Terms of reference for the open banking working groups and steering committee

Open Banking Canada Working Groups

1. Purpose

1. A distinguishing factor of Canada’s intended open banking regime is its hybrid nature, which harnesses the benefits of both industry and government-led models deployed elsewhere. The final report from the Advisory Committee on Open Banking noted that while industry is best placed to manage the implementation and administration of the system, the government is needed to establish policy objectives, convene participants, and set a framework and timeline.
2. To this end, the Open Banking Lead (the “Lead”) has the responsibility to develop and implement key pillars of the system through consultation with industry, government regulators and consumer representatives.
3. In order to fulfill this obligation, the Lead will establish a steering committee and working groups. This document outlines the terms of reference (the “Terms”) for the working groups (the “Working Groups”). 

2. Term and scope of work

1. Though start dates may differ, the term of each Working Group is expected to end by September 29, 2023, or earlier as decided by the Lead.
2. The initial scope of work will be to develop the foundational pieces of Canada’s open banking system with respect to:  
   1. Common rules to reduce reliance on bilateral contracts and enable secure, efficient consumer-permissioned data sharing among participants in the open banking system, namely in the areas of liability, privacy and security.
   2. An accreditation framework and process to allow third party service providers to participate in an open banking system.

3. Governance

1. By direction of the government, the Department of Finance appointed the Lead as an officer of the Department with sufficient authority to convene industry stakeholders and achieve mandate commitments to implement open banking.
2. Decisions are made by the Lead with support from the respective Working Groups. The Lead will make best efforts to drive consensus towards issues.
3. Where the Lead asks for a vote on an issue, voting rights will be set at one per Working Group member using a simple majority.
4. Initial Working Groups will include:
   • Accreditation
   • Liability
   • Privacy
   • Security

4. Roles and Responsibilities

1. Lead
   1. The Lead chairs the Working Group meetings.
   2. The Lead sets the agenda for meetings.
   3. The Lead invites participating organizations.
   4. The Lead can add Working Group members.
   5. The Lead can replace Working Group members if necessary.
   6. The Lead may invite external guests without voting rights.
   7. The Lead can amend these Terms with written notice to Working Group members.
2. Working Group Members
   1. Members are expected to play an active and constructive role in contributing to the progress of the Working Group.
   2. Organizations invited to be part of a Working Group will assign representatives who have:
      1. Expertise with regards to the topics of discussion;
      2. Knowledge of the 2021 recommendations of the Advisory Committee on Open Banking;
      3. Decision-making authority to vote on behalf of their organization in the event a vote is taken;
      4. Time to dedicate throughout the term of a Working Group.
   3. Members may be asked to create documents or provide feedback outside scheduled meetings.
   4. As certain members may be from competing organizations, the discussions should be limited to issues related to the Working Groups. Members must not share or discuss any information that is commercially sensitive and not in the public domain.
3. Secretariat
   1. Department of Finance officials are present at all meetings and perform Secretariat functions.
   2. The Secretariat supports the Lead in scheduling meetings, drafting agendas and meeting materials as well as documenting meeting outcomes.
4. External guests
   1. Given the technical nature of many of the issues being explored (e.g. liability, security and privacy), there may be a need to consult with external experts. The Lead may therefore invite experts as needed including from provincial/territorial regulators, federal agencies, or departments.
   2. The Lead may also invite external guests at the request of Working Group members. 

5. Process

1. Cadence
   1. Each Working Group is expected to meet every three weeks or as the Lead determines fit.
2. Turnaround time to share documents
   1. Documents to be shared with a Working Group will be provided no less than five working days ahead of the meeting.
3. Agenda
   1. Working Group members may request topics to be discussed at a meeting by providing no less than two weeks’ notice to the Lead for consideration.
4. Meeting outcomes
   1. The Secretariat will capture meeting outcomes.
5. Publication of documents
   1. In the interest of maintaining transparency and providing updates to all interested parties, these Terms, the organizations forming part of a Working Group as well as any materials such as agendas and meeting outcomes will be publicly available.
6. Specific issues
   1. Concerns about confidentiality of discussions may be brought to the Lead directly, who will decide how to bring the issue, topic or insight to the Working Group.

