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

Assented to 2012-03-29

Marginal note:2001, c. 9, s. 307

106. The portion of paragraph 376(1)(g) of the Act before subparagraph (i) is replaced by the following:

  • (g) outside Canada, or with the prior written approval of the Minister, in Canada, provide the following services to entities described in paragraph 375(1)(a), to members of the Canadian Payments Association to which that Association may provide clearing, settlement and payment services under paragraph 375.1(1)(b) or, if the association is a retail association, to any person:

Marginal note:2009, c. 2, s. 277

107. Paragraph 382.2(3)(b) of the English version of the Act is replaced by the following:

  • (b) the time and place at which, the form and manner in which and the persons to whom information is to be disclosed; and

Marginal note:2001, c. 9, s. 313

  • 108. (1) The portion of paragraph 385.09(a) of the Act before subparagraph (i) is replaced by the following:

    • (a) the time and place at which and the form and manner in which disclosure is to be made by a retail association of

  • Marginal note:2001, c. 9, s. 313

    (2) Paragraph 385.09(b) of the Act is replaced by the following:

    • (b) the time and place at which and the form and manner in which any charges for the keeping of an account are to be disclosed by a retail association to its customers; and

Marginal note:2001, c. 9, s. 313

109. Sections 385.11 and 385.12 of the Act are replaced by the following:

Marginal note:Disclosure of charges

385.11 A retail association shall disclose to its customers and to the public, at the prescribed time and place and in the prescribed form and manner, the charges applicable to deposit accounts with the association and the usual amount, if any, charged by the association for services normally provided by the association to its customers and to the public.

Marginal note:No increase or new charges without disclosure

  • 385.12 (1) A retail association shall not increase any charge applicable to a personal deposit account with the association or introduce any new charge applicable to a personal deposit account with the association unless the association discloses the charge at the prescribed time and place and in the prescribed form and manner to the customer in whose name the account is kept.

  • Marginal note:Mandatory disclosure

    (2) With respect to prescribed services in relation to deposit accounts, other than personal deposit accounts, a retail association shall not increase any charge for any such service in relation to a deposit account with the association or introduce any new charge for any such service in relation to a deposit account with the association unless the association discloses the charge at the prescribed time and place and in the prescribed form and manner to the customer in whose name the account is kept.