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Jobs and Economic Growth Act (S.C. 2010, c. 12)

Full Document:  

Assented to 2010-07-12

PART 9R.S., c. 32 (2nd Supp.)PENSION BENEFITS STANDARDS ACT, 1985

Amendments to the Act

Replacement of “void” with “void or, in Quebec, null”

1825. The English version of the Act is amended by replacing “void” with “void or, in Quebec, null” in the following provisions:

  • (a) the definition “spouse” in subsection 2(1);

  • (b) paragraphs 16.1(4)(g) and (5)(c);

  • (c) subsections 36(1), (2) and (4); and

  • (d) subsections 37(1) and (2).

Transitional Provision

Marginal note:Adoption of new plan

1826. If, as a result of the adoption of a new plan, employer contributions to a pension plan are suspended or cease before the day on which subsection 29(4) of the Pension Benefits Standards Act, 1985, as enacted by subsection 1816(2), comes into force, the original plan is deemed not to have been terminated, and the pension benefits and other benefits provided under the original plan are deemed to be benefits provided under the new plan in respect of any period of membership before the adoption of the new plan, regardless of whether the assets and liabilities of the original plan have been consolidated with those of the new plan.

Coming into Force

Marginal note:Order in council

1827. The provisions of this Part — other than sections 1788, 1789, 1792, 1793, 1794, 1796, 1798, 1799, 1801, 1803, 1810 and 1811, subsection 1813(2), section 1814, subsections 1816(1) and (3), section 1819, subsections 1820(2) to (5), (7), (8) and (10) and sections 1821, 1824 and 1825 — come into force on a day or days to be fixed by order of the Governor in Council.

PART 10AGREEMENT ON SOCIAL SECURITY BETWEEN CANADA AND THE REPUBLIC OF POLAND — RETROACTIVE COMING INTO FORCE

Marginal note:Coming into force of Agreement

1828. Despite sections 41 and 42 of the Old Age Security Act, the Agreement on Social Security between Canada and the Republic of Poland, signed on April 2, 2008, is deemed to have come into force in Canada on October 1, 2009.

Marginal note:Actions taken

1829. All actions taken in accordance with the conditions of the Agreement referred to in section 1828 during the period beginning on October 1, 2009 and ending on the day on which section 1828 comes into force, including the exchange of information — with respect to a person — that is obtained under the Old Age Security Act or prepared under that Act from that information between the competent authorities or competent institutions of Canada and the Republic of Poland and the payment of any benefits purporting to have been made under that Act, are deemed to be lawful.

Marginal note:Interpretation

1830. For the purposes of section 1829, “competent authority” and “competent institution” have the same meanings as in the Agreement referred to in section 1828.

PART 11R.S., c. E-20; 2001, c. 33, s. 2(F)EXPORT DEVELOPMENT ACT

Marginal note:1993, c. 26, s. 4(1)

1831. Paragraph 10(1.1)(h) of the Export Development Act is replaced by the following:

  • (h) make any investment or enter into any transaction, including any transaction whose object is the management of portfolio risks, that is necessary or desirable for the financial management of the Corporation;

Marginal note:1993, c. 26, s. 6

1832. Section 17 of the Act is replaced by the following:

Marginal note:Offices

  • 17. (1) The Corporation may establish offices in and outside Canada, and the Corporation’s head office shall be in the National Capital Region as described in the schedule to the National Capital Act.

  • Marginal note:Approval

    (2) The Corporation shall obtain the approval of the Minister and the Minister of Foreign Affairs before establishing any office outside Canada.

  • Marginal note:Conditions

    (3) The approval may be of a limited duration and may be subject to conditions.

  • Marginal note:Revocation

    (4) Either the Minister or the Minister of Foreign Affairs may, if he or she considers it appropriate, revoke the approval by giving notice to the Corporation of the revocation and of its effective date.

Marginal note:1993, c. 26, s. 8

1833. Subsection 23(6) of the Act is replaced by the following:

  • Marginal note:Financial management

    (6) The Minister, with the concurrence of the Minister of Finance, may authorize the Corporation to make any investment or enter into any transaction or any class of transactions — including the forgiveness in whole or in part of any debt or obligation — that is necessary or desirable for the management of assets and liabilities arising out of any transaction that may be entered into under this section.

PART 12PAYMENT CARD NETWORKS

Enactment of Payment Card Networks Act

Marginal note:Enactment

1834. The Payment Card Networks Act is enacted as follows:

An Act respecting payment card networks

SHORT TITLE

Marginal note:Short title

1. This Act may be cited as the Payment Card Networks Act.

PURPOSE

Marginal note:Purpose

2. The purpose of this Act is to regulate national payment card networks and the commercial practices of payment card network operators.

