Business Development Bank Oversight Assigned to Trade Minister
Order Designating the Minister for International Trade (1) as the Designated Minister for the purposes of the Business Development Bank of Canada Act; and (2) as the appropriate Minister with respect to the Business Development Bank of Canada for the purposes of the Financial Administration Act: SI/2019-129
This order designates the Minister for International Trade as the formal minister responsible for the Business Development Bank of Canada under the Business Development Bank of Canada Act and the Financial Administration Act. It repeals the earlier order naming ministerial responsibility and is an administrative change that does not itself alter BDC programs or services.
- Published
- December 11, 2019
- Department
- Unavailable
- Section
- Order Designating the Minister for International Trade (1) as the Designated Minister for the purposes of the Business Development Bank of Canada Act; and (2) as the appropriate Minister with respect to the Business Development Bank of Canada for the purposes of the Financial Administration Act
- Comment deadline
- Unavailable
- Effective date
- November 20, 2019
- Publication part
- Part II
Summary
Summary#
On December 11, 2019 an order (P.C. 2019-1367, dated November 20, 2019) was registered that assigns ministerial responsibility for the Business Development Bank of Canada. The order names the Minister for International Trade as the minister responsible under the Business Development Bank of Canada Act and the Financial Administration Act, and it repeals the earlier order P.C. 2018-1020 of July 18, 2018.
What it does#
- Repeals the earlier order P.C. 2018-1020 (dated July 18, 2018).
- Designates the Minister for International Trade as the “Designated Minister” for the Business Development Bank of Canada Act.
- Designates the Minister for International Trade as the “appropriate Minister” for the Business Development Bank of Canada under the Financial Administration Act.
Who's affected#
- Business Development Bank of Canada — the federal crown corporation whose official ministerial oversight is being assigned.
- The Minister for International Trade — who will now be the formal minister responsible for the BDC under the named laws.
- Parliamentarians, government officials, and anyone tracking which minister answers questions or handles oversight of the BDC.
It is not clear from the order that this causes immediate changes to BDC programs or to clients; the change is about which minister holds formal responsibility.
Why it matters#
- This is mainly an administrative change that decides which minister formally oversees and represents the Business Development Bank of Canada in government processes.
- In practical terms, it affects who answers Parliament about the BDC, who receives the BDC’s official reports, and who handles certain formal approvals and correspondence related to the corporation.
- It does not, on its face, change BDC policy, lending rules, or services to businesses.
Key topics
Source: Canada Gazette