Financial Consumer Agency of Canada Act (S.C. 2001, c. 9)

413. Section 421 of the Act is replaced by the following:

• 414. (1) Subsection 422(1) of the Act is replaced by the following:

  Marginal note:Certifying receipt of application

  • 422. (1) If, in the opinion of the Superintendent, an application filed under this Part contains all the required information, the Superintendent shall without delay refer the application to the Minister and send a receipt to the applicant certifying the date on which the completed application was received by the Superintendent.

• (2) Subsection 422(2) of the English version of the Act is replaced by the following:

  • Marginal note:Incomplete application

    (2) If, in the opinion of the Superintendent, an application filed under this Part is incomplete, the Superintendent shall send a notice to the applicant specifying the information required by the Superintendent to complete the application.

Marginal note:1996, c. 6, s. 78

• 415. (1) Subsection 432(1) of the Act is replaced by the following:

  Marginal note:Disposition of shareholdings

  • 432. (1) If, with respect to any company, a person contravenes subsection 407(1), (4), (9), (11) or (15) or section 407.03, 407.1 or 407.2 or fails to comply with an undertaking referred to in subsection 416(2) or with any term or condition imposed under section 421, the Minister may, if the Minister considers it in the public interest to do so, by order, direct that person and any person controlled by that person to dispose of any number of shares of the bank beneficially owned by any of those persons that the Minister specifies in the order, within the time specified in the order and in the proportion, if any, as between the person and the persons controlled by that person that is specified in the order.

• (2) Subsections 432(3) and (4) of the Act are replaced by the following:

  • Marginal note:Appeal

    (3) Any person with respect to whom a direction has been made under subsection (1) may, within thirty days after the date of the direction, appeal the matter in accordance with section 1020.

Marginal note:1997, c. 15, s. 247

• 416. (1) The portion of subsection 441(1) of the Act before paragraph (e) is replaced by the following:

  Marginal note:Additional activities

  • 441. (1) In addition, a company may

    • (a) act as an agent for vendors, purchasers, mortgagors, mortgagees, lessors or lessees of real property and provide consulting or appraisal services in respect of real property;

    • (b) hold, manage and otherwise deal with real property;

    • (c) provide information processing services in Canada that the company has developed for its own use and that are an integral part of the company’s operations to entities in which the company has a substantial investment that do not provide information processing services to other entities;

    • (d) outside Canada, or with the prior written approval of the Minister, in Canada, engage in any of the following activities, namely,

      • (i) collecting, manipulating and transmitting

        • (A) information that is primarily financial or economic in nature,

        • (B) information that relates to the business of a permitted entity, as defined in subsection 490(1), or

        • (C) any other information that the Minister may, by order, specify,

      • (ii) providing advisory or other services in the design, development or implementation of information management systems,

      • (iii) designing, developing or marketing computer software, and

      • (iv) designing, developing, manufacturing or selling, as an ancillary activity to any activity referred to in any of subparagraphs (i) to (iii) that the company is engaging in, computer equipment integral to the provision of information services related to the business of financial institutions or to the provision of financial services;

    • (d.1) with the prior written approval of the Minister, develop, design, hold, manage, manufacture, sell or otherwise deal with data transmission systems, information sites, communication devices or information platforms or portals that are used

      • (i) to provide information that is primarily financial or economic in nature,

      • (ii) to provide information that relates to the business of a permitted entity, as defined in subsection 490(1), or

      • (iii) for a prescribed purpose or in prescribed circumstances;

• Marginal note:1997, c. 15, s. 247(4)

  (2) Subsection 441(1.1) of the Act is replaced by the following:

  • Marginal note:Additional activities — life companies

    (1.1) A life company may engage under prescribed terms and conditions, if any are prescribed, in specialized business management or advisory services.

• Marginal note:1997, c. 15, s. 247(5)

  (3) Paragraphs 441(4)(a) and (b) of the Act are replaced by the following:

  • (a) respecting what a company may or may not do with respect to the carrying on of the activities referred to in any of paragraphs (1)(d) and (d.1) and subsection (1.1);

  • (b) imposing terms and conditions in respect of

    • (i) the provision of services referred to in paragraphs (1)(a) and 440(2)(b), and

    • (ii) the carrying on of the activities referred to in any of paragraphs (1)(d) and (d.1) and subsection (1.1); and

  • (c) respecting the circumstances in which companies may be exempted from the requirement to obtain the approval of the Minister before carrying on a particular activity referred to in paragraph (1)(d) or (d.1).

• 417. (1) Paragraph 442(1)(a) of the Act is replaced by the following:

  • (a) act as agent for any person in respect of the provision of any service that is provided by a financial institution, a permitted entity as defined in subsection 490(1) or a prescribed entity;

• (2) Paragraph 442(1)(c) of the Act is replaced by the following:

  • (c) refer any person to any such financial institution or entity.

418. Section 470 of the Act is replaced by the following:

419. Subsection 472(1) of the Act is replaced by the following:

• 420. (1) The portion of subsection 474(1) of the Act before paragraph (a) is replaced by the following:

  Marginal note:Restriction on guarantees

  • 474. (1) A life company shall not guarantee on behalf of any person the payment or repayment of any sum of money unless

• Marginal note:1997, c. 15, s. 254

  (2) Subsection 474(2) of the French version of the Act is replaced by the following:

  • Marginal note:Exception

    (2) Dans les cas où la personne visée au paragraphe (1) est une filiale de la société garante, celle-ci peut garantir une somme qui n’est pas fixe.

421. Section 475 of the Act is replaced by the following:

Marginal note:1997, c. 15, s. 255

422. Subsection 477(1) of the Act is replaced by the following:

423. Section 479 of the Act, as enacted by section 256 of An Act to amend certain laws relating to financial institutions, being chapter 15 of the Statutes of Canada, 1997, is replaced by the following: