Executive Summary - Open Banking Consultations – Phase Two

• Clear and fair rules, industry coordination, and common technical standards are needed to avoid fragmentation, and build a robust market that serves all Canadians and grows the economy. [...] A key aspect of the model is dual and balanced roles for industry and government: industry in implementation and administration of an open banking system, and government in oversight and ensuring consumer outcomes, economic development, and other public policy objectives are met. [...] These building blocks are areas the Committee considers essential to meeting the consumer and economic objectives: Universal and Liability structure Privacy and data common Accreditation and consumer Reciprocity protection standards redress •Universal APIs •There must be a •A strong •There should be •Ensure fairness and technical clear and fair emphasis on clear protocols to and commercial standar. [...] 2 | Executive Summary | Open Banking Consultations – Phase Two • The core of the Committee’s proposed hybrid model is how open banking should be governed: Governance Policy Direction and Framework •A federal legislative framework which estalishes the objectives and overarching rules for the system, and supports consumer outcomes. [...] What is the path to implementation? • The Committee recommends more detailed rules be set out in the implementation phase and that these rules would be developed in consultation with industry and enforced by the implementation organization and its membership rules.