keep Bank for International Settlements Privileges and Immunities Order
This regulation grants legal capacities, privileges, and immunities to the Bank for International Settlements (BIS) Innovation Hub Toronto Centre and its officials in Canada, allowing them to operate independently while carrying out official activities. It includes definitions, legal status, and specific immunities for members, managers, officials, and experts involved with the BIS organization.
Canadians would be worse off if this regulation was deleted because it enables international financial cooperation and innovation through the BIS Innovation Hub. Removing these immunities would likely prevent the hub from operating effectively in Canada, limiting our participation in global financial technology development and reducing opportunities for economic growth through international collaboration.