SHORT TITLE

Marginal note:Short title

1. This Act may be cited as the Financial System Review Act.

PART 11991, c. 46BANK ACT

Marginal note:2001, c. 9, s. 35(7)

• 2. (1) The definition “consumer provision” in section 2 of the Bank Act is replaced by the following:

  “consumer provision”

  « disposition visant les consommateurs »

  “consumer provision” means a provision referred to in paragraph (a) or (a.1) of the definition “consumer provision” in section 2 of the Financial Consumer Agency of Canada Act;

• Marginal note:2001, c. 9, s. 35(5)

  (2) The portion of the definition banque étrangère in section 2 of the French version of the Act after paragraph (g) is replaced by the following:

  Sont exclues de la présente définition les filiales des banques figurant à l’annexe I dans sa version antérieure à l’entrée en vigueur de l’article 184 de la Loi sur l’Agence de la consommation en matière financière du Canada, sauf si le ministre prend la décision d’exclure une ou plusieurs de ces banques de l’application du paragraphe 378(1).

Marginal note:2007, c. 6, s. 4

3. Section 21 of the Act is replaced by the following:

4. Subsection 60(3) of the Act is repealed.

Marginal note:2001, c. 9, s. 63; 2007, c. 6, par. 132(a)

5. Subsection 138(1.1) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 67; 2007, c. 6, par. 132(b)

6. Subsection 156.09(2) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 73; 2007, c. 6, par. 132(c)

7. Subsection 168(3.1) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 84; 2007, c. 6, par. 132(d)

8. The portion of subsection 223(3) of the Act before paragraph (a) is replaced by the following:

Marginal note:2005, c. 54, s. 57

• 9. (1) Subsection 273(1) of the Act is replaced by the following:

  Marginal note:Distribution

  • 273. (1) No person, including a bank, shall distribute securities of a bank that is not a federal credit union except in accordance with the regulations made under subsection (2).

• Marginal note:2005, c. 54, s. 57

  (2) The portion of subsection 273(2) of the Act before paragraph (b) is replaced by the following:

  • Marginal note:Regulations

    (2) The Governor in Council may make regulations respecting the distribution of securities of a bank that is not a federal credit union, including

    • (a) respecting the information that is to be disclosed by such a bank before the distribution of any of its securities, including the information that is to be included in a prospectus;

10. The Act is amended by adding the following after section 273:

Marginal note:2005, c. 54, s. 57

11. Subsection 274(1) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(e)

• 12. (1) Subsection 374(1) of the Act is replaced by the following:

  Marginal note:Limitations on share holdings

  • 374. (1) No person may be a major shareholder of a bank with equity of twelve billion dollars or more.

• Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(e)

  (2) Subsection 374(2) of the Act is replaced by the following:

  • Marginal note:Exception — widely held bank

    (2) Subsection (1) does not apply to a widely held bank that controls, within the meaning of paragraphs 3(1)(a) and (d), the bank with equity of twelve billion dollars or more if it controlled, within the meaning of those paragraphs, the bank on the day the bank’s equity reached twelve billion dollars and it has controlled, within the meaning of those paragraphs, the bank since that day.

• Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(e)

  (3) The portion of subsection 374(3) of the Act before paragraph (b) is replaced by the following:

  • Marginal note:Exception — widely held bank holding company

    (3) Subsection (1) does not apply to a widely held bank holding company that controls, within the meaning of paragraphs 3(1)(a) and (d), the bank with equity of twelve billion dollars or more if

    • (a) the bank holding company controlled, within the meaning of those paragraphs, the bank on the day the bank’s equity reached twelve billion dollars and it has controlled, within the meaning of those paragraphs, the bank since that day;

• Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(e)

  (4) The portion of subsection 374(4) of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Exception — insurance holding companies and certain institutions

    (4) Subsection (1) does not apply to any of the following that controls, within the meaning of paragraph 3(1)(d), the bank with equity of twelve billion dollars or more if it controlled, within the meaning of that paragraph, the bank on the day the bank’s equity reached twelve billion dollars and it has controlled, within the meaning of that paragraph, the bank since that day:

• Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(e)

  (5) Subsection 374(5) of the Act is replaced by the following:

  • Marginal note:Exception — other entities

    (5) Subsection (1) does not apply to an entity that controls, within the meaning of paragraphs 3(1)(a) and (d), the bank with equity of twelve billion dollars or more if the entity is controlled, within the meaning of those paragraphs, by a widely held bank to which subsection (2) applies, or a widely held bank holding company to which subsection (3) applies, that controls the bank.

• Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(e)

  (6) The portion of subsection 374(6) of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Exception — other entities

    (6) Subsection (1) does not apply to an entity that controls, within the meaning of paragraph 3(1)(d), the bank with equity of twelve billion dollars or more if the entity is controlled, within the meaning of that paragraph, by

Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(f)

13. Subsection 374.1(1) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(g)

14. Subsection 375(1) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(h)

15. The portion of subsection 376(1) of the Act before paragraph (a) is replaced by the following:

Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(i)

16. The portion of subsection 376.01(1) of the Act before paragraph (a) is replaced by the following:

Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(j)

17. Section 376.1 of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(j)

18. Section 376.2 of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(k)

19. Subsection 377(1) of the Act is replaced by the following:

Marginal note:2007, c. 6, s. 20

20. Section 377.1 of the Act is replaced by the following:

Marginal note:2007, c. 6, s. 20

• 21. (1) Subsection 378(1) of the Act is replaced by the following:

  Marginal note:Former Schedule I banks with equity of less than five billion dollars

  • 378. (1) A bank that was named in Schedule I as that Schedule read immediately before October 24, 2001 and that had equity of less than five billion dollars on that day is deemed, for the purposes of sections 138, 156.09, 374, 376, 376.01, 376.1, 376.2, 377, 380 and 382, subsection 383(2), section 385 and subsection 396(2), to be a bank with equity of twelve billion dollars or more.

• Marginal note:2007, c. 6, s. 20

  (2) Subsection 378(3) of the Act is replaced by the following:

  • Marginal note:Non-application of subsection (1)

    (3) Subsection (1) ceases to apply to a bank with equity of less than twelve billion dollars if the Minister specifies that it no longer applies to the bank.

Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(l)

22. Section 380 of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(m)

23. Subsection 382(1) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(n)

24. Subsection 383(2) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(o) and 133(a)

• 25. (1) The portion of subsection 385(1) of the Act before paragraph (a) is replaced by the following:

  Marginal note:Public holding requirement

  • 385. (1) Every bank with equity of two billion dollars or more but less than twelve billion dollars shall, from and after the day determined under this section in respect of that bank, have, and continue to have, voting shares that carry at least 35 per cent of the voting rights attached to all of the outstanding voting shares of the bank and that are

• Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(o) and 133(a)

  (2) Paragraph 385(2)(a) of the Act is replaced by the following:

  • (a) if the bank had equity of two billion dollars or more but less than twelve billion dollars on the day the bank came into existence, the day that is three years after that day; and

Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(p)

26. Section 385.1 of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(q) and 133(b)

27. Section 387 of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(r)

28. Subsection 393(1) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(s)

29. Subsection 393.1(1) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(t)

30. The portion of subsection 394(1) of the Act before paragraph (a) is replaced by the following:

Marginal note:2001, c. 9, s. 98; 2007, c. 6, par. 132(u)

31. Paragraph 396(2)(a) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 98

32. Subsection 401.2(2) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 98

33. Subsection 401.3(2) of the Act is replaced by the following:

Marginal note:2007, c. 6, s. 24

• 34. (1) The portion of subsection 413.1(1) of the Act before paragraph (a) is replaced by the following:

  Marginal note:Notice before opening account or providing prescribed product

  • 413.1 (1) Before a bank referred to in paragraph 413(1)(b) or (c) opens a deposit account in Canada or provides in Canada a prescribed product that relates to a deposit, the bank shall, at the prescribed time and place and in the prescribed form and manner, give the person requesting the opening of the account or the provision of the product

