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
1992, c. 56Green Shield Canada Act
344. Subsection 17(2) of the Act is amended by adding the following after paragraph (l):
(l.1) a reference to a consumer provision shall be deemed to be a reference to a provision referred to in paragraph (e) of the definition “consumer provision” in section 2 of the Financial Consumer Agency of Canada Act;
1991, c. 47Insurance Companies Act
Marginal note:1996, c. 6, s. 66(1)
345. (1) Paragraph (a) of the definition “provincial company” in subsection 2(1) of the Insurance Companies Act is repealed.
Marginal note:1996, c. 6, s. 66(1)
(2) The definitions “annual statement”, “central securities register” or “securities register”, “head office”, “incorporator”, “recorded address”, “regulatory capital”, “subsidiary” and “total assets” in subsection 2(1) of the Act are replaced by the following:
“annual statement”
« rapport annuel »
“annual statement”, in relation to a company, means the annual financial statement of the company within the meaning of paragraph 331(1)(a) and, in relation to an insurance holding company, means the annual financial statement of the insurance holding company within the meaning of paragraph 887(1)(a);
“central securities register” or “securities register”
« registre central des valeurs mobilières »ou« registre des valeurs mobilières »
“central securities register” or “securities register”, in relation to a company or an insurance holding company, means the register referred to in section 271;
“head office”
« siège »
“head office” means
(a) in relation to a company, the office required to be maintained by the company under section 260,
(b) in relation to a society, the office required to be maintained by the society under section 544, and
(c) in relation to an insurance holding company, the office required to be maintained by the insurance holding company under section 868;
“incorporator”
« fondateur »
“incorporator”, in relation to a company or an insurance holding company, means a person who applied for letters patent to incorporate the company or insurance holding company, as the case may be;
“recorded address”
« adresse enregistrée »
“recorded address” means
(a) in relation to a person who is a shareholder of a company or an insurance holding company, the latest postal address of the person according to the central securities register of the company or the insurance holding company, as the case may be, and
(b) in relation to a person in any other respect, the latest postal address of the person according to the records of the company or insurance holding company;
“regulatory capital”
« capital réglementaire »
“regulatory capital”, in respect of a company, a society, a provincial company or an insurance holding company, has the meaning given that expression by the regulations;
“subsidiary”
« filiale »
“subsidiary” means an entity that is a subsidiary of another entity within the meaning of section 5;
“total assets”
« actif total »
“total assets”, in respect of a company, society, provincial company or insurance holding company, has the meaning given that expression by the regulations;
(3) Paragraph (c) of the definition “complainant” in subsection 2(1) of the Act is replaced by the following:
(c) any other person who, in the discretion of a court, is a proper person to make an application under section 371, 375 or 1031;
Marginal note:1991, c. 48, par. 495(1)(a)
(4) Paragraph (d) of the definition “financial institution” in subsection 2(1) of the Act is replaced by the following:
(d) an association to which the Cooperative Credit Associations Act applies or a central cooperative credit society for which an order has been made under subsection 473(1) of that Act,
(5) Subsection 2(1) of the Act is amended by adding the following in alphabetical order:
“Agency”
« Agence »
“Agency” means the Financial Consumer Agency of Canada established under section 3 of the Financial Consumer Agency of Canada Act;
“bank holding company”
« société de portefeuille bancaire »
“bank holding company” means a body corporate that is incorporated or formed under Part XV of the Bank Act;
“Commissioner”
« commissaire »
“Commissioner” means the Commissioner of the Financial Consumer Agency of Canada appointed under section 4 of the Financial Consumer Agency of Canada Act;
“consumer provision”
« disposition visant les consommateurs »
“consumer provision” means a provision referred to in paragraph (c) of the definition “consumer provision” in section 2 of the Financial Consumer Agency of Canada Act;
“converted company”
« société transformée »
“converted company” means a mutual company that has been converted under this Act into a company with common shares;
“equity”
« capitaux propres »
“equity”, in respect of a company or an insurance holding company, means its equity as determined in accordance with the regulations;
“federal financial institution”
« institution financière fédérale »
“federal financial institution” means
(a) a company or a society,
(b) a bank,
(c) a body corporate to which the Trust and Loan Companies Act applies, or
(d) an association to which the Cooperative Credit Associations Act applies or a central cooperative credit society for which an order has been made under subsection 473(1) of that Act;
“insurance holding company”
« société de portefeuille d’assurances »
“insurance holding company” means a body corporate that is incorporated or formed under Part XVII;
(6) Section 2 of the Act is amended by adding the following after subsection (2):
Marginal note:Major shareholder
(3) For the purposes of this Act, a person is a major shareholder of a body corporate if
(a) the aggregate of the shares of any class of voting shares of the body corporate that are beneficially owned by the person and that are beneficially owned by any entities controlled by the person is more than 20 per cent of the outstanding shares of that class of voting shares of the body corporate; or
(b) the aggregate of the shares of any class of non-voting shares of the body corporate that are beneficially owned by the person and that are beneficially owned by any entities controlled by the person is more than 30 per cent of the outstanding shares of that class of non-voting shares of the body corporate.
Marginal note:Widely held
(4) For the purposes of this Act, a body corporate is widely held if it has no major shareholder.
346. (1) Paragraph 3(1)(d) of the French version of the Act is replaced by the following:
d) dans tous les cas, la personne dont l’influence directe ou indirecte auprès de l’entité est telle que son exercice aurait pour résultat le contrôle de fait de celle-ci.
(2) The portion of subsection 3(3) of the Act before paragraph (a) is replaced by the following:
Marginal note:Deemed control
(3) A person is deemed to control, within the meaning of paragraph (1)(a) or (b), an entity if the aggregate of
(3) Section 3 of the Act is amended by adding the following after subsection (3):
Marginal note:Guidelines
(4) The Minister may, for any purpose of any provision of this Act that refers to control within the meaning of paragraph (1)(d), make guidelines respecting what constitutes such control, including guidelines describing the policy objectives that the guidelines and the relevant provisions of the Act are intended to achieve and, if any such guidelines are made, the reference to paragraph (1)(d) in that provision shall be interpreted in accordance with the guidelines.
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