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An Act to amend the law governing financial institutions and to provide for related and consequential matters (S.C. 2007, c. 6)

Assented to 2007-03-29

PART 5AMENDMENTS TO OTHER ACTS

R.S., c. C-21; 2001, c. 9, s. 218Canadian Payments Act

Marginal note:2001, c. 9, s. 238

432. Subsection 21.2(6) of the French version of the Act is replaced by the following:

  • Marginal note:Président du comité consultatif et vice-président

    (6) Le président du comité consultatif et son vice-président sont élus par les membres du comité consultatif, en leur sein, pour un mandat maximal de deux ans.

433. Section 24 of the French version of the Act is replaced by the following:

Marginal note:Quorum

24. À une assemblée des membres convoquée en vue de nommer un vérificateur, ou d’examiner un règlement administratif imposant une sanction ou d’examiner un budget d’exploitation ou d’investissement, le quorum est atteint lorsque les membres présents réputés l’être en vertu du paragraphe 13(2) ou représentés sont, ensemble, tenus de payer plus de la moitié des cotisations payables pour l’exercice au cours duquel se tient cette assemblée en vertu des règlements administratifs applicables à cet exercice.

434. The Act is amended by adding the following after section 47:

Marginal note:Delegation

48. The Minister may delegate any of the Minister’s powers, duties and functions under this Act to any Minister of State appointed under the Ministries and Ministers of State Act to assist the Minister.

2001, c. 9Financial Consumer Agency of Canada Act

435. Section 18 of the Financial Consumer Agency of Canada Act is amended by adding the following after subsection (3):

  • Marginal note:Exception

    (3.1) No assessment is to be made in respect of

    • (a) a company to which the Insurance Companies Act applies that was exempt from the application of paragraphs 165(2)(f) and (g) and sections 479 to 489.2 of that Act during the entire fiscal year to which the assessment relates; or

    • (b) a foreign company to which that Act applies that was exempt from the application of sections 598 to 607.1 of that Act during the entire fiscal year to which the assessment relates.

436. Subsection 19(2) of the Act is replaced by the following:

  • Marginal note:Maximum penalties

    (2) The maximum penalty for a violation is $50,000 in the case of a violation that is committed by a natural person, and $200,000 in the case of a violation that is committed by a financial institution.

437. Subsection 141(2) of the Act is repealed.

1992, c. 56Green Shield Canada Act

Marginal note:1996, c. 6, s. 165(2)

  • 438. (1) The portion of subsection 17(1) of the Green Shield Canada Act is replaced by the following:

    Marginal note:Application of the Insurance Companies Act

    • 17. (1) Subject to any other provision of this Act, the following provisions of the Insurance Companies Act, together with any regulations made under or for the purposes of those provisions, apply to the Association, with any modifications that the circumstances require:

  • Marginal note:1996, c. 6, s. 165(2)

    (2) Paragraph 17(1)(d) of the Act is replaced by the following:

    • (d) section 53, paragraphs 54(a) and (c), subsections 56(1) and 58(2), paragraphs 59(1)(b) and (c), subsections 59(2) to (6), 60(1) and (2) and 61(1), paragraph 62(1)(a) and subsections 62(2) to (5) of Part IV;

  • Marginal note:2001, c. 9, s. 343(2)

    (3) Paragraph 17(1)(e) of the Act is replaced by the following:

    • (e) sections 160 to 162, paragraphs 165(2)(a) to (e), (h) and (i), sections 166 and 167, subsection 168(1), sections 170 to 172, subsections 174(1) and (3) to (6), 174(7) (except the reference in it to subsection 173(4)) and 175(1) and (4), sections 177 and 189 to 194, subsection 195(1), sections 196, 202 and 203, subsections 204(1) and (2), paragraphs 204(3)(a) to (c), subsections 204(4) to (6), sections 205 and 206, paragraphs 207(a), (b), (c), (h) and (i), sections 208 to 215, paragraphs 216(2)(d) and (e), subsections 217(1) and (2), paragraphs 217(3)(a) and (c), sections 218 to 223, 244, 254, 255 and 260, subsections 261(1) and (2) and 262(1) to (6), sections 266 to 268, paragraphs 269(a) and (b), sections 270, 278, 279 and 330, subsections 331(1) and (2), paragraphs 331(3)(b) and (c), subsections 331(4) and (6), sections 332 to 357 and 359.1 to 380, paragraph 381(1)(a), subsection 381(2) and sections 382 to 406 of Part VI;

  • Marginal note:2001, c. 9, s. 343(3)

    (4) Paragraph 17(1)(f.1) of the Act is replaced by the following:

    • (f.1) paragraphs 165(2)(f) and (g) of Part VI and sections 479 to 489, 489.2 and 489.3 of Part VIII;

  • Marginal note:2001, c. 9, s. 343(4)

    (5) Paragraph 17(1)(h) of the Act is replaced by the following:

    • (h) sections 515 and 517 of Part X; and

R.S., c. 28 (1st Supp.)Investment Canada Act

Marginal note:2001, c. 9, s. 589

  • 439. (1) Paragraph 10(1)(h) of the Investment Canada Act is replaced by the following:

    • (h) any transaction to which Part XII.01 of the Bank Act applies;

  • Marginal note:1991, c. 47, s. 735

    (2) Subparagraphs 10(1)(j)(ii) and (iii) of the Act are replaced by the following:

    • (ii) a foreign entity that has been approved by order of the Superintendent of Financial Institutions under Part XIII of the Insurance Companies Act to insure in Canada risks, on the condition that the gross investment revenue of the company from the Canadian business is included in computing the income of the company under subsection 138(9) of the Income Tax Act and the voting interests of the entity carrying on the Canadian business, or the assets used in carrying on the Canadian business, are vested in trust under that Part, or

    • (iii) a corporation incorporated in Canada, all the issued voting shares of which, other than the qualifying voting shares of directors, are owned by an insurance company described in subparagraph (i), a foreign entity described in subparagraph (ii) or by a corporation controlled directly or indirectly through the ownership of voting shares by such an insurance company or foreign entity, on the condition that, in the case of a foreign entity described in subparagraph (ii), the voting interests of the entity carrying on the Canadian business, or the assets used in carrying on the Canadian business, are vested in trust under Part XIII of the Insurance Companies Act; and

R.S., c. N-11National Housing Act

440. The National Housing Act is amended by adding the following after section 17:

Marginal note:Mortgage insurance

17.1 The Corporation may provide the liquidator of a company, society or foreign company within the meaning of subsection 2(1) of the Insurance Companies Act with services in relation to the company’s, society’s or foreign company’s mortgage insurance business, and it may acquire some or all of the company’s, society’s or foreign company’s mortgage insurance policies or reinsure some or all of its mortgage insurance policies.

1996, c. 6, Sch.Payment Clearing and Settlement Act

441. Subsection 4(2) of the Payment Clearing and Settlement Act is replaced by the following:

  • Marginal note:Revocation

    (2) The Governor of the Bank may revoke a designation if he or she is of the opinion that the designated clearing and settlement system may be operated in a manner that no longer poses a systemic risk and the Minister is of the opinion that revoking the designation is in the public interest.

  • Marginal note:Notice

    (3) If a designation is made or revoked, the Governor of the Bank shall, in writing, so inform in advance the clearing and settlement system’s clearing house and shall cause a copy of the designation or revocation, as the case may be, to be published in the Canada Gazette.

Marginal note:2002, c. 14, s. 1

442. Paragraph (b) of the definition “securities and derivatives clearing house” in subsection 13.1(3) of the Act is replaced by the following:

R.S., c. W-11; 1996, c. 6, s. 134Winding-up and Restructuring Act

Marginal note:1996, c. 6, s. 135(2)

443. The definition “foreign insurance company” in subsection 2(1) of the Winding-up and Restructuring Act is replaced by the following:

“foreign insurance company”

« société étrangère »

“foreign insurance company” means an insurance company that is authorized under Part XIII of the Insurance Companies Act to insure in Canada risks;

Marginal note:1992, c. 26, s. 19

444. Section 3 of the Act is amended by striking out the word “or” at the end of paragraph (h) and by replacing paragraph (i) with the following:

  • (i) if, in the case of a company that is a federal member institution, within the meaning assigned to that expression by the Canada Deposit Insurance Corporation Act, the shares and subordinated debt of which have been vested in the Canada Deposit Insurance Corporation by order of the Governor in Council under paragraph 39.13(1)(a) of that Act, a transaction or series of transactions referred to in subsection 39.2(1) of that Act is not, in the opinion of the Corporation, substantially completed on or before the date that is not later than

    • (i) 60 days after the making of the order vesting the shares and subordinated debt of the federal member institution in the Corporation, or

    • (ii) the expiration of any extension of that period; or

  • (j) if, in the case of a company that is a federal member institution, within the meaning assigned to that expression by the Canada Deposit Insurance Corporation Act, in respect of which the Canada Deposit Insurance Corporation has been appointed as receiver by order of the Governor in Council under paragraph 39.13(1)(b) of that Act, a transaction or series of transactions referred to in subsection 39.2(2) of that Act is not, in the opinion of the Corporation, substantially completed on or before the date that is not later than

    • (i) 60 days after the making of the order appointing the Corporation as receiver, or

    • (ii) the expiration of any extension of that period.

