An Act to amend the law governing financial institutions and to provide for related and consequential matters (S.C. 2007, c. 6)
Full Document:
Assented to 2007-03-29
Marginal note:2001, c. 9, s. 465
331. Paragraph 1019(1)(c) of the Act is replaced by the following:
(c) applications for exemptions under subsection 164.04(3) or 789(3); and
332. The Act is amended by adding the following after section 1019:
Applications for Certain Approvals
Marginal note:Application for certain approvals
1019.1 (1) An application for the prior written approval of the Minister in respect of any of the following provisions must be filed with the Superintendent and contain the information, material and evidence that the Superintendent may require:
(a) paragraphs 441(1)(d), (d.1) and (h);
(b) paragraphs 495(7)(c), (d) and (d.1);
(c) paragraph 542(2)(a);
(d) subsection 554(5), in relation to an entity that is engaging in any activity referred to in section 441; and
(e) paragraphs 971(5)(c), (d) and (d.1).
Marginal note:Certification of receipt of application
(2) If, in the opinion of the Superintendent, the application contains all the required information, the Superintendent must refer it to the Minister, together with his or her analysis in relation to the application, and send a receipt to the applicant certifying the date on which the application was referred to the Minister.
Marginal note:Incomplete application
(3) If, in the opinion of the Superintendent, the application is incomplete, the Superintendent must send a notice to the applicant specifying the information required by the Superintendent to complete it.
Marginal note:Notice of decision
(4) Subject to subsection (5), the Minister must, within 30 days after the certified date referred to in subsection (2), send to the applicant
(a) a notice approving the application; or
(b) if the Minister is not satisfied that the application should be approved, a notice to that effect.
Marginal note:Extension of period
(5) If the Minister is unable to complete the consideration of an application within the 30-day period, the Minister must, within that period, send a notice to the applicant informing the applicant that the Minister has extended the period for a further period set out in the notice.
Marginal note:Deemed approval
(6) If the Minister does not send the notice referred to in subsection (4) or, where applicable, subsection (5), within the required period, the Minister is deemed to have approved the application.
333. The Act is amended by adding the following after section 1023:
Marginal note:False or misleading information
1023.1 Every person who knowingly provides false or misleading information in relation to any matter under this Act or the regulations is guilty of an offence.
Marginal note:SOR/2006-157
334. (1) The definitions “fire insurance” and “loss of employment insurance” in the schedule to the Act are repealed.
Marginal note:SOR/2006-157
(2) The definition maritimes et fluviales in the schedule to the French version of the Act is repealed.
Marginal note:SOR/2006-157
(3) Subparagraph (b)(iii) of the definition “life insurance” in the schedule to the Act is replaced by the following:
(iii) undertakes to provide an annuity — or what would be an annuity except that the periodic payments may be unequal in amount — for a term dependent solely or partly on the life of a person.
(4) The schedule to the French version of the Act is amended by adding the following in alphabetical order:
« maritime »
“marine insurance”
maritime Assurance de responsabilité pour blessures corporelles ou décès d’une personne ou pour perte ou dommage matériels, survenant soit au cours d’un voyage ou d’une expédition en mer ou sur une voie d’eau intérieure, soit à l’occasion d’un retard dans le cadre d’un tel voyage ou d’une telle expédition ou au cours d’un transport connexe qui ne se fait pas sur l’eau, ou assurance contre toute perte ou dommage matériels subis dans l’un ou l’autre de ces cas.
335. The Act is amended by replacing the expression “one billion dollars” with the expression “two billion dollars” in the following provisions:
(a) subsection 411(2);
(b) subsection 416(1);
(c) subsection 938(2); and
(d) subsection 943(1).
336. The French version of the Act is amended by replacing the expression “qui exerce une” with the expression “dont l’activité commerciale comporte une” in the following provisions:
(a) paragraphs 495(6)(b) and (c);
(b) paragraph 554(4)(b); and
(c) paragraphs 971(4)(b) and (c).