• Marginal note:2007, c. 6, s. 24

  (2) The portion of subsection 413.1(2) of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Other notice

    (2) A bank referred to in paragraph 413(1)(b) or (c) shall, in accordance with the regulations,

• Marginal note:2001, c. 9, s. 103(2)

  (3) Paragraph 413.1(3)(a) of the Act is replaced by the following:

  • (a) prescribing the time and place at which and the form and manner in which notices referred to in subsection (1) are to be given and the other information to be contained in the notices; and

Marginal note:2009, c. 2, s. 270

35. Paragraph 418.1(3)(b) of the English version of the Act is replaced by the following:

36. Subsection 425(1) of the Act is amended by adding the following in alphabetical order:

37. Subsection 426(7) of the Act is replaced by the following:

38. Subsections 428(1) and (2) of the Act are replaced by the following:

39. The portion of paragraph 443(a) of the Act before subparagraph (i) is replaced by the following:

40. Sections 446 and 447 of the Act are replaced by the following:

Marginal note:1997, c. 15, s. 49

41. Subsection 450(1) of the Act is replaced by the following:

Marginal note:1997, c. 15, s. 50(2)

• 42. (1) Paragraph 452(1)(c) of the Act is replaced by the following:

  • (c) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement;

• Marginal note:1997, c. 15, s. 50(2)

  (2) Paragraph 452(1)(e) of the Act is replaced by the following:

  • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

• Marginal note:1997, c. 15, s. 50(3)

  (3) Subsection 452(1.1) of the Act is replaced by the following:

  • Marginal note:Disclosure in credit card applications

    (1.1) A bank shall, in accordance with the regulations, at the prescribed time and place and in the prescribed form and manner, provide prescribed information in any application forms or related documents that it prepares for the issuance of credit, payment or charge cards and provide prescribed information to any person applying to it for a credit, payment or charge card.

• Marginal note:1997, c. 15, s. 50(3)

  (4) Paragraphs 452(2)(d) and (e) of the Act are replaced by the following:

  • (d) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement; and

  • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

• Marginal note:1997, c. 15, s. 50(3)

  (5) Paragraphs 452(3)(d) and (e) of the Act are replaced by the following:

  • (d) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing under the arrangement; and

  • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

Marginal note:1997, c. 15, s. 51

43. Sections 452.1 and 453 of the Act are replaced by the following:

Marginal note:1997, c. 15, s. 51

• 44. (1) The portion of paragraph 454(a) of the Act before subparagraph (i) is replaced by the following:

  • (a) respecting the time and place at which, and the form and manner in which, a bank is to disclose to a borrower

• Marginal note:1997, c. 15, s. 51

  (2) Paragraph 454(f) of the Act is replaced by the following:

  • (f) respecting the time and place at which, and the form and manner in which, any rights, obligations, charges or penalties referred to in sections 449.1 to 453 are to be disclosed;

Marginal note:2001, c. 9, s. 122(1)

45. Subsection 456(1) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 123

• 46. (1) The portion of subsection 458.1(1) of the Act before paragraph (a) is replaced by the following:

  Marginal note:Cashing of government cheques

  • 458.1 (1) Subject to regulations made under subsection (2), a member bank shall, at any branch in Canada at which it, through a natural person, opens retail deposit accounts and disburses cash to customers, cash a cheque or other instrument for any individual, if

• Marginal note:2001, c. 9, s. 123

  (2) Subsection 458.1(2) of the Act is amended by adding “and” at the end of paragraph (b), by striking out “and” at the end of paragraph (c) and by repealing paragraph (d).

Marginal note:2009, c. 2, s. 271

• 47. (1) The portion of section 458.3 of the Act before paragraph (a) is replaced by the following:

  Marginal note:Regulations — activities

  458.3 The Governor in Council may make regulations respecting any matters involving a bank’s dealings, or its employees’, representatives’, agents’ or other intermediaries’ dealings, with customers or the public, including

• Marginal note:2009, c. 2, s. 271

  (2) Paragraph 458.3(b) of the Act is replaced by the following:

  • (b) the time and place at which and the form and manner in which any of those activities are to be carried out or any of those services are to be provided.

Marginal note:2001, c. 9, s. 124(2); 2007, c. 6, s. 35

48. Subsections 459.1(4.1) and (4.2) of the Act are replaced by the following:

Marginal note:2001, c. 9, s. 125

49. Paragraphs 459.2(5)(a) and (b) of the Act are replaced by the following:

Marginal note:2001, c. 9, s. 125

• 50. (1) Subsections 459.3(2) and (3) of the Act are replaced by the following:

  • Marginal note:Filing

    (2) A bank shall, at the prescribed time and place and in the prescribed form and manner, file a copy of the statement with the Commissioner.

  • Marginal note:Provision of statement to public

    (3) A bank shall, at the prescribed time and place and in the prescribed form and manner, disclose the statement to its customers and to the public.

• Marginal note:2001, c. 9, s. 125

  (2) Paragraph 459.3(4)(a) of the Act is replaced by the following:

  • (a) the name, contents and form of the statement referred to in subsection (1) and the time within which, the place at which and the manner in which it must be prepared;

• Marginal note:2001, c. 9, s. 125

  (3) Paragraphs 459.3(4)(c) and (d) of the Act are replaced by the following:

  • (c) the time and place at which and the form and manner in which a statement must be filed under subsection (2); and

  • (d) the time and place at which and the form and manner in which a statement mentioned in subsection (3) is to be disclosed, respectively, to a bank’s customers and to the public.

Marginal note:2007, c. 6, s. 37

• 51. (1) Subparagraph 459.4(a)(iv) of the Act is replaced by the following:

  • (iv) any other matter that may affect their dealings, or their employees’, representatives’, agents’ or other intermediaries’ dealings, with customers or the public;

• Marginal note:2001, c. 9, s. 125

  (2) Paragraph 459.4(b) of the Act is replaced by the following:

  • (b) the time and place at which, the form and manner in which and the persons to whom information is to be disclosed; and

Marginal note:2001, c. 9, s. 125

52. Section 459.5 of the Act is replaced by the following:

Marginal note:2007, c. 6, s. 40(3)

• 53. (1) Subsection 468(3.1) of the Act is replaced by the following:

  • Marginal note:Exception

    (3.1) Despite paragraph (3)(a), a bank may acquire control of, or acquire or increase a substantial investment in, any entity that acts as a trustee for a trust if the entity has been permitted under the laws of a province to act as a trustee for a trust and the following conditions are satisfied:

    • (a) the entity acts as a trustee only with respect to a closed-end fund or mutual fund entity; and

    • (b) if the entity engages in other business, that business is limited to engaging in one or more of the following:

      • (i) the activities of a mutual fund distribution entity,

      • (ii) any activity that a bank is permitted to engage in under paragraph 410(1)(c.2), and

      • (iii) the provision of investment counselling services and portfolio management services.

• (2) Subsection 468(5) of the Act is amended by adding the following after paragraph (b):

  • (b.1) acquire control of an entity referred to in paragraph (1)(j) if the bank is a bank with equity of two billion dollars or more and

    A + B > C

    where

    A

    is the value of the entity’s consolidated assets, as it would have been reported in the entity’s annual financial statements if those statements had been prepared immediately before the acquisition,

    B

    is the aggregate of the values of the consolidated assets of all other entities referred to in paragraph (1)(j) that the bank has acquired control of within the preceding 12 months, as the value for each entity would have been reported in its annual financial statements if those statements had been prepared immediately before the acquisition of control of that entity, and

    C

    is 10% of the value of the bank’s consolidated assets, as shown in the bank’s last annual statement that was prepared before its first acquisition of control of an entity referred to in paragraph (1)(j) within the preceding 12 months;

• (3) Section 468 of the Act is amended by adding the following after subsection (5):

  • Marginal note:Matters for consideration

    (5.1) In addition to any matters or conditions provided for in this Act that are relevant to the granting of an approval, the Minister may, in considering whether to grant the approval under paragraph (5)(b.1), take into account all matters that he or she considers relevant in the circumstances, including

    • (a) the stability of the financial system in Canada; and

    • (b) the best interests of the financial system in Canada.

