Basic Search

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Marginal note:Report to Bank

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• Marginal note:Definition of significant harm

  (7) For the purposes of this section, significant harm includes bodily harm, humiliation, damage to reputation or relationships, loss of employment, of business or of professional opportunities, financial loss, identity theft, negative effects on the credit record and damage to or loss of property.

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Marginal note:Express consent required

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• Marginal note:Record of consent

  (8) A participating entity must keep a record of each express consent obtained.

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Marginal note:Duty to keep records

102 A participating entity must keep all records that are provided for in the regulations.

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Marginal note:Record of complaint

108 A participating entity must, with respect to each complaint, make a record that is to be retained for at least five years and that contains

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• (b) in the case of a complaint made orally,

  • (i) the recording or a transcript of the recording, if the complaint was recorded, or

  • (ii) the details of the complaint, if the complaint was not recorded;

Marginal note:Access to Bank

109 A participating entity must ensure that any record retained under section 108 is accessible to the Bank.

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115 The external complaints body must

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• (o) within 60 days after the end of each quarter, submit to the Bank, in a form satisfactory to the Bank,

  • (i) in relation to all investigations completed during the quarter, a copy of the record of the complaint, and

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Marginal note:Duty to keep records

122 An accredited third-party service provider must keep all records that are provided for in the regulations.

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Marginal note:Examination and inquiry

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• Marginal note:Access to records

  (2) For the purposes of this section, the Bank

  • (a) has a right of access to any records of a participating entity, an accredited third-party service provider, the external complaints body or the technical standards body; and

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Marginal note:Powers — authorized person

• 145 (1) An authorized person may, from time to time, examine the records and inquire into the business and affairs of a participating entity for the purpose of verifying compliance with this Act and for that purpose may

  • (a) enter any place in which the authorized person has reasonable grounds to believe that there are records relevant to verifying compliance with this Act;

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  • (c) reproduce any record or cause any record to be reproduced from the data, in the form of a printout or other intelligible output and remove the printout or other output for examination or copying; or

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Marginal note:Powers — authorized person

• 153 (1) An authorized person may, from time to time, examine the records and inquire into the business and affairs of an individual or entity for the purpose of verifying compliance with an undertaking required under section 55, terms and conditions imposed under section 56 or an order made under subsection 60(1) or (3) and for that purpose may

  • (a) enter any place in which the authorized person has reasonable grounds to believe that there are records relevant to verifying compliance with the undertaking, terms and conditions or order;

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  • (c) reproduce any record or cause any record to be reproduced from the data, in the form of a printout or other intelligible output and remove the printout or other output for examination or copying; or

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Marginal note:Violations not offences

164 For greater certainty, a violation is not an offence and, accordingly, section 126 of the Criminal Code does not apply in respect of a violation.

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178 The Governor in Council may, on the recommendation of the Minister, make regulations generally for carrying out the purposes and provisions of this Act and, in particular, may make regulations

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• (n) respecting the record that must be kept under subsection 85(8);

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• (w) respecting the duty to keep records under section 102;

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• (z) respecting the duty to keep records under section 122;

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2 The following definitions apply in this Act.

digital asset

digital asset  means a digital representation of value that is recorded on a distributed ledger or a similar technology. (actif numérique)

distributed ledger

distributed ledger  means a digital database that contains records of transactions among the users of a network and that uses cryptography to maintain the confidentiality, integrity, authenticity and non-repudiation of the data that is recorded in it. (registre distribué)

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Marginal note:For greater certainty

84 For greater certainty, a violation is not an offence and, accordingly, section 126 of the Criminal Code does not apply in respect of a violation.

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93 The Governor in Council may make regulations generally for carrying out the purposes and provisions of this Act, including regulations

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• (z.7) respecting the keeping and retention of records;

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