In June 1999, Canada's federal government initiated a white paper under the name "Reforming Canada's Financial Services Sector: A Framework for the Future". That white paper was followed in June 2000 by draft legislation in the form of Bill C-38. Bill C-38 set out substantial changes to federal financial institution legislation in Canada, based on the 1999 white paper. Bill C-38 evolved into Bill C-8, which proceeded through the legislative process to initiate changes in late 2001.

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