• 54. (1) Section 507 of the Act is amended by adding the following after subsection (1):

  • Definition of “foreign bank”

    (1.1) For the purposes of this Part, “foreign bank” means a foreign bank as defined in section 2 but without regard to the portion of that definition after paragraph (g).

• (2) Subsection 507(15) of the Act is amended by striking out “or” at the end of paragraph (c), by adding “or” at the end of paragraph (d) and by adding the following after paragraph (d):

  • (e) is a subsidiary of a federal financial institution.

• (3) Subsection 507(16) of the Act is amended by striking out “or” at the end of paragraph (c), by adding “or” at the end of paragraph (d) and by adding the following after paragraph (d):

  • (e) is a subsidiary of a federal financial institution.

Marginal note:2007, c. 6, s. 59(3)

55. Subsection 522.08(2.1) of the Act is replaced by the following:

56. Section 522.09 of the Act is amended by adding the following after subsection (3):

57. Section 522.19 of the Act is amended by adding the following after subsection (2):

58. Subsection 522.21(2) of the Act is amended by striking out “or” at the end of paragraph (c), by adding “or” at the end of paragraph (d) and by adding the following after paragraph (d):

59. Subsection 522.211(2) of the Act is amended by striking out “or” at the end of paragraph (c), by adding “or” at the end of paragraph (d) and by adding the following after paragraph (d):

Marginal note:1999, c. 28, s. 35(1)

60. The portion of subsection 540(2) of the Act before paragraph (a) is replaced by the following:

Marginal note:2007, c. 6, s. 85

• 61. (1) The portion of subsection 545(4) of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Notice before opening account or providing prescribed product

    (4) Before an authorized foreign bank opens a deposit account in Canada or provides in Canada any prescribed product that relates to a deposit, the authorized foreign bank shall, at the prescribed time and place and in the prescribed form and manner, give the person requesting the opening of the account or the provision of the product

• Marginal note:2007, c. 6, s. 85

  (2) The portion of subsection 545(5) of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Other notice

    (5) An authorized foreign bank shall, in accordance with the regulations,

• Marginal note:1999, c. 28, s. 35(1)

  (3) Paragraph 545(6)(b) of the Act is replaced by the following:

  • (b) prescribing the time and place at which and the form and manner in which notices referred to in subsection (4) are to be given and the other information to be contained in the notices; and

Marginal note:2009, c. 2, s. 273

62. Paragraph 552(3)(b) of the English version of the Act is replaced by the following:

Marginal note:1999, c. 28, s. 35(1)

63. The portion of paragraph 562(a) of the Act before subparagraph (i) is replaced by the following:

Marginal note:1999, c. 28, s. 35(1)

64. Sections 565 and 566 of the Act are replaced by the following:

Marginal note:1999, c. 28, s. 35(4)

65. Subsection 568(1) of the Act is replaced by the following:

Marginal note:1999, c. 28, s. 35(6)

• 66. (1) Paragraph 570(1)(c) of the Act is replaced by the following:

  • (c) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement;

• Marginal note:1999, c. 28, s. 35(6)

  (2) Paragraph 570(1)(e) of the Act is replaced by the following:

  • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

• Marginal note:1999, c. 28, s. 35(7)

  (3) Subsection 570(1.1) of the Act is replaced by the following:

  • Marginal note:Disclosure in credit card applications

    (1.1) An authorized foreign bank shall, in accordance with the regulations, at the prescribed time and place and in the prescribed form and manner, provide prescribed information in any application form or related document that it prepares for the issuance of credit, payment or charge cards and provide prescribed information to any person applying to it for a credit, payment or charge card.

• Marginal note:1999, c. 28, s. 35(7)

  (4) Paragraphs 570(2)(d) and (e) of the Act are replaced by the following:

  • (d) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement; and

  • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

• Marginal note:1999, c. 28, s. 35(7)

  (5) Paragraphs 570(3)(d) and (e) of the Act are replaced by the following:

  • (d) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing under the arrangement; and

  • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

Marginal note:1999, c. 28, s. 35(8)

67. Sections 570.1 and 571 of the Act are replaced by the following:

Marginal note:1999, c. 28, s. 35(8)

• 68. (1) The portion of paragraph 572(a) of the Act before subparagraph (i) is replaced by the following:

  • (a) respecting the time and place at which, and the form and manner in which, an authorized foreign bank shall disclose to a borrower

• Marginal note:1999, c. 28, s. 35(8)

  (2) Paragraph 572(f) of the Act is replaced by the following:

  • (f) respecting the time and place at which, and the form and manner in which, any rights, obligations, charges or penalties referred to in sections 567.1 to 571 are to be disclosed;

Marginal note:2001, c. 9, s. 157(1)

69. Subsection 574(1) of the Act is replaced by the following:

Marginal note:2009, c. 2, s. 274

• 70. (1) The portion of section 575.1 of the Act before paragraph (a) is replaced by the following:

  Marginal note:Regulations — activities

  575.1 The Governor in Council may make regulations respecting any matters involving an authorized foreign bank’s dealings, or its employees’, representatives’, agents’ or other intermediaries’ dealings, with customers or the public, including

• Marginal note:2009, c. 2, s. 274

  (2) Paragraph 575.1(b) of the Act is replaced by the following:

  • (b) the time and place at which and the form and manner in which any of those activities are to be carried out or any of those services are to be provided.

Marginal note:2001, c. 9, s. 158(2); 2007, c. 6, s. 92

71. Subsections 576.1(4.1) and (4.2) of the Act are replaced by the following:

Marginal note:2007, c. 6, s. 93

• 72. (1) Subparagraph 576.2(a)(iv) of the Act is replaced by the following:

  • (iv) any other matter that may affect their dealings, or their employees’, representatives’, agents’ or other intermediaries’ dealings, with customers or the public;

• Marginal note:2001, c. 9, s. 159

  (2) Paragraph 576.2(b) of the Act is replaced by the following:

  • (b) the time and place at which, the form and manner in which and the persons to whom information is to be disclosed; and

73. The Act is amended by adding the following after section 576.2:

Marginal note:1999, c. 28, s. 35(1)

74. Paragraph 613(2)(a) of the Act is replaced by the following:

75. The Act is amended by adding the following after section 634:

76. Paragraph 643(2)(a) of the Act is replaced by the following:

Marginal note:2007, c. 6, s. 105

77. Section 670 of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 183; 2007, c. 6, par. 132(v)

78. Subsection 727(2) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 183; 2007, c. 6, par. 132(w)

79. Subsection 756(4) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 183; 2007, c. 6, par. 132(x)

80. The portion of subsection 803(3) of the Act before paragraph (a) is replaced by the following:

Marginal note:2001, c. 9, s. 183; 2007, c. 6, par. 132(y)

81. Section 876 of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 183; 2007, c. 6, par. 132(z)

82. Subsection 877(1) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 183; 2007, c. 6, par. 132(z.1)

83. Subsection 878(1) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 183; 2007, c. 6, par. 132(z.2)

84. The portion of subsection 879(1) of the Act before paragraph (a) is replaced by the following:

Marginal note:2001, c. 9, s. 183; 2007, c. 6, par. 132(z.3)

85. The portion of subsection 879.1(1) of the Act before paragraph (a) is replaced by the following:

Marginal note:2001, c. 9, s. 183; 2007, c. 6, par. 132(z.4)

