Financial Consumer Agency of Canada Act (S.C. 2001, c. 9)
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Assented to 2001-06-14
AMENDMENTS TO ACTS IN RELATION TO FINANCIAL INSTITUTIONS
R.S., c. B-2Bank of Canada Act
197. Subsection 24(3) of the English version of the Act is replaced by the following:
Marginal note:Canadian Government cheques to be paid or negotiated at par
(3) The Bank shall not make any charge for cashing or negotiating a cheque drawn on the Receiver General or on the account of the Receiver General, or for cashing or negotiating any other instrument issued as authority for the payment of money out of the Consolidated Revenue Fund, or on a cheque drawn in favour of the Government of Canada or any of its departments and tendered for deposit in the Consolidated Revenue Fund.
198. (1) Subsections 25(1) and (2) of the Act are replaced by the following:
Marginal note:Sole right of note issue
25. (1) The Bank has the sole right to issue notes and those notes shall be a first charge on the assets of the Bank.
Marginal note:Arrangements for issue
(2) It is the duty of the Bank to make adequate arrangements for the issue of its notes in Canada and to supply those notes as required for circulation in Canada.
(2) Subsection 25(3) of the French version of the Act is replaced by the following:
Marginal note:Coupures
(3) Les coupures des billets de la Banque, de même que leurs modalités d’impression et de validation, sont déterminées par règlement du gouverneur en conseil.
(3) Subsections 25(4) and (5) of the Act are replaced by the following:
Marginal note:Form and material
(4) The form and material of the notes of the Bank shall be subject to approval by the Minister, but each note shall be printed in both the English and French languages.
Marginal note:Notes previously printed
(5) Notwithstanding anything contained in this section, each note of the Bank printed before June 23, 1936, whether issued before, on or after that date, is a valid and binding obligation of the Bank.
Marginal note:1997, c. 15, s. 104
199. Section 29 of the Act is replaced by the following:
Marginal note:Weekly balance sheet
29. (1) The Bank shall, as soon as practicable after the close of business on Wednesday of each week, make up and transmit to the Minister its balance sheet as at the close of business on that day.
Marginal note:Monthly balance sheet
(2) The Bank shall, as soon as practicable after the last business day of each month, make up and transmit to the Minister its balance sheet as at the close of business on that day. The balance sheet shall set out information regarding the Bank’s investments in securities issued or guaranteed by the Government of Canada.
Marginal note:Publication of balance sheets
(3) A copy of each balance sheet shall be published in the issue of the Canada Gazette next following its transmission to the Minister.
200. The Act is amended by adding the following after section 30:
LIABILITY
Marginal note:No liability if in good faith
30.1 No action lies against Her Majesty, the Minister, any officer, employee or director of the Bank or any person acting under the direction of the Governor for anything done or omitted to be done in good faith in the administration or discharge of any powers or duties that under this Act are intended or authorized to be executed or performed.
201. Sections 31 to 33 of the Act are replaced by the following:
Marginal note:Holding office when ineligible
31. Every person who holds office or continues to hold office as the Governor or as a Deputy Governor or director of the Bank, knowing that he or she is not eligible for that office, is guilty of an offence and liable on summary conviction to a fine of not more than one hundred thousand dollars or to imprisonment for a term of not more than six months or to both.
Marginal note:Verifying false statement, account or list
32. Every director, officer or auditor of the Bank who verifies any statement, account or list required to be furnished to the Minister pursuant to this Act, or who has to do with the delivering or transmitting of that statement, account or list to the Minister, knowing it to be false in any material particular, is guilty of an offence and liable on summary conviction to a fine of not more than one hundred thousand dollars or to imprisonment for a term of not more than six months or to both.
Marginal note:Contravention of Act
33. Any officer of the Bank or any officer of a bank or any other person who fails or omits to comply with any provision of this Act is guilty of an offence and, unless otherwise provided by this Act, liable on summary conviction to a fine of not more than one hundred thousand dollars or to imprisonment for a term of not more than six months or to both.
