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Flaherty proposes regulatory changes for banks

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The federal government has announced an update of the policies governing the financial sector. Among the proposed changes:

  • Improve the ability of regulators to share information more efficiently with international counterparts
  • Increase the maximum ownership level of an individual investor in a Canadian bank to $12 billion form $8 billion.
  • The Finance Minister will have to approve substantial foreign acquisitions by a Canadian bank
The legislation is set for approval in April.
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