Canada is the latest country to introduce wide-ranging reforms to its financial services sector. Among the changes proposed by the 900-page bill is the introduction of a government agency to oversee the operation of financial institutions. Apart from reaffirming the government’s right to veto the mergers of national banks if it feels it is in the public interest, the bill will facilitate the convergence of various industries in the sector and encourage greater competition. For example, credit unions will be allowed to trade across provincial borders for the first time.