Financial Consumer Agency of Canada Act (S.C. 2001, c. 9)
Full Document:
Assented to 2001-06-14
AMENDMENTS TO OTHER ACTS
R.S., c. B-3Bankruptcy and Insolvency Act
Marginal note:1992, c. 27, s. 3(2)
572. (1) Paragraph (b) of the definition “bank” in subsection 2(1) of the Bankruptcy and Insolvency Act is replaced by the following:
(b) every other member of the Canadian Payments Association established by the Canadian Payments Act, and
(2) Subsection 2(1) of the Act is amended by adding the following in alphabetical order:
“Superintendent of Financial Institutions”
« surintendant des institutions financières »
“Superintendent of Financial Institutions” means the Superintendent of Financial Institutions appointed under subsection 5(1) of the Office of the Superintendent of Financial Institutions Act;
Marginal note:1992, c. 27, s. 30
573. Paragraph 65.1(7)(b) of that Act is replaced by the following:
(b) to prevent a member of the Canadian Payments Association established by the Canadian Payments Act from ceasing to act as a clearing agent or group clearer for an insolvent person in accordance with that Act and the by-laws and rules of that Association.
574. The Act is amended by adding the following after section 69.41:
Marginal note:No stay, etc., in certain cases
69.42 Despite anything in this Act, no provision of this Act shall have the effect of staying or restraining, and no order may be made under this Act staying or restraining,
(a) the exercise by the Minister of Finance or the Superintendent of Financial Institutions of any power, duty or function assigned to them by the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act or the Trust and Loan Companies Act;
(b) the exercise by the Governor in Council, the Minister of Finance or the Canada Deposit Insurance Corporation of any power, duty or function assigned to them by the Canada Deposit Insurance Corporation Act; or
(c) the exercise by the Attorney General of Canada of any power, assigned to him or her by the Winding-up and Restructuring Act.
R.S., c. C-36Companies’ Creditors Arrangement Act
575. Section 2 of the Companies’ Creditors Arrangement Act is amended by adding the following in alphabetical order:
“Superintendent of Financial Institutions”
« surintendant des institutions financières »
“Superintendent of Financial Institutions” means the Superintendent of Financial Institutions appointed under subsection 5(1) of the Office of the Superintendent of Financial Institutions Act;
Marginal note:1997, c. 12, s. 124
576. Subsection 11.1(2) of the Act is replaced by the following:
Marginal note:No stay, etc., in certain cases
(2) No order may be made under this Act staying or restraining the exercise of any right to terminate, amend or claim any accelerated payment under an eligible financial contract or preventing a member of the Canadian Payments Association established by the Canadian Payments Act from ceasing to act as a clearing agent or group clearer for a company in accordance with that Act and the by-laws and rules of that Association.
577. The Act is amended by adding the following after section 11.1:
Marginal note:No stay, etc., in certain cases
11.11 No order may be made under this Act staying or restraining
(a) the exercise by the Minister of Finance or the Superintendent of Financial Institutions of any power, duty or function assigned to them by the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act or the Trust and Loan Companies Act;
(b) the exercise by the Governor in Council, the Minister of Finance or the Canada Deposit Insurance Corporation of any power, duty or function assigned to them by the Canada Deposit Insurance Corporation Act; or
(c) the exercise by the Attorney General of Canada of any power, assigned to him or her by the Winding-up and Restructuring Act.
R.S., c. C-34; R.S., c. 19 (2nd Supp.), s. 19Competition Act
578. The Competition Act is amended by adding the following after section 29.1:
Marginal note:Communication to Minister of Finance
29.2 (1) Notwithstanding subsection 29(1), the Commissioner may, if requested to do so by the Minister of Finance in accordance with subsection (3), communicate or allow to be communicated to the Minister of Finance any information referred to in subsection (2) that is specifically requested by the Minister of Finance.
Marginal note:Information
(2) The information that may be communicated under this section is
(a) the identity of any person from whom information was obtained under this Act;
(b) any information obtained in the course of an inquiry under section 10;
(c) any information obtained under section 11, 15, 16 or 114;
(d) any information obtained from a person requesting a certificate under section 102;
(e) whether notice has been given or information supplied in respect of a particular proposed transaction under section 114; and
(f) any information collected, received or generated by or on behalf of the Commissioner, including compilations and analyses.
Marginal note:Contents of request
(3) Requests under this section must be in writing and must
(a) specify the information referred to in any of paragraphs (2)(a) to (f) that is required;
(b) state that the Minister of Finance requires the information
(i) to consider a merger or proposed merger under the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act or the Trust and Loan Companies Act, or
(ii) to permit the Minister of Finance to determine whether he or she should provide the Commissioner with a certificate described in paragraph 94(b) in respect of such a merger or proposed merger;
and
(c) identify the merger or proposed merger.
Marginal note:Restriction
(4) The information communicated under subsection (1) may be used only for the purpose of making a decision in respect of the merger or proposed merger.
Marginal note:Confidentiality
(5) No person who performs or has performed duties or functions, in the administration or enforcement of the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act or the Trust and Loan Companies Act shall communicate or allow to be communicated to any other person any information communicated under subsection (1), except to other persons who perform those duties or functions.
Marginal note:1991, c. 47, s. 716(2); 1999, c. 2, par. 37(z.8)
579. Paragraph 94(b) of the Act is replaced by the following:
(b) a merger or proposed merger under the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act or the Trust and Loan Companies Act in respect of which the Minister of Finance has certified to the Commissioner the names of the parties and that the merger is in the public interest — or that it would be in the public interest, taking into account any terms and conditions that may be imposed under those Acts.
Marginal note:1991, c. 47, s. 717; 1999, c. 2, par. 37(z.14)
580. Paragraph 113(a.1) of the Act is replaced by the following:
(a.1) a transaction in respect of which the Minister of Finance has certified to the Commissioner under paragraph 94(b) that it is, or would be, in the public interest;
1998, c. 13Depository Bills and Notes Act
581. The Depository Bills and Notes Act is amended by adding the following after section 5:
Marginal note:Payment from assets of partnership, etc.
5.1 For the purposes of sections 4 and 5, an order or a promise to pay is not conditional by reason only that it is limited to payment from the assets of a partnership, unincorporated association, trust or estate.
582. The Act is amended by adding the following after section 15:
Marginal note:Payment from assets of partnership, etc.
15.1 For the purposes of sections 13, 14 and 15, a depository bill or a depository note whose order or promise to pay is limited to payment from the assets of a partnership, unincorporated association, trust or estate is not dishonoured by its acceptor, drawer or maker if that person provides funds to the clearing house to which it is payable in accordance with the order or promise to pay and section 17.
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