Marginal note:1996, c. 6, s. 161

445. Paragraph 161(6)(b) of the Act is replaced by the following:

  • (b) holders of policies of a class of insurance specified in the order of the Superintendent under Part XIII of the Insurance Companies Act, other than holders of a policy exempt from Part XIII by virtue of section 572.1 of that Act, and

Marginal note:1996, c. 6, s. 161

  • 446. (1) Subsections 162(1) and (2) of the Act are replaced by the following:

    Marginal note:Transfer and reinsurance of policies by liquidator

    • 162. (1) The liquidator may, with the approval of the court and without the consent of the policyholders, arrange for the transfer or reinsurance of

      • (a) all or a portion of the policies of the company, in the case of a company other than a foreign company, or

      • (b) all or a portion of the policies in respect of a foreign company’s insurance business in Canada

      in a company, society, foreign company or provincial company within the meaning of subsection 2(1) of the Insurance Companies Act or an insurance company incorporated by or under an Act of a legislature of a province and authorized under the laws of the province to issue policies of the class being transferred or reinsured, if the terms of the transfer or reinsurance are, in the opinion of the court having regard to the priorities set out in this Part, fair and equitable to

      • (c) the policyholders whose policies are being transferred or reinsured,

      • (d) the estate of the company as a whole, and

      • (e) the remaining policyholders of the company.

    • Marginal note:Transfer and reinsurance of policies by liquidator

      (2) The liquidator may, with the approval of the court and without the consent of the policyholders, arrange for the transfer or reinsurance of all or a portion of the policies of the company, other than policies in respect of its insurance business in Canada, in any body corporate if the terms of the transfer or reinsurance are, in the opinion of the court, having regard to the priorities set out in this Part, fair and equitable to

      • (a) the policyholders whose policies are being transferred or reinsured;

      • (b) the estate of the company as a whole; and

      • (c) the remaining policyholders of the company.

  • (2) Section 162 of the Act is amended by adding the following after subsection (3):

    • Marginal note:Mortgage insurance policies

      (4) The liquidator of a company, society or foreign company within the meaning of subsection 2(1) of the Insurance Companies Act may, with the approval of the court and the consent of the Canada Mortgage and Housing Corporation, and without the consent of the policyholders, arrange for the transfer to that corporation of all or a portion of the company’s, society’s or foreign company’s policies of mortgage insurance, or arrange for the reinsurance of all or a portion of those policies by that corporation.

Marginal note:1996, c. 6, s. 161

447. Section 165 of the Act is replaced by the following:

Marginal note:Transfer to foreign liquidator

165. If a foreign company is in liquidation in the country in which its head office is situated, the Superintendent may, if the Superintendent considers it advisable and in the interests of policyholders in respect of the foreign company’s insurance business in Canada, authorize the liquidator, subject to the approval of the court, to transfer the assets of the foreign company to the liquidator in that country.

Marginal note:1996, c. 6, s. 161

448. Subsection 168(1) of the Act is replaced by the following:

Marginal note:Copy of statement filed in Office of the Superintendent

  • 168. (1) A copy of the statement referred to in subsection 166(1), certified by the liquidator, shall be filed in the Office of the Superintendent, after not less than 30 days’ notice of the liquidator’s intention to do so has been given by the liquidator by notice in the Canada Gazette and in the official gazette of each province, and in two newspapers published at or nearest the place where the head office of the company or the chief agency of the company, as the case may be, is situated.

Marginal note:1996, c. 6, s. 161

449. Section 171 of the Act is replaced by the following:

Marginal note:Publication of notice of proceedings

171. Publication in the Canada Gazette, in the official gazette of each province and in two newspapers published at or nearest the place where the head office of the company or chief agency of the company, as the case may be, is situated, of notice of any proceedings of which, under this Act, creditors should be notified, is sufficient notice to holders of policies in respect of which no notice of claim has been received.

PART 6COORDINATING AMENDMENTS AND COMING INTO FORCE

Coordinating Amendments

Marginal note:2005, c. 54

450. On the later of the day on which subsection 213(2) of An Act to amend certain Acts in relation to financial institutions, being chapter 54 of the Statutes of Canada, 2005, comes into force and the day on which subsection 438(3) of this Act comes into force ― or, if those days are the same day, then on that day ― paragraph 17(1)(e) of the Green Shield Canada Act is replaced by the following:

  • (e) sections 160 to 162, paragraphs 165(2)(a) to (d), (h) and (i), sections 166 and 167, subsection 168(1), sections 170 to 172, subsections 174(1) and (3) to (6), 174(7) (except the reference in it to subsection 173(4)) and 175(1) and (4), sections 177 and 189 to 194, subsection 195(1), sections 196, 202 and 203, subsections 204(1) and (2), paragraphs 204(3)(a) to (c), subsections 204(4) to (6), sections 205 and 206, paragraphs 207(a) to (c), (h) and (i), sections 208 to 215, paragraphs 216(2)(d) and (e), subsections 217(1) and (2), paragraphs 217(3)(a) and (c), sections 218 to 223, 244, 254, 255 and 260, subsections 261(1) and (2) and 262(1) to (6), sections 266 to 268, paragraphs 269(a) and (b), sections 270, 278, 279 and 330, paragraphs 331(1)(a) and (b) to (e), subsection 331(2), paragraphs 331(3)(b) and (c), subsections 331(4) and (6), sections 332 to 357 and 359.1 to 380, paragraph 381(1)(a), subsection 381(2) and sections 382 to 406 of Part VI;

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