Financial System Review Act (S.C. 2012, c. 5)
Full Document:
Assented to 2012-03-29
Marginal note:1996, c. 6, s. 161
211. Section 164 of the Act is replaced by the following:
Marginal note:Transfer of assets to the liquidator
164. (1) The assets of the company in Canada that may be on deposit with any government in Canada or with trustees or otherwise held for the company or for the protection of the policyholders of the company of the class or classes that are affected by the winding-up order shall, on order of the court having jurisdiction, be transferred to the liquidator.
Marginal note:Assets on deposit outside Canada
(2) If the company is a Canadian company that has deposited with the government of any state or country outside Canada, or with any trustee or other person in that state or country, any of its assets for the protection of the company’s policyholders in that state or country, the liquidator may request that government, trustee or other person to transfer those assets to the liquidator and on the transfer being made, those assets shall be used for the benefit of all the company’s policyholders in the same manner as any other assets of the company.
Marginal note:Consequence of non-transfer of assets
(3) If a government, trustee or other person referred to in subsection (2) does not transfer the assets deposited with it within the period commencing with the date of the liquidator’s request for the transfer of those assets that the Court may fix, the policyholders of the company, for whose protection the deposit was made, are deemed to have refused the reinsurance, if any, arranged by the liquidator, and, whether transfer or reinsurance has been arranged or not, to have forfeited all right and claim to any share of the assets of the company other than the assets so deposited for their protection outside Canada.
Marginal note:R.S., c. 18 (3rd Supp.), Part I
Office of the Superintendent of Financial Institutions Act
212. The Office of the Superintendent of Financial Institutions Act is amended by adding the following after section 39:
IMMUNITIES
Marginal note:Not compellable
39.1 The Superintendent, any Deputy Superintendent, any officer or employee of the Office or any person acting under the direction of the Superintendent, is not a compellable witness in any civil proceedings in respect of any matter coming to their knowledge as a result of exercising any of their powers or performing any of their duties or functions under this Act or the Acts listed in the schedule.
Marginal note:1996, c. 6, Sch.
Payment Clearing and Settlement Act
213. (1) The portion of section 2 of the English version of the Payment Clearing and Settlement Act before the definition “Bank” is replaced by the following:
Marginal note:Definitions
2. The following definitions apply in this Act.
(2) The definition “clearing and settlement system” in section 2 of the Act is replaced by the following:
“clearing and settlement system”
« système de compensation et de règlement »
“clearing and settlement system” means a system or arrangement for the clearing or settlement of payment obligations or payment messages in which
(a) there are at least three participants, at least one of which is a Canadian participant and at least one of which has its head office in a jurisdiction other than the jurisdiction where the head office of the clearing house is located;
(b) clearing or settlement is all or partly in Canadian dollars; and
(c) the payment obligations that arise from clearing within the system or arrangement are ultimately settled through adjustments to the account or accounts of one or more of the participants at the Bank.
For greater certainty, it includes a system or arrangement for the clearing or settlement of securities transactions, derivatives contracts, foreign exchange transactions or other transactions where the system or arrangement also clears or settles payment obligations arising from those transactions.
(3) Section 2 of the Act is amended by adding the following in alphabetical order:
“Canadian participant”
« participant canadien »
“Canadian participant” means a participant that is incorporated or formed under an enactment of Canada or a province.
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