The FMB responded to Finance Canada’s “Consultation on Strengthening Competition in the Financial Sector”. This was the second phase of Finance Canada’s consultation. This consultation specifically asked respondents about mergers and acquisitions (“M&A”) for financial institutions and about how competition could be increased in the financial sector.
Among other things, FMB advocated for a review process for M&A that specifically considers Indigenous issues and how the M&A will impact Indigenous communities. FMB also recommend that the review process specifically include considerations for how the proposed M&A will further or detract from Canada’s commitment to reconciliation.
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