86. Sections 880 and 881 of the Act are replaced by the following:

Marginal note:2001, c. 9, s. 183; 2007, c. 6, par. 132(z.5)

87. Subsection 882(1) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 183; 2007, c. 6, s. 119 and par. 132(z.6)

88. Sections 883 and 884 of the Act are replaced by the following:

Marginal note:2001, c. 9, s. 183; 2007, c. 6, par. 132(z.7)

89. Section 888 of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 183; 2007, c. 6, par. 132(z.8)

90. Subsection 890(1) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 183; 2007, c. 6, par. 132(z.9)

91. Subsection 891(2) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 183; 2007, c. 6, par. 132(z.10) and 133(c)

• 92. (1) The portion of subsection 893(1) of the Act before paragraph (a) is replaced by the following:

  Marginal note:Public holding requirement

  • 893. (1) Every bank holding company with equity of two billion dollars or more but less than twelve billion dollars shall, from and after the day determined under this section in respect of that bank holding company, have, and continue to have, voting shares that carry at least 35 per cent of the voting rights attached to all of the outstanding voting shares of the bank holding company and that are

• Marginal note:2001, c. 9, s. 183; 2007, c. 6, par. 132(z.11) and 133(c)

  (2) Paragraph 893(2)(a) of the Act is replaced by the following:

  • (a) if the bank holding company had equity of two billion dollars or more but less than twelve billion dollars on the day the bank holding company was formed or came into existence, the day that is three years after that day; and

Marginal note:2001, c. 9, s. 183; 2007, c. 6, par. 132(z.12)

93. Section 894 of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 183; 2007, c. 6, par. 132(z.13) and 133(d)

94. Section 896 of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 183; 2007, c. 6, par. 132(z.14)

95. Subsection 902(1) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 183; 2007, c. 6, par. 132(z.15)

96. Subsection 903(1) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 183; 2007, c. 6, par. 132(z.16)

97. The portion of subsection 904(1) of the Act before paragraph (a) is replaced by the following:

Marginal note:2001, c. 9, s. 183; 2007, c. 6, par. 132(z.17)

98. Paragraph 906(2)(a) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 183

99. Subsection 913(2) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 183

100. Subsection 914(2) of the Act is replaced by the following:

Marginal note:2007, c. 6, s. 122(3)

• 101. (1) Subsection 930(3.1) of the Act is replaced by the following:

  • Marginal note:Exception

    (3.1) Despite paragraph (3)(a), a bank holding company may acquire control of, or acquire or increase a substantial investment in, any entity that acts as a trustee for a trust if the entity has been permitted under the laws of a province to act as a trustee for a trust and the following conditions are satisfied:

    • (a) the entity acts as a trustee only with respect to a closed-end fund or mutual fund entity; and

    • (b) if the entity engages in other business, that business is limited to engaging in one or more of the following:

      • (i) the activities of a mutual fund distribution entity,

      • (ii) any activity that a bank is permitted to engage in under paragraph 410(1)(c.2), and

      • (iii) the provision of investment counselling services and portfolio management services.

• (2) Subsection 930(5) of the Act is amended by adding the following after paragraph (b):

  • (b.1) acquire control of an entity referred to in paragraph (1)(j) if the bank holding company is a bank holding company with equity of two billion dollars or more and

    A + B > C

    where

    A

    is the value of the entity’s consolidated assets, as it would have been reported in the entity’s annual financial statements if those statements had been prepared immediately before the acquisition,

    B

    is the aggregate of the values of the consolidated assets of all other entities referred to in paragraph (1)(j) that the bank holding company has acquired control of within the preceding 12 months, as the value for each entity would have been reported in its annual financial statements if those statements had been prepared immediately before the acquisition of control of that entity, and

    C

    is 10% of the value of the bank holding company’s consolidated assets, as shown in the bank holding company’s last annual statement that was prepared before its first acquisition of control of an entity referred to in paragraph (1)(j) within the preceding 12 months;

• (3) Section 930 of the Act is amended by adding the following after subsection (5):

  • Marginal note:Matters for consideration

    (5.1) In addition to any matters or conditions provided for in this Act that are relevant to the granting of an approval, the Minister may, in considering whether to grant the approval under paragraph (5)(b.1), take into account all matters that he or she considers relevant in the circumstances, including

    • (a) the stability of the financial system in Canada; and

    • (b) the best interests of the financial system in Canada.

102. The Act is amended by adding the following after section 973.06:

Marginal note:2007, c. 6, s. 127

• 103. (1) Paragraph 976.1(1)(b) of the Act is replaced by the following:

  • (b) paragraphs 468(5)(b.1), (c), (d) and (d.1);

• Marginal note:2007, c. 6, s. 127

  (2) Paragraph 976.1(1)(e) of the Act is replaced by the following:

  • (e) paragraphs 930(5)(b.1), (c), (d) and (d.1).

PART 21991, c. 48COOPERATIVE CREDIT ASSOCIATIONS ACT

Marginal note:2001, c. 9, s. 248(3)

104. The definition “consumer provision” in section 2 of the Cooperative Credit Associations Act is replaced by the following:

Marginal note:2007, c. 6, s. 138

105. Section 22 of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 307

106. The portion of paragraph 376(1)(g) of the Act before subparagraph (i) is replaced by the following:

Marginal note:2009, c. 2, s. 277

107. Paragraph 382.2(3)(b) of the English version of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 313

• 108. (1) The portion of paragraph 385.09(a) of the Act before subparagraph (i) is replaced by the following:

  • (a) the time and place at which and the form and manner in which disclosure is to be made by a retail association of

• Marginal note:2001, c. 9, s. 313

  (2) Paragraph 385.09(b) of the Act is replaced by the following:

  • (b) the time and place at which and the form and manner in which any charges for the keeping of an account are to be disclosed by a retail association to its customers; and

Marginal note:2001, c. 9, s. 313

109. Sections 385.11 and 385.12 of the Act are replaced by the following:

Marginal note:2001, c. 9, s. 313

110. Subsection 385.16(1) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 313

• 111. (1) Paragraph 385.18(1)(c) of the Act is replaced by the following:

  • (c) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement;

• Marginal note:2001, c. 9, s. 313

  (2) Paragraph 385.18(1)(e) of the Act is replaced by the following:

  • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

• Marginal note:2001, c. 9, s. 313

  (3) Subsection 385.18(2) of the Act is replaced by the following:

  • Marginal note:Disclosure in credit card applications

    (2) A retail association shall, in accordance with the regulations, at the prescribed time and place and in the prescribed form and manner, provide prescribed information in any application forms or related documents that it prepares for the issuance of credit, payment or charge cards and provide prescribed information to any person applying to it for a credit, payment or charge card.

• Marginal note:2001, c. 9, s. 313

  (4) Paragraphs 385.18(3)(d) and (e) of the Act are replaced by the following:

  • (d) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement; and

  • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

• Marginal note:2001, c. 9, s. 313

  (5) Paragraphs 385.18(4)(d) and (e) of the Act are replaced by the following:

  • (d) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement; and

  • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

Marginal note:2001, c. 9, s. 313

112. Sections 385.19 and 385.2 of the Act are replaced by the following:

Marginal note:2001, c. 9, s. 313

• 113. (1) The portion of paragraph 385.21(a) of the Act before subparagraph (i) is replaced by the following:

  • (a) respecting the time and place at which, and the form and manner in which, a retail association is to disclose to a borrower

• Marginal note:2001, c. 9, s. 313

  (2) Paragraph 385.21(f) of the Act is replaced by the following:

  • (f) respecting the time and place at which, and the form and manner in which, any rights, obligations, charges or penalties referred to in sections 385.15 to 385.2 are to be disclosed;

Marginal note:2001, c. 9, s. 313

114. Subsection 385.24(1) of the Act is replaced by the following:

Marginal note:2009, c. 2, s. 278

115. Paragraph 385.252(b) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 313

116. Paragraphs 385.27(5)(a) and (b) of the Act are replaced by the following:

Marginal note:2001, c. 9, s. 313

117. Paragraph 385.28(b) of the Act is replaced by the following:

Marginal note:2007, c. 6, s. 173(3)

• 118. (1) Subsection 390(3.1) of the Act is replaced by the following:

  • Marginal note:Exception

    (3.1) Despite paragraph (3)(a), an association may acquire control of, or acquire or increase a substantial investment in, any entity that acts as a trustee for a trust if the entity has been permitted under the laws of a province to act as a trustee for a trust and the following conditions are satisfied:

    • (a) the entity acts as a trustee only with respect to a closed-end fund or mutual fund entity; and

    • (b) if the entity engages in other business, that business is limited to engaging in one or more of the following:

      • (i) the activities of a mutual fund distribution entity,

      • (ii) any activity that an association is permitted to engage in under subsection 376(2), and

      • (iii) the provision of investment counselling services and portfolio management services.

• (2) Subsection 390(5) of the Act is amended by adding the following after paragraph (b):

  • (b.1) acquire control of an entity referred to in paragraph (1)(h) if

    A + B > C

    where

    A

    is the value of the entity’s consolidated assets, as it would have been reported in the entity’s annual financial statements if those statements had been prepared immediately before the acquisition,

    B

    is the aggregate of the values of the consolidated assets of all other entities referred to in paragraph (1)(h) that the association has acquired control of within the preceding 12 months, as the value for each entity would have been reported in its annual financial statements if those statements had been prepared immediately before the acquisition of control of that entity, and

    C

    is 10% of the value of the association’s consolidated assets, as shown in the association’s last annual statement that was prepared before its first acquisition of control of an entity referred to in paragraph (1)(h) within the preceding 12 months;

• (3) Section 390 of the Act is amended by adding the following after subsection (5):

  • Marginal note:Matters for consideration

    (5.1) In addition to any matters or conditions provided for in this Act that are relevant to the granting of an approval, the Minister may, in considering whether to grant the approval under paragraph (5)(b.1), take into account all matters that he or she considers relevant in the circumstances, including

    • (a) the stability of the financial system in Canada; and

    • (b) the best interests of the financial system in Canada.

119. Paragraph 437(2)(a) of the Act is replaced by the following:

120. The Act is amended by adding the following after section 459.8:

Marginal note:2007, c. 6, s. 184

121. Subsection 461.2(1) of the Act is replaced by the following:

PART 31991, c. 47INSURANCE COMPANIES ACT

Marginal note:2001, c. 9, s. 345(5)

122. The definition “consumer provision” in subsection 2(1) of the Insurance Companies Act is replaced by the following:

Marginal note:2007, c. 6, s. 189

123. Section 21 of the Act is replaced by the following:

124. Subsection 64(3) of the Act is repealed.

125. The Act is amended by adding the following after section 76.1:

Marginal note:1997, c. 15, s. 239(1)

126. Subsection 383(2) of the Act is replaced by the following:

127. Subsection 428(2) of the Act is replaced by the following:

128. Section 430 of the Act is amended by adding the following after subsection (2):

Marginal note:2007, c. 6, s. 223

• 129. (1) Paragraph 461(a) of the Act is replaced by the following:

  • (a) the aggregate of the amounts so paid or transferred in that financial year does not exceed the percentage of the portion of the profits of the participating account that is determined by the directors as the portion to be distributed for that financial year to the shareholders and participating policyholders, which percentage shall not exceed the percentage that is calculated in accordance with the regulations;

• (2) Section 461 of the Act is renumbered as subsection 461(1) and is amended by adding the following:

  • Marginal note:Regulations

    (2) The Governor in Council may make regulations respecting the manner of calculating the percentage for the purposes of paragraph (1)(a).

Marginal note:2005, c. 54, s. 297

130. Subsection 464.1(2) of the Act is replaced by the following:

Marginal note:2009, c. 2, s. 283

131. Paragraph 469.1(3)(b) of the English version of the Act is replaced by the following:

Marginal note:1997, c. 15, s. 256

132. Subsection 480(1) of the Act is replaced by the following:

Marginal note:1997, c. 15, s. 257(2)

• 133. (1) Paragraph 482(1)(c) of the Act is replaced by the following:

  • (c) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement;

• Marginal note:1997, c. 15, s. 257(2)

  (2) Paragraph 482(1)(e) of the Act is replaced by the following:

  • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

• Marginal note:1997, c. 15, s. 257(3)

  (3) Subsection 482(1.1) of the Act is replaced by the following:

  • Marginal note:Disclosure in credit card applications

    (1.1) A company shall, in accordance with the regulations, at the prescribed time and place and in the prescribed form and manner, provide prescribed information in any application forms or related documents that it prepares for the issuance of credit, payment or charge cards and provide prescribed information to any person applying to it for a credit, payment or charge card.

• Marginal note:1997, c. 15, s. 257(3)

  (4) Paragraphs 482(2)(d) and (e) of the Act are replaced by the following:

  • (d) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement; and

  • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

• Marginal note:1997, c. 15, s. 257(3)

  (5) Paragraphs 482(3)(d) and (e) of the Act are replaced by the following:

  • (d) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing under the arrangement; and

  • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

Marginal note:1997, c. 15, s. 258; 2007, c. 6, s. 229(E)

134. Sections 482.1 to 484 of the Act are replaced by the following:

Marginal note:1997, c. 15, s. 259

• 135. (1) The portion of paragraph 485(a) of the Act before subparagraph (i) is replaced by the following:

  • (a) respecting the time and place at which, and the form and manner in which, a company is to disclose to a borrower

• Marginal note:1997, c. 15, s. 259

  (2) Paragraph 485(g) of the Act is replaced by the following:

  • (g) respecting the time and place at which, and the form and manner in which, any rights, obligations, charges or penalties referred to in sections 479.1 to 484 are to be disclosed;

Marginal note:2001, c. 9, s. 424(1)

136. Subsection 487(1) of the Act is replaced by the following:

Marginal note:2009, c. 2, s. 284

137. Paragraph 488.1(b) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 425

• 138. (1) Subsections 489.1(2) and (3) of the Act are replaced by the following:

  • Marginal note:Filing

    (2) A company shall, at the prescribed time and place and in the prescribed form and manner, file a copy of the statement with the Commissioner.

  • Marginal note:Provision of statement to public

    (3) A company shall, at the prescribed time and place and in the prescribed form and manner, disclose the statement to its customers and to the public.

• Marginal note:2001, c. 9, s. 425

  (2) Paragraph 489.1(4)(a) of the Act is replaced by the following:

  • (a) the name, contents and form of a statement referred to in subsection (1) and the time and place at which and the manner in which it must be prepared;

• Marginal note:2001, c. 9, s. 425

  (3) Paragraphs 489.1(4)(c) and (d) of the Act are replaced by the following:

  • (c) the time and place at which and the form and manner in which a statement must be filed under subsection (2); and

  • (d) the time and place at which and the form and manner in which a statement mentioned in subsection (3) is to be disclosed, respectively, to a company’s customers and to the public.

Marginal note:2001, c. 9, s. 425

139. Paragraph 489.2(b) of the Act is replaced by the following:

Marginal note:2007, c. 6, s. 235(3)

• 140. (1) Subsection 495(3.1) of the Act is replaced by the following:

  • Marginal note:Exception

    (3.1) Despite paragraph (3)(a), a life company may acquire control of, or acquire or increase a substantial investment in, any entity that acts as a trustee for a trust if the entity has been permitted under the laws of a province to act as a trustee for a trust and the following conditions are satisfied:

    • (a) the entity acts as a trustee only with respect to a closed-end fund or mutual fund entity; and

    • (b) if the entity engages in other business, that business is limited to engaging in one or more of the following:

      • (i) the activities of a mutual fund distribution entity,

      • (ii) any activity that a company is permitted to engage in under subsection 441(1.1), and

      • (iii) the provision of investment counselling services and portfolio management services.

• Marginal note:2007, c. 6, s. 235(5)

  (2) Subsection 495(5.1) of the Act is replaced by the following:

  • Marginal note:Exception

    (5.1) Despite paragraph (5)(a), a property and casualty company, or a marine company, may acquire control of, or acquire or increase a substantial investment in, any entity that acts as a trustee for a trust if the entity has been permitted under the laws of a province to act as a trustee for a trust and the following conditions are satisfied:

    • (a) the entity acts as a trustee only with respect to a closed-end fund or mutual fund entity; and

    • (b) if the entity engages in other business, that business is limited to engaging in one or more of the following:

      • (i) the activities of a mutual fund distribution entity, and

      • (ii) the provision of investment counselling services and portfolio management services.

• (3) Subsection 495(7) of the Act is amended by adding the following after paragraph (b):

  • (b.1) acquire control of an entity referred to in paragraph (1)(j) if the company is a company with equity of two billion dollars or more and

    A + B > C

    where

    A

    is the value of the entity’s consolidated assets, as it would have been reported in the entity’s annual financial statements if those statements had been prepared immediately before the acquisition,

    B

    is the aggregate of the values of the consolidated assets of all other entities referred to in paragraph (1)(j) that the company has acquired control of within the preceding 12 months, as the value for each entity would have been reported in its annual financial statements if those statements had been prepared immediately before the acquisition of control of that entity, and

    C

    is 10% of the value of the company’s consolidated assets, as shown in the company’s last annual statement that was prepared before its first acquisition of control of an entity referred to in paragraph (1)(j) within the preceding 12 months;

• (4) Section 495 of the Act is amended by adding the following after subsection (7):

  • Marginal note:Matters for consideration

    (7.1) In addition to any matters or conditions provided for in this Act that are relevant to the granting of an approval, the Minister may, in considering whether to grant the approval under paragraph (7)(b.1), take into account all matters that he or she considers relevant in the circumstances, including

    • (a) the stability of the financial system in Canada; and

    • (b) the best interests of the financial system in Canada.

Marginal note:2009, c. 2, s. 285

141. Paragraph 542.061(3)(b) of the English version of the Act is replaced by the following:

142. The Act is amended by adding the following after section 549:

Marginal note:1997, c. 15, s. 298

143. Subsection 570.07(2) of the Act is replaced by the following:

Marginal note:2007, c. 6, s. 265

144. Paragraph 581(1)(a) of the Act is replaced by the following:

Marginal note:2007, c. 6, s. 266(E)

145. Section 582 of the English version of the Act is replaced by the following:

Marginal note:1997, c. 15, s. 307

146. Subsection 599(1) of the Act is replaced by the following:

Marginal note:1997, c. 15, s. 308(3)

• 147. (1) Paragraph 601(1)(c) of the Act is replaced by the following:

  • (c) at the prescribed time and place and in the prescribed form and manner, any changes respecting the cost of borrowing or the loan agreement;

• Marginal note:1997, c. 15, s. 308(3)

  (2) Paragraph 601(1)(e) of the Act is replaced by the following:

  • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

• Marginal note:1997, c. 15, s. 308(4)

  (3) Subsection 601(2) of the Act is replaced by the following:

  • Marginal note:Disclosure in credit card applications

    (2) A foreign company shall, in accordance with the regulations, at the prescribed time and place and in the prescribed form and manner, provide prescribed information in any application forms or related documents that it prepares for the issuance of credit, payment or charge cards in Canada and provide prescribed information to any person applying to it in Canada for a credit, payment or charge card.

• Marginal note:1997, c. 15, s. 308(4)

  (4) Paragraphs 601(3)(d) and (e) of the Act are replaced by the following:

  • (d) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement; and

  • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

• Marginal note:1997, c. 15, s. 308(4)

  (5) Paragraphs 601(4)(d) and (e) of the Act are replaced by the following:

  • (d) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement; and

  • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

Marginal note:1997, c. 15, s. 309; 2007, c. 6, s. 279

148. Sections 601.1 to 602 of the Act are replaced by the following:

Marginal note:1997, c. 15, s. 310

• 149. (1) The portion of paragraph 603(a) of the Act before subparagraph (i) is replaced by the following:

  • (a) respecting the time and place at which, and the form and manner in which, a foreign company is to disclose to a borrower

• Marginal note:1997, c. 15, s. 310

  (2) Paragraph 603(g) of the Act is replaced by the following:

  • (g) respecting the time and place at which, and the form and manner in which, any rights, obligations, charges or penalties referred to in sections 598.1 to 602 are to be disclosed;

Marginal note:2007, c. 6, s. 282

150. Subsection 605(1) of the Act is replaced by the following:

Marginal note:2009, c. 2, s. 286

151. Paragraph 606.1(b) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 445

152. Paragraph 607.1(b) of the Act is replaced by the following:

153. The Act is amended by adding the following after section 670:

Marginal note:2007, c. 6, s. 310

154. Section 707 of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 465

155. Subsection 923(2) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 465

156. Subsection 954(2) of the Act is replaced by the following:

157. Section 955 of the Act is renumbered as subsection 955(1) and is amended by adding the following:

Marginal note:2007, c. 6, s. 326(3)

• 158. (1) Subsection 971(3.1) of the Act is replaced by the following:

  • Marginal note:Exception

    (3.1) Despite paragraph (3)(a), an insurance holding company may acquire control of, or acquire or increase a substantial investment in, any entity that acts as a trustee for a trust if the entity has been permitted under the laws of a province to act as a trustee for a trust and the following conditions are satisfied:

    • (a) the entity acts as a trustee only with respect to a closed-end fund or mutual fund entity; and

    • (b) if the entity engages in other business, that business is limited to engaging in one or more of the following:

      • (i) the activities of a mutual fund distribution entity,

      • (ii) any activity that a company is permitted to engage in under subsection 441(1.1), and

      • (iii) the provision of investment counselling services and portfolio management services.

• (2) Subsection 971(5) of the Act is amended by adding the following after paragraph (b):

  • (b.1) acquire control of an entity referred to in paragraph (1)(j) if the insurance holding company is an insurance holding company with equity of two billion dollars or more and

    A + B > C

    where

    A

    is the value of the entity’s consolidated assets, as it would have been reported in the entity’s annual financial statements if those statements had been prepared immediately before the acquisition,

    B

    is the aggregate of the values of the consolidated assets of all other entities referred to in paragraph (1)(j) that the insurance holding company has acquired control of within the preceding 12 months, as the value for each entity would have been reported in its annual financial statements if those statements had been prepared immediately before the acquisition of control of that entity, and

    C

    is 10% of the value of the insurance holding company’s consolidated assets, as shown in the insurance holding company’s last annual statement that was prepared before its first acquisition of control of an entity referred to in paragraph (1)(j) within the preceding 12 months;

• (3) Section 971 of the Act is amended by adding the following after subsection (5):

  • Marginal note:Matters for consideration

    (5.1) In addition to any matters or conditions provided for in this Act that are relevant to the granting of an approval, the Minister may, in considering whether to grant the approval under paragraph (5)(b.1), take into account all matters that he or she considers relevant in the circumstances, including

    • (a) the stability of the financial system in Canada; and

    • (b) the best interests of the financial system in Canada.

159. The Act is amended by adding the following after section 1016.6:

Marginal note:2001, c. 9, s. 465

160. Paragraph 1019(1)(a) of the Act is replaced by the following:

Marginal note:2007, c. 6, s. 332

• 161. (1) Paragraph 1019.1(1)(b) of the Act is replaced by the following:

  • (b) paragraphs 495(7)(b.1), (c), (d) and (d.1);

• Marginal note:2007, c. 6, s. 332

  (2) Paragraph 1019.1(1)(e) of the Act is replaced by the following:

  • (e) paragraphs 971(5)(b.1), (c), (d) and (d.1).

