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

Marginal note:1996, c. 6, s. 119

• 529. (1) Subsection 401(1) of the Act is replaced by the following:

  Marginal note:Disposition of shareholdings

  • 401. (1) If, with respect to any company, a person contravenes section 375 or 375.1 or fails to comply with an undertaking referred to in subsection 384(2) or with any terms and conditions imposed under section 389, the Minister may, if the Minister deems 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 company 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• (2) Subsection 401(4) of the Act is repealed.

Marginal note:1997, c. 15, ss. 375(1) to (3)

• 530. (1) The portion of subsection 410(1) of the Act before paragraph (e) is replaced by the following:

  Marginal note:Additional activities

  • 410. (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) 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 449(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;

    • (c.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 449(1), or

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

    • (d) in Canada, engage in such activities referred to in paragraph (c) that the company was engaged in prior to June 1, 1992;

    • (d.1) engage, under prescribed terms and conditions, if any are prescribed, in specialized business management or advisory services;

• (2) Subsection 410(3) 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) 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)(c) or (c.1).

531. Paragraphs 411(a) and (b) of the Act are replaced by the following:

• 532. (1) The portion of subsection 414(1) of the Act before paragraph (a) is replaced by the following:

  Marginal note:Restriction on guarantees

  • 414. (1) A 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. 376

  (2) Subsection 414(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.

533. Section 417 of the Act is replaced by the following:

Marginal note:1999, c. 31, s. 219(E)

534. Section 419 of the Act is replaced by the following:

535. Subsection 421(1) of the Act is replaced by the following:

536. Subsection 423(6) of the Act is replaced by the following:

537. The heading “Interest and Charges” before section 426 of the Act is repealed.

538. The Act is amended by adding the following before section 426:

539. Subsection 427(2) of the Act is replaced by the following:

540. Section 430 of the Act is repealed.

Marginal note:1997, c. 15, s. 378

• 541. (1) The portion of subsection 431(1) of the Act before paragraph (a) is replaced by the following:

  Marginal note:Disclosure required on opening a deposit account

  • 431. (1) Subject to subsections (2) to (4), a company shall not open a deposit account in the name of a customer unless, at or before the time the account is opened, the company provides in writing to the individual who requests the opening of the account

• Marginal note:1997, c. 15, s. 378

  (2) Subsections 431(2) to (5) of the Act are replaced by the following:

  • Marginal note:Exception

    (2) If a deposit account is not a personal deposit account and the amount of a charge applicable to the account cannot be established at or before the time the account is opened, the company shall, as soon as is practicable after the amount is established, provide the customer in whose name the account is kept with a notice in writing of the amount of the charge.

  • Marginal note:Exception

    (3) If a company has a deposit account in the name of a customer and the customer by telephone requests the opening of another deposit account in the name of the customer and the company has not complied with subsection (1) in respect of the opening of that other account, the company shall not open the account unless it provides the customer orally with any information prescribed at or before the time the account is opened.

  • Marginal note:Disclosure in writing

    (4) If a company opens an account under subsection (3), it shall, not later than seven business days after the account is opened, provide to the customer in writing the agreement and information referred to in subsection (1).

  • Marginal note:Right to close account

    (5) A customer may, within 14 business days after a deposit account is opened under subsection (3), close the account without charge and in such case is entitled to a refund of any charges related to the operation of the account, other than interest charges, incurred while the account was open.

  • Marginal note:Regulations

    (6) For the purposes of subsection (4), the Governor in Council may make regulations prescribing circumstances in which, and the time when, the agreement and information will be deemed to have been provided to the customer.