Bill S-5

Financial System Review Act

An Act to amend the law governing financial institutions and to provide for related and consequential matters

This bill was tabled by on Nov. 24, 2011.

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How does a bill become a law?

Don’t trust Schoolhouse Rock – that’s for Americans. To become a law, a bill in the Canada’s Parliament needs to go through the following steps, and pass when voted on during each step:

  • It all starts with the first reading, when the bill is introduced.
  • Next comes the second reading, when other MPs or Senators get to debate the bill.
  • After that, the bill goes to a committee that studies and amends it line-by-line. Once they finish, the bill goes returns to the House or Senate for the report stage, where anyone can propose amendments.
  • The third reading is the moment of truth: no more changes, just a debate and a final vote on whether or not the bill should pass.
  • If a bill makes it through all of those steps – in both the House of Commons and Senate – it’s ready to get Royal Assent and become a law.

Status of this Bill

Royal Assent

Activity Feed

  • Photo of Andrew Scheer
    Andrew Scheer spoke about Royal Assent

    I have the honour to inform the House that a communication has been received as follows: ... more

    March 29, 2012,   Parliament
  • Photo of Hoang Mai
    Hoang Mai spoke about Government Orders > Financial System Review Act

    Mr. Speaker, I am rising today to speak on Bill S-5. ... more

    March 28, 2012,   Parliament
  • Photo of Elizabeth May
    Elizabeth May spoke about Government Orders > Financial System Review Act

    Mr. Speaker, I enjoyed the debate on the bill. It is one that I support. Bill S-5 would modernize a number of elements. It could have gone further. ... more

    March 28, 2012,   Parliament
  • Photo of Kevin Lamoureux
    Kevin Lamoureux spoke about Government Orders > Financial System Review Act

    Mr. Speaker, I will begin by providing some clarity on what is a bit confusing at times, I am sure, for many. ... more

    March 28, 2012,   Parliament
  • Photo of Robert Chisholm
    Robert Chisholm spoke about Government Orders > Financial System Review Act

    Mr. Speaker, I am pleased to commence debate for the official opposition this afternoon on Bill S-5. Our finance critic will be participating in the debate later on. ... more

    March 28, 2012,   Parliament
  • Photo of Robert Chisholm
    Robert Chisholm spoke about Government Orders > Financial System Review Act

    Mr. Speaker, we have raised this issue before in debate on Bill S-5. The matter came up recently this week in the media regarding the Ombudsman for Banking Services and Investment, which is a voluntary dispute resolution organization that was set up back in 2002. Two of the big major banks have withdrawn from that organization and no longer participate in it. The ombudsman has said that has effectively made the organization almost useless. ... more

    March 28, 2012,   Parliament
  • Photo of Ted Opitz
    Ted Opitz spoke about Government Orders > Financial System Review Act

    No, absolutely not. ... more

    March 28, 2012,   Parliament
  • Photo of Ted Opitz
    Ted Opitz spoke about Government Orders > Financial System Review Act

    Mr. Speaker, I am thankful to speak to the third reading stage of Bill S-5, financial system review act. ... more

    March 28, 2012,   Parliament
  • Photo of Peter Julian
    Peter Julian spoke about Government Orders > Financial System Review Act

    Mr. Speaker, I enjoyed the member's speech on Bill S-5. The concern we have had on this side of the House is how improvised the Bill S-5 process has been. ... more

    March 28, 2012,   Parliament
  • Photo of Colin Carrie
    Colin Carrie spoke about Government Orders > Financial System Review Act

    Mr. Speaker, I welcome this opportunity to speak to Bill S-5, the financial system review act at third reading. This bill would reinforce stability in Canada's financial sector, fine-tune the consumer protection framework and adjust the regulatory framework to new developments. ... more

    March 28, 2012,   Parliament
  • Photo of Peter Van Loan
    Peter Van Loan spoke about Government Orders > Financial System Review Act
    March 28, 2012,   Parliament
  • Vote 175
    That the Bill be now read a third time and do pass.
    • In favour 100%
      Conservative
    • In favour 100%
      NDP
    • In favour 100%
      Bloc
    • In favour 100%
      Liberal
    • In favour 100%
      Green
    March 28, 2012
  • Photo of Libby Davies
    Libby Davies spoke about Government Orders > Financial System Review Act

    Mr. Speaker, I am pleased to rise in the House today to speak to Bill S-5. I have been listening to the debate this afternoon and the comments of my colleagues. Although the NDP has been supporting the bill, we find that it has a very limited form and it misses a big opportunity to address a whole array of consumer issues and consumer protection for Canadians, which is unfortunate. However, that, unfortunately, is what we have come to know of the government. ... more

    March 27, 2012,   Parliament
  • Photo of Guy Caron
    Guy Caron spoke about Government Orders > Financial System Review Act

    Mr. Speaker, we are at this point today because we have to be, since the legislation requires a review every five years. That last time the financial system was reviewed was in 2007, so it is very appropriate that the members of the House are looking at this issue now. ... more

    March 27, 2012,   Parliament
  • Photo of Cheryl Gallant
    Cheryl Gallant spoke about Government Orders > Financial System Review Act

    Mr. Speaker, as the member of Parliament for the riding of Renfrew—Nipissing—Pembroke and the beautiful upper Ottawa valley, it is my pleasure to have this opportunity to highlight some of the very important measures in the legislation before us today, Bill S-5, the financial system review act. ... more

    March 27, 2012,   Parliament
  • Photo of Scott Armstrong
    Scott Armstrong spoke about Government Orders > Financial System Review Act

    Mr. Speaker, I congratulate the member on her speech in which she talked about several very important planks that are contained in Bill S-5. ... more

    March 27, 2012,   Parliament
  • Photo of Kelly Block
    Kelly Block spoke about Government Orders > Financial System Review Act

    Mr. Speaker, I am pleased to speak to Bill S-5. ... more

    March 27, 2012,   Parliament
  • Photo of Scott Simms
    Scott Simms spoke about Government Orders > Financial System Review Act

    Mr. Speaker, my colleague is absolutely correct. I have always been interesting in participating, especially for youth in my riding, in financial literacy. He points out some of the factors, like having an ombudsman, which is ideal in this case. There are so many instruments out there and so many ways to invest from our basement, or our living room or in front of our laptop that it now becomes overly cumbersome to know all the rules and regulations about this. ... more

    March 27, 2012,   Parliament
  • Photo of Scott Simms
    Scott Simms spoke about Government Orders > Financial System Review Act

    Mr. Speaker, I am thankful for this opportunity, albeit brief, here today. ... more

    March 27, 2012,   Parliament
  • Photo of Scott Armstrong
    Scott Armstrong spoke about Government Orders > Financial System Review Act

    Mr. Speaker, I want to thank the hon. member for his speech today, which outlined several very important technical parts of Bill S-5. ... more

    March 27, 2012,   Parliament
  • Photo of Rod Bruinooge
    Rod Bruinooge spoke about Government Orders > Financial System Review Act

    Mr. Speaker, I appreciate the opportunity to speak to this important bill. ... more

    March 27, 2012,   Parliament
  • Photo of Hélène LeBlanc
    Hélène LeBlanc spoke about Government Orders > Financial System Review Act

    Mr. Speaker, it is always a pleasure to rise in the House to speak about Bill S-5, the Financial System Review Act, on behalf of all the people of LaSalle—Émard. ... more

    March 27, 2012,   Parliament
  • Photo of Susan Truppe
    Susan Truppe spoke about Government Orders > Financial System Review Act

    Mr. Speaker, I appreciate the opportunity to finish this important speech. ... more

    March 27, 2012,   Parliament
  • spoke about Government Orders > Financial System Review Act

    The House resumed consideration of Bill S-5, An Act to amend the law governing financial institutions and to provide for related and consequential matters, as reported without amendment from the committee, and of Motion No. 1.

    March 27, 2012,   Parliament
  • Photo of Susan Truppe
    Susan Truppe spoke about Government Orders > Financial System Review Act > Motion in Amendment

    Mr. Speaker, I truly appreciate the opportunity to lend my voice to today's debate in favour of the timely passage of Bill S-5, also known as the financial system review act. ... more

    March 27, 2012,   Parliament
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