The Canadian Bankers Association says it is pleased that the federal government’s financial services reform legislation has received Royal Assent.

“This legislation updates the policy framework for our financial services sector,” said Ra Protti, president and CEO of the CBA. “It gives our industry greater flexibility to meet our customers needs, compete effectively in a rapidly changing world and sustain banks‚ significant contributions to Canada’s economy.”

“We are looking forward to the legislation coming into effect later this year,” added Protti. “We will work with the government, parliamentarians and other participants in the financial services sector to keep the regulatory framework up-to-date, flexible and competitive as the financial services marketplace continues to evolve.”

Bill C-8, the Financial Consumer Agency of Canada Act, is the culmination of nearly five years of public consultation and discussion about the financial services sector beginning with the creation of the Task Force on the Future of the Financial Services Sector in 1996.

Once the bill takes effect, it is believed that bank merger dalliances will begin again.