Interventions in Committee
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Annette Ryan
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Annette Ryan
2019-07-15 15:28
To the extent that Desjardins is largely provincially regulated, their first point of contact with a government regulator would be with the Autorité des marchés financiers in Quebec. When I spoke of the system of banking rules and regulations in place federally, that applies to the institutions that have elected to be federally regulated.
To the extent that Desjardins is largely provincially regulated, many of the operational requirements put in place in advance of this incident would have been worked through with the Autorité des marchés financiers.
My colleague from OSFI can speak to how that is put in place at the federal level. In this incident the institution stepped forward and took a number of responsible measures very quickly to be transparent about the leak. That is consistent with both provincial law and federal law in terms of privacy, and the federal and provincial privacy commissioners have struck a joint investigation to look into this incident, but many of the provisions for not just the conduct of the financial regulation of Desjardins but also the consumer protections are provincial in this case. We can speak to the federal system, but I would direct many of the questions you may have to those responsible at the provincial level.
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