Open Banking Canada Steering Committee

1. Purpose

1. A distinguishing factor of Canada’s intended open banking regime is its hybrid nature, which harnesses the benefits of both industry and government-led models deployed elsewhere. The final report from the Advisory Committee on Open Banking noted that while industry is best placed to manage the implementation and administration of the system, the government is needed to establish policy objectives, convene participants, and set a framework and timeline.
2. To this end, the Open Banking Lead (the “Lead”) has been given the responsibility to develop and implement key pillars of the system through consultation with industry, government regulators and consumer representatives.
3. In order to fulfill this obligation, the Lead will establish a steering committee and working groups. This document outlines the terms of reference (the “Terms”) for the steering committee (the “Steering Committee”). 

2. Term and scope of work

1. Steering Committee meetings are expected to end by September 29, 2023 or earlier as decided by the Lead.
2. The scope of the Steering Committee differs from the working groups established by the Lead. Whereas the working groups are forums for select members to support the Lead in the development of accreditation and common rules requirements, the Steering Committee is a venue for broader discussion with all stakeholders on points such as general updates, progress made in a given working group or any other topic the Lead deems fit.
3. Steering Committee members can also:
   1. Raise novel issues with cross disciplinary implications that may not be properly addressed in existing working groups; and,
   2. Introduce proposals for resolving concerns.

3. Governance

1. By direction of the government, the Department of Finance appointed the Lead as an officer of the Department with sufficient authority to convene industry stakeholders and achieve mandate commitments to implement open banking.
2. The Steering Committee is a consultative, rather than a decision-making, body. The Lead will make best efforts to ensure that all members who wish to share views on a particular issue have the opportunity to do so in Steering Committee meetings.

4. Steering Committee Composition

1. Lead
   1. The Lead chairs the Steering Committee meetings.
   2. The Lead sets the agenda for meetings.
   3. The Lead can amend these Terms with written notice to Steering Committee members.
2. Secretariat
   1. All members in the working groups are invited to participate in Steering Committee meetings.
   2. The Lead may also invite additional interested parties whose expertise may contribute to the discussion of the Steering Committee.
   3. As certain members may be from competing organizations, the discussions should be limited to issues related to the Steering Committee. Members must not share or discuss any information that is commercially sensitive and not in the public domain.
3. Secretariat
   1. Department of Finance officials are present at all meetings and perform Secretariat functions.
   2. The Secretariat will support the Lead in scheduling meetings, drafting agendas and meeting materials as well as documenting meeting outcomes.
4. External guests
   1. The Lead may invite experts as needed including from provincial/territorial regulators, federal agencies or departments.
   2. The Lead may also invite external guests at the request of Steering Committee members. 

5. Process

1. Cadence
   1. The Steering Committee will be convened at the discretion of the Lead with a minimum of three meetings to be held by September 29, 2023.
2. Turnaround time to share documents
   1. Documents to be shared with the Steering Committee will be provided no less than five working days ahead of the meeting.
3. Agenda
   1. The Agenda is set by Lead. Members may request topics to be discussed at a meeting by providing no less than two weeks’ notice to the Lead for consideration.
4. Meeting outcomes
   1. The Secretariat will capture meeting outcomes. 
5. 6. Publication of documents
   1. In the interest of maintaining transparency and providing updates to all interested parties, these Terms, the organizations forming part of the Steering Committee as well as any materials such as agendas and meeting outcomes will be publicly available. 
6. Specific issues
   1. Concerns about confidentiality of discussions may be brought to the Lead directly, who will decide how to bring the issue, topic or insight to the Steering Committee.