PART 41991, c. 45AMENDMENTS TO THE TRUST AND LOAN COMPANIES ACT
337. Section 9 of the Trust and Loan Companies Act is amended by adding the following after subsection (4):
Marginal note:Contravention
(5) A person contravenes a provision of Part VII if the person agrees to act jointly or in concert with one or more other persons in such a manner that a deemed single person contravenes the provision.
Marginal note:2001, c. 9, s. 484; 2006, c. 4, s. 202
338. Section 20 of the Act is replaced by the following:
Marginal note:Sunset provision
20. (1) Subject to subsections (2) and (3), companies shall not carry on business after the day that is the fifth anniversary of the day on which this section comes into force.
Marginal note:Extension
(2) The Governor in Council may, by order, extend by up to six months the time during which companies may continue to carry on business. No more than one order may be made under this subsection.
Marginal note:Exception
(3) If Parliament dissolves on the fifth anniversary of the day on which this section comes into force, on any day within the three-month period before that anniversary or on any day within an extension under subsection (2), companies may continue to carry on business for 180 days after the first day of the first session of the next Parliament.
339. Paragraph 37(1)(f) of the Act is replaced by the following:
(f) maintain outside Canada any records or registers required by this Act to be maintained in Canada.
Marginal note:1994, c. 24, s. 349(1)(q)(F); 2001, c. 9, s. 487
340. Sections 38 to 40 of the Act are replaced by the following:
Marginal note:Transferring to other federal Acts
38. (1) A company may
(a) apply, under the Bank Act, for letters patent continuing the company as a bank or a bank holding company under that Act, or amalgamating and continuing the company as a bank or a bank holding company under that Act;
(b) apply, with the approval in writing of the Minister, under the Canada Business Corporations Act, for a certificate of continuance as a corporation under that Act;
(c) apply, with the approval in writing of the Minister, under the Canada Cooperatives Act, for a certificate of continuance, or a certificate of continuance and a certificate of amalgamation, as a cooperative under that Act;
(d) apply, under the Cooperative Credit Associations Act, for letters patent continuing the company as an association under that Act, or amalgamating and continuing the company as an association under that Act; or
(e) apply, under the Insurance Companies Act, for letters patent continuing the company as a company (other than a mutual company) or an insurance holding company under that Act, or amalgamating and continuing the company as a company (other than a mutual company) or an insurance holding company under that Act.
Marginal note:Conditions for approval
(2) The approval referred to in paragraph (1)(b) or (c) may be given only if the Minister is satisfied that
(a) the company has published, once a week for four consecutive weeks in the Canada Gazette and in a newspaper in general circulation at or near the place where the head office of the company is situated, a notice of its intention to apply for the approval;
(b) the company is not carrying on any of the fiduciary activities referred to in section 412;
(c) unless the company is a subsidiary of another company and it uses the name of the other company in its name as permitted by section 48, the company will not use the word “fiduciaire”, “fiduciary”, “fiducie”, “loan”, “loanco”, “prêt”, “trust” or “trustco” in its name after the certificate referred to in that paragraph is issued;
(d) the company does not hold deposits, other than deposits that are made by a person who controls the company or by a person who has a significant interest in a class of shares of the company and that are not insured by the Canada Deposit Insurance Corporation; and
(e) the application has been authorized by a special resolution.
Marginal note:Withdrawing application
(3) If a special resolution authorizing the application for the certificate or letters patent so states, the directors of the company may, without further approval of the shareholders, withdraw the application before it is acted on.
Marginal note:Restriction on other transfers
(4) A company may not apply to be continued, or to be amalgamated and continued, as the case may be, as a body corporate other than one referred to in subsection (1).
Marginal note:Act ceases to apply
39. If a company applies for a certificate or letters patent referred to in section 38 in accordance with that section and the certificate is given or the letters patent are issued, this Act ceases to apply to the company as of the day the certificate or the letters patent take effect.
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