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
430. (1) Subsection 19(1) of the Act is amended by adding the following after paragraph (b):
(b.1) respecting the destruction of payment items;
(2) Subsection 19(2) of the French version of the Act is replaced by the following:
Marginal note:Pouvoirs du président du conseil
(2) Aux assemblées du conseil ou du comité de direction, le président du conseil tranche de façon définitive toute question soulevée visant à savoir si une règle projetée est conforme aux règlements administratifs.
Marginal note:2001, c. 9, s. 234(2)
(3) Subsection 19(3) of the Act is replaced by the following:
Marginal note:Rules to be available
(3) The Association shall make a copy of every rule available to members in the manner determined by the President.
431. Subsections 20(2) and (3) of the French version of the Act are replaced by the following:
Marginal note:Président du comité de direction
(2) Le président du conseil est le président du comité de direction.
Marginal note:Voix prépondérante
(3) En cas de partage des voix à une assemblée du comité de direction, le président du comité a voix prépondérante.
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.
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