INTERPRETATION

Marginal note:Definitions

3. The following definitions apply in this Act.

“acquirer”

« acquéreur »

“acquirer” means an entity that enables merchants to accept payments by payment card by providing merchants with access to a payment card network for the transmission or processing of those payments. It does not include that entity’s agent or mandatary.

“entity”

« entité »

“entity” means a corporation, trust or partnership, or an unincorporated association or organization.

“issuer”

« émetteur »

“issuer” means an entity or provincial Crown corporation that issues payment cards.

“Minister”

« ministre »

“Minister” means the Minister of Finance.

“payment card”

« carte de paiement »

“payment card” means a credit or debit card — or any other prescribed device — used to access a credit or debit account on terms specified by the issuer. It does not include a credit card issued for use only with the merchants identified on the card.

“payment card network”

« réseau de cartes de paiement »

“payment card network” means an electronic payment system — other than a prescribed payment system — used to accept, transmit or process transactions made by payment card for money, goods or services and to transfer information and funds among issuers, acquirers, merchants and payment card users.

“payment card network operator”

« exploitant de réseau de cartes de paiement »

“payment card network operator” means an entity that operates or manages a payment card network, including by establishing standards and procedures for the acceptance, transmission or processing of payment transactions and by facilitating the electronic transfer of information and funds.

APPLICATION

Marginal note:Application

4. This Act applies to payment card network operators.

FINANCIAL CONSUMER AGENCY OF CANADA

Marginal note:Supervision

  • 5. (1) The Financial Consumer Agency of Canada, established under section 3 of the Financial Consumer Agency of Canada Act, is responsible for supervising payment card network operators to determine whether they are in compliance with the provisions of this Act and the regulations.

  • Marginal note:Examination and inquiry

    (2) The Commissioner of the Financial Consumer Agency of Canada, appointed under section 4 of the Financial Consumer Agency of Canada Act, must, from time to time but at least once in each year, make or cause to be made any examination and inquiry that the Commissioner considers necessary to determine whether the provisions of this Act and the regulations are being complied with and, after the conclusion of each examination and inquiry, must report on it to the Minister.

  • Marginal note:Power of Commissioner on inquiry

    (3) For the purposes of this section, the Commissioner has all the powers of a person appointed as a commissioner under Part II of the Inquiries Act for the purpose of obtaining evidence under oath, and may delegate those powers to any person acting under the Commissioner’s direction.

  • Marginal note:Access to records

    (4) For the purposes of this section, the Commissioner or a person acting under the Commissioner’s direction

    • (a) has a right of access to any records, including electronic records, of a payment card network operator; and

    • (b) may require the directors or officers of a payment card network operator to provide information and explanations, to the extent that they are reasonably able to do so.

  • Marginal note:Required information

    (5) A payment card network operator must provide the Commissioner with any information that the Commissioner may require for the purposes of this section.

  • Marginal note:Confidential information

    (6) Subject to subsection (7), information regarding the business or affairs of a payment card network operator, or regarding persons dealing with one, that is obtained by the Commissioner or by a person acting under the Commissioner’s direction, in the course of the exercise or performance of powers, duties and functions under this section or under subsection 5(1.1) or (2.1) of the Financial Consumer Agency of Canada Act, and any information prepared from that information, is confidential and must be treated accordingly.

  • Marginal note:Disclosure permitted

    (7) If the Commissioner is satisfied that the information will be treated as confidential by the person to whom it is disclosed, the Commissioner may disclose it to the Deputy Minister of Finance, or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance, for the purpose of policy analysis related to the regulation of payment card network operators.

  • Marginal note:Compliance agreement

    (8) The Commissioner may enter into an agreement, called a “compliance agreement”, with a payment card network operator for the purpose of implementing any measure designed to further compliance by it with the provisions of this Act and the regulations.

REGULATIONS

Marginal note:Regulations

6. The Governor in Council may, on the recommendation of the Minister, make regulations

  • (a) respecting payment card networks;

  • (b) specifying the types of rates that a payment card network operator must disclose and the manner in which the disclosure must be made;

  • (c) prescribing the time and manner in which a payment card network operator must give notice of any new rates or any changes in its rates or fee schedules, as well as to whom the notice must be given;

  • (d) prescribing conditions regarding the issuance of payment cards that a payment card network operator must include in any agreement entered into with an issuer;

  • (e) prescribing conditions that a payment card network operator must include in any agreement entered into with an acquirer;

  • (f) prescribing anything that by this Act is to be prescribed; and

  • (g) generally for carrying out the purposes and provisions of this Act.

GENERAL

Marginal note:Enforcing conditions

7. A payment card network operator that is a party to an agreement containing any of the conditions required by regulations made under paragraph 6(d) or (e) must take reasonable measures to enforce those conditions.

Marginal note:Exemption

8. The Minister may, by order, exempt a payment card network operator from any of the provisions of this Act or the regulations.

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