Marginal note:1997, c. 15, ss. 107 to 110
202. Schedules I to III to the Act are replaced by the schedule set out in Schedule 3 to this Act.
R.S., c. C-3Canada Deposit Insurance Corporation Act
203. The definitions “federal institution” and “member institution” in section 2 of the Canada Deposit Insurance Corporation Act are replaced by the following:
“federal institution”
« institution fédérale »
“federal institution” means a bank, company or association referred to in section 8;
“member institution”
« institution membre »
“member institution” means a corporation that has deposit insurance under this Act;
Marginal note:R.S., c. 18 (3rd Supp.), s. 48
204. Paragraphs 5(1)(b) to (c) of the Act are replaced by the following:
(b) the persons who for the time being hold the offices of the Governor of the Bank of Canada, the Deputy Minister of Finance, the Superintendent of Financial Institutions and the Commissioner of the Financial Consumer Agency of Canada;
(b.1) a Deputy Superintendent of Financial Institutions, or an officer of the Office of the Superintendent of Financial Institutions, appointed by the Minister; and
(c) not more than five other members appointed by the Minister with the approval of the Governor in Council.
205. Section 8 of the Act is amended by striking out the word “and” at the end of paragraph (a), by adding the word “and” at the end of paragraph (b) and by adding the following after paragraph (b):
(c) an association to which the Cooperative Credit Associations Act applies.
206. Subsection 10(1) of the Act is amended by striking out the word “and” at the end of paragraph (i) and by adding the following after paragraph (i):
(i.1) settle or compromise any claim by or against the Corporation; and
Marginal note:1996, c. 6, s. 29
207. The portion of subsection 23(1) of the Act before paragraph (b) is replaced by the following:
Marginal note:Calculation of first premium
23. (1) The premium payable by a member institution in respect of the premium year in which it becomes a member institution shall be the same proportion of the lesser of
(a) the annual premium for that member determined by by-law made under subsection 21(2) based on an amount equal to the sum of so much of the deposits as are considered to be insured by the Corporation and deposited with the member institution as of the end of the month in which it becomes a member institution, and
Marginal note:1996, c. 6, s. 30
208. Section 24.1 of the Act is replaced by the following:
Marginal note:No set-off on premium payment
24.1 No member institution shall, without the prior agreement of the Corporation, reduce or extinguish a premium payment, interest or other payment to be made to the Corporation by reason of a set-off or claim by the member institution against the Corporation.
Marginal note:1997, c. 15, s. 114
209. Paragraph 26.03(1)(a) of the Act is repealed.
Marginal note:1996, c. 6, s. 34; 1999, c. 28, s. 106
210. Section 29 of the Act is replaced by the following:
Marginal note:Examination considerations
29. (1) The person who conducts an examination under section 27 or an inspection under section 28 in respect of a member institution shall make all examinations or inspections that the person considers necessary to
(a) provide, by way of a rating or any other means, an assessment of the safety and soundness of the member institution, including its financial condition;
(b) comment on the operations of the member institution, taking into account the standards of sound business and financial practices established by the by-laws; and
(c) if the member institution is a provincial institution and the Corporation and the person agree, comment on whether the provisions of the statutes governing the provincial institution are being complied with.
Marginal note:Reports
(2) The person shall provide written reports to the Corporation on the matters referred to in paragraphs (1)(a) to (c) in a timely manner.
Marginal note:Right of Corporation to information
(3) The Corporation is entitled to all information obtained by or produced by or for the person, whether in the course of conducting an examination or inspection or otherwise, regarding the affairs of the member institution or any of its affiliates or subsidiaries or of any person dealing with the member institution or any of its affiliates or subsidiaries, that relates to the safety and soundness, or the operations, of the member institution.
Marginal note:Obligation to provide other information
(4) Without limiting subsection (3), the person shall provide the Corporation with any information that the person considers relevant to any matter referred to in any of paragraphs (1)(a) to (c) or to any report provided under subsection (2).
Marginal note:Obligation to inform
(5) The person shall without delay inform the Corporation if, at any time, whether in the course of conducting an examination or inspection or otherwise, there comes to the attention of the person any change in the circumstances of the member institution that might materially affect the position of the Corporation as an insurer.
Marginal note:Review of returns
29.1 If requested to do so by the Corporation, the person who conducts an examination under section 27 or an inspection under section 28 in respect of a member institution shall review, or cause another person to review on the person’s behalf, within the time specified by the Corporation, the correctness of the returns made by the member institution on which its premiums are based and through which its premium classification is in part determined.
Marginal note:Certain reports to be provided to Corporation
29.2 When a report is sent by the Superintendent to the Minister under section 643 of the Bank Act, section 505 of the Trust and Loan Companies Act or section 437 of the Cooperative Credit Associations Act, a copy of the report shall be sent by the Superintendent at the same time to the Corporation.
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