robert McDowell
Koker Christensen
Koker Christensen
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On August 11, 2017, the Department of Finance Canada issued a second consultation document requesting input on the Federal financial sector. This is the second stage of a two-stage consultation process, and comments on this stage are to be provided by September 29, 2017.

Please refer to our Bulletin on the Department of Finance First Consultation Paper of August 26, 2016. Based on comments on the First Consultation Paper from a wide range of stakeholders, it was clear that greater access, choice, competition and innovation in financial services are desired.

By way of background, one of the unique features of the primary statutes governing Canada's federal financial institutions (Bank Act, Trust and Loan Companies Act, Insurance Companies Act and Cooperative Credit Associations Act) is that they all contain a "sunset clause" – a provision that permits these financial institutions to carry on business for only five years at a time. The rationale for this time

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