PART 41991, c. 45TRUST AND LOAN COMPANIES ACT

Marginal note:2001, c. 9, s. 478(3)

162. The definition “consumer provision” in section 2 of the Trust and Loan Companies Act is replaced by the following:

Marginal note:2007, c. 6, s. 338

163. Section 20 of the Act is replaced by the following:

164. Subsection 63(3) of the Act is repealed.

165. Subsection 396(2) of the Act is replaced by the following:

166. Section 399 of the Act is amended by adding the following after subsection (2):

Marginal note:2009, c. 2, s. 290

167. Paragraph 418.1(3)(b) of the English version of the Act is replaced by the following:

168. The portion of paragraph 429(a) of the Act before subparagraph (i) is replaced by the following:

169. Sections 432 and 433 of the Act are replaced by the following:

Marginal note:1997, c. 15, s. 379

170. Subsection 436(1) of the Act is replaced by the following:

Marginal note:1997, c. 15, s. 380(2)

• 171. (1) Paragraph 438(1)(c) of the Act is replaced by the following:

  • (c) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement;

• Marginal note:1997, c. 15, s. 380(2)

  (2) Paragraph 438(1)(e) of the Act is replaced by the following:

  • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

• Marginal note:1997, c. 15, s. 380(3)

  (3) Subsection 438(1.1) of the Act is replaced by the following:

  • Marginal note:Disclosure in credit card applications

    (1.1) A company shall, in accordance with the regulations, at the prescribed time and place and in the prescribed form and manner, provide prescribed information in any application forms or related documents that it prepares for the issuance of credit, payment or charge cards and provide prescribed information to any person applying to it for a credit, payment or charge card.

• Marginal note:1997, c. 15, s. 380(3)

  (4) Paragraphs 438(2)(d) and (e) of the Act are replaced by the following:

  • (d) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement; and

  • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

• Marginal note:1997, c. 15, s. 380(3)

  (5) Paragraphs 438(3)(d) and (e) of the Act are replaced by the following:

  • (d) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing under the arrangement; and

  • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

Marginal note:1997, c. 15, s. 381

172. Sections 438.1 and 439 of the Act are replaced by the following:

Marginal note:1997, c. 15, s. 381

• 173. (1) The portion of paragraph 440(a) of the Act before subparagraph (i) is replaced by the following:

  • (a) respecting the time and place at which, and the form and manner in which, a company is to disclose to a borrower

• Marginal note:1997, c. 15, s. 381

  (2) Paragraph 440(f) of the Act is replaced by the following:

  • (f) respecting the time and place at which, and the form and manner in which, any rights, obligations, charges or penalties referred to in sections 435.1 to 439 are to be disclosed;

Marginal note:2001, c. 9, s. 547(1)

174. Subsection 442(1) of the Act is replaced by the following:

Marginal note:2009, c. 2, s. 291

175. Paragraph 443.2(b) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 548

176. Paragraphs 444.1(5)(a) and (b) of the Act are replaced by the following:

Marginal note:2001, c. 9, s. 548

• 177. (1) Subsections 444.2(2) and (3) of the Act are replaced by the following:

  • Marginal note:Filing

    (2) A company shall, at the prescribed time and place and in the prescribed form and manner, file a copy of the statement with the Commissioner.

  • Marginal note:Provision of statement to public

    (3) A company shall, at the prescribed time and place and in the prescribed form and manner, disclose the statement to its customers and to the public.

• Marginal note:2001, c. 9, s. 548

  (2) Paragraph 444.2(4)(a) of the Act is replaced by the following:

  • (a) the name, contents and form of a statement referred to in subsection (1) and the time within which, the place at which and the manner in which it must be prepared;

• Marginal note:2001, c. 9, s. 548

  (3) Paragraphs 444.2(4)(c) and (d) of the Act are replaced by the following:

  • (c) the time and place at which and the form and manner in which a statement must be filed under subsection (2); and

  • (d) the time and place at which and the form and manner in which a statement mentioned in subsection (3) is to be disclosed, respectively, to a company’s customers and to the public.

Marginal note:2001, c. 9, s. 548

178. Paragraph 444.3(b) of the Act is replaced by the following:

Marginal note:2007, c. 6, s. 371(4)

• 179. (1) Subsection 453(3.1) of the Act is replaced by the following:

  • Marginal note:Exception

    (3.1) Despite paragraph (3)(d), a company may acquire control of, or acquire or increase a substantial investment in, any entity that acts as a trustee for a trust if the entity has been permitted under the laws of a province to act as a trustee for a trust and the following conditions are satisfied:

    • (a) the entity acts as a trustee only with respect to a closed-end fund or mutual fund entity; and

    • (b) if the entity engages in other business, that business is limited to engaging in one or more of the following:

      • (i) the activities of a mutual fund distribution entity,

      • (ii) any activity that a company is permitted to engage in under paragraph 410(1)(d.1), and

      • (iii) the provision of investment counselling services and portfolio management services.

• (2) Subsection 453(5) of the Act is amended by adding the following after paragraph (b):

  • (b.1) acquire control of an entity referred to in paragraph (1)(j) if the company is a company with equity of two billion dollars or more and

    A + B > C

    where

    A

    is the value of the entity’s consolidated assets, as it would have been reported in the entity’s annual financial statements if those statements had been prepared immediately before the acquisition,

    B

    is the aggregate of the values of the consolidated assets of all other entities referred to in paragraph (1)(j) that the company has acquired control of within the preceding 12 months, as the value for each entity would have been reported in its annual financial statements if those statements had been prepared immediately before the acquisition of control of that entity, and

    C

    is 10% of the value of the company’s consolidated assets, as shown in the company’s last annual statement that was prepared before its first acquisition of control of an entity referred to in paragraph (1)(j) within the preceding 12 months;

• (3) Section 453 of the Act is amended by adding the following after subsection (5):

  • Marginal note:Matters for consideration

    (5.1) In addition to any matters or conditions provided for in this Act that are relevant to the granting of an approval, the Minister may, in considering whether to grant the approval under paragraph (5)(b.1), take into account all matters that he or she considers relevant in the circumstances, including

    • (a) the stability of the financial system in Canada; and

    • (b) the best interests of the financial system in Canada.

180. Paragraph 505(2)(a) of the Act is replaced by the following:

181. The Act is amended by adding the following after section 527.8:

Marginal note:2007, c. 6, s. 384

182. Subsection 529.2(1) of the Act is replaced by the following:

PART 5AMENDMENTS TO OTHER ACTS

R.S., c. B-2Bank of Canada Act

Marginal note:2007, c. 6, s. 394

• 183. (1) Subsection 22(1.3) of the Bank of Canada Act is replaced by the following:

  • Marginal note:Time limit for returned payments

    (1.21) The Bank is not liable in respect of any returned payment as defined in section 2 of the Canada Deposit Insurance Corporation Act in respect of which the Canada Deposit Insurance Corporation has made a payment to the Bank under subsection 14.01(1) of that Act if

    • (a) the amount paid to the Bank was less than $1,000; and

    • (b) at least 40 years have gone by since the applicable date referred to in subsection 14(2.9) of that Act.

  • Marginal note:Limitation of Bank’s liability

    (1.3) The Bank is not liable in respect of a debt referred to in subsection (1), an instrument referred to in subsection (1.1), a claim referred to in subsection (1.2) or a returned payment referred to in subsection (1.21) if the amount paid to the Bank in respect of the debt, instrument, claim or returned payment was $1,000 or more and at least 100 years have gone by since the payment was made to the Bank.

