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Financial System Review Act (S.C. 2012, c. 5)

Assented to 2012-03-29

102. The Act is amended by adding the following after section 973.06:

Exceptions to Generally Accepted Accounting Principles

Marginal note:Calculations — generally accepted accounting principles

  • 973.07 (1) If, as a result of a change to the accounting principles referred to in subsections 308(4) and 840(4) — whether the change is made before or after this section comes into force — the Superintendent considers, given any prudential considerations that he or she considers relevant, that any amount, calculation or valuation under this Act or the regulations is not appropriate, the Superintendent may specify the amount that is to be used or the calculation or valuation that is to be performed instead.

  • Marginal note:Canada Gazette

    (2) The Superintendent shall cause a notice of the specification to be published in the Canada Gazette within 60 days after the day on which the specification has effect.

  • Marginal note:Five-year limit

    (3) The specification ceases to have effect on the day indicated in the notice, which may be no later than five years after the day on which the specification is made.

Marginal note:2007, c. 6, s. 127

  • 103. (1) Paragraph 976.1(1)(b) of the Act is replaced by the following:

    • (b) paragraphs 468(5)(b.1), (c), (d) and (d.1);

  • Marginal note:2007, c. 6, s. 127

    (2) Paragraph 976.1(1)(e) of the Act is replaced by the following:

    • (e) paragraphs 930(5)(b.1), (c), (d) and (d.1).

PART 2

Marginal note:1991, c. 48

COOPERATIVE CREDIT ASSOCIATIONS ACT

Marginal note:2001, c. 9, s. 248(3)

104. The definition “consumer provision” in section 2 of the Cooperative Credit Associations Act is replaced by the following:

“consumer provision”

« disposition visant les consommateurs »

“consumer provision” means a provision referred to in paragraph (b) or (b.1) of the definition “consumer provision” in section 2 of the Financial Consumer Agency of Canada Act;

Marginal note:2007, c. 6, s. 138

105. Section 22 of the Act is replaced by the following:

Marginal note:Sunset provision

  • 22. (1) Subject to subsections (2) and (4), associations shall not carry on business after the day that is the fifth anniversary of the day on which this section comes into force.

  • Marginal note:Extension

    (2) The Governor in Council may, by order, extend by up to six months the time during which associations may continue to carry on business. No more than one order may be made under this subsection.

  • Marginal note:Order not a regulation

    (3) The order is not a regulation for the purposes of the Statutory Instruments Act. However, it shall be published in Part II of the Canada Gazette.

  • Marginal note:Exception

    (4) If Parliament dissolves on the fifth anniversary of the day on which this section comes into force, on any day within the six-month period before that anniversary or on any day within an extension under subsection (2), associations may continue to carry on business until the end of 180 days after the first day of the first session of the next Parliament.