• Marginal note:1991, c. 46, s. 582

  (2) Subsection 22(3) of the Act is replaced by the following:

  • Marginal note:No liability where claims paid — returned payments

    (2.1) The Bank is not liable in respect of any returned payment as defined in section 2 of the Canada Deposit Insurance Corporation Act in respect of which the Canada Deposit Insurance Corporation has paid an amount to the Bank under subsection 14.01(1) of that Act if an amount equal to the amount so paid has been paid by the Bank to a claimant under subsection 14.01(4) of that Act or to the Receiver General under subsection (3).

  • Marginal note:Amounts to be paid to Receiver General

    (3) An amount equal to the amount paid to the Bank in respect of a debt referred to in subsection (1), an instrument referred to in subsection (1.1), a claim referred to in subsection (1.2) or a returned payment referred to in subsection (1.21) shall, within two months after the end of the calendar year in which the applicable 40-year period expired, be paid by the Bank without interest to the Receiver General and the Bank may destroy all records relating to the debt, instrument, claim or returned payment.

Marginal note:2001, c. 9, s. 199; 2007, c. 6, s. 397

184. Section 29 of the Act is replaced by the following:

R.S., c. C-3Canada Deposit Insurance Corporation Act

Marginal note:R.S., c. 18 (3rd Supp.), s. 47(2)

• 185. (1) The definition “receiver” in section 2 of the English version of the Canada Deposit Insurance Corporation Act is replaced by the following:

  “receiver”

  « séquestre »

  “receiver” includes a receiver-manager and a sequestrator;

• (2) Section 2 of the Act is amended by adding the following in alphabetical order:

  “returned payment”

  « paiement retourné »

  “returned payment” means any portion of a payment made by the Corporation under subsection 14(2) or (2.1) that is either returned to the Corporation or that otherwise remains under its control;

Marginal note:2009, c. 2, s. 236(2)

• 186. (1) The description of A in subsection 10.1(3.1) of the Act is replaced by the following:

  A

  is $15,000,000,000; and

• Marginal note:2009, c. 2, s. 236(2)

  (2) The description of D in subsection 10.1(3.2) of the Act is replaced by the following:

  D

  is the total amount of deposits insured by the Corporation on April 30, 2008.

• Marginal note:2009, c. 2, s 236(2)

  (3) Subsection 10.1(3.4) of the Act is replaced by the following:

  • Marginal note:No change

    (3.4) The amount that the total principal indebtedness outstanding at any time in respect of borrowings under subsections (1) and (2) shall not exceed does not change if the amount determined under subsection (3.1) for the current year is less than the amount published under subsection (3.6) for the previous year.

187. Section 11 of the Act is amended by adding the following after subsection (2.1):

Marginal note:1996, c. 6, s. 26(1)

• 188. (1) Paragraph 14(2.1)(c) of the French version of the Act is replaced by the following:

  • c) l’institution fédérale membre est visée par le décret pris en application du paragraphe 39.13(1).

• (2) Section 14 of the Act is amended by adding the following after subsection (2.9):

  • Marginal note:Posting requirement

    (2.91) For the purposes of calculating the payment to be made by the Corporation in respect of any deposit insured by deposit insurance, the deposit, other than accrued interest, must be posted in the member institution’s records in accordance with the member institution’s regular transaction posting process as of the applicable date referred to in subsection (2.9).

• Marginal note:R.S., c. 18 (3rd Supp.), s. 52(2)

  (3) Subsection 14(4.1) of the Act is replaced by the following:

  • Marginal note:Subrogation — returned payment

    (4.01) In the case of a returned payment, at the expiry of one year from the applicable date referred to in subsection (2.9), the Corporation is subrogated, to the extent of the amount of the returned payment, to all the rights and interests of the depositor and may maintain an action in respect of those rights and interests in the name of the depositor or in the name of the Corporation.

  • Marginal note:Priority

    (4.1) If the Corporation is subrogated to the rights and interests of a depositor under subsection (4) or (4.01) in respect of any deposit with a member institution that is being wound up, the Corporation ranks,

    • (a) to the extent that the payment was made under subsection (2) or (2.1), including in the case of a returned payment, equally with the depositor in respect of their deposit; and

    • (b) to the extent that the payment includes any interest paid under subsection (2.4), equally with the depositor in respect of interest accruing and payable on their deposit after the date of the making of the winding-up order.

189. The Act is amended by adding the following after section 14:

Marginal note:2007, c. 6, s. 404

190. Paragraph 17(2)(b) of the Act is replaced by the following:

Marginal note:1996, c. 6, s. 27

• 191. (1) Subsection 21(1) of the Act is replaced by the following:

  Marginal note:Assessment and collection of premiums

  • 21. (1) Subject to subsection (4), the Corporation shall, for each premium year, assess and collect from each member institution an annual premium in an amount determined under the by-laws.

• (2) Subsection 21(2) of the Act is amended by striking out “and” at the end of paragraph (b), by adding “and” at the end of paragraph (c) and by adding the following after paragraph (c):

  • (d) fixing the minimum amount of, or providing the manner for determining the minimum amount of, the annual premium.

• Marginal note:1996, c. 6, s. 27

  (3) Subsection 21(4) of the Act is replaced by the following:

  • Marginal note:Annual premium

    (4) The annual premium for a member institution shall be no greater than one third of 1%, or any smaller proportion of 1% that may be fixed in respect of the premium year by the Governor in Council, of an amount equal to the sum of so much of the deposits as are considered to be insured by the Corporation and deposited with the member institution as of April 30 in the immediately preceding premium year.

Marginal note:1996, c. 6, s. 29; 2001, c. 9, s. 207

192. Subsection 23(1) of the Act is replaced by the following:

Marginal note:R.S., c. 18 (3rd Supp.), s. 62

193. The portion of subsection 30(2) of the English version of the Act before paragraph (a) is replaced by the following:

194. Subsection 33(1) of the Act is amended by striking out “or” at the end of paragraph (a), by adding “or” at the end of paragraph (b) and by adding the following after paragraph (b):

Marginal note:2007, c. 6, s. 416(2)

195. Subsection 34(5) of the Act is replaced by the following:

196. Section 39.13 of the Act is amended by adding the following after subsection (5):

Marginal note:2009, c. 2, s. 244

• 197. (1) The portion of paragraph 39.131(1)(a) of the Act before subparagraph (i) is replaced by the following:

  • (a) exempt a federal member institution in respect of which an order directing the incorporation of a bridge institution is made, a bridge institution, a subsidiary of any of those institutions or any other person from the application of any provision of this Act or the regulations or of the following Acts or regulations made under them:

• Marginal note:2009, c. 2, s. 244

  (2) Paragraph 39.131(1)(b) of the Act is replaced by the following:

  • (b) provide that any provision of this Act or the regulations or of the Acts referred to in paragraph (a) or regulations made under them applies to a federal member institution in respect of which an order directing the incorporation of a bridge institution is made, a bridge institution, a subsidiary of any of those institutions or any other person but only in the manner and to the extent provided for in the order and adapt that provision for the purpose of that application.

Marginal note:2009, c. 2, s. 245(1)

198. Paragraph 39.15(1)(a) of the Act is replaced by the following:

Marginal note:2009, c. 2, s. 246

199. Section 39.151 of the Act is replaced by the following:

Marginal note:1996, c. 6, s. 41

200. The portion of subsection 39.17(1) of the Act before paragraph (a) is replaced by the following:

Marginal note:2009, c. 2, s. 251

201. Section 39.372 of the Act is replaced by the following:

Marginal note:2009, c. 2, s. 251

• 202. (1) The portion of paragraph 39.3723(1)(a) of the Act before subparagraph (i) is replaced by the following:

  • (a) exempt federal member institutions in respect of which an order directing the incorporation of a bridge institution is made, bridge institutions or subsidiaries of any of those institutions, or any class of those institutions or class of their subsidiaries, or any other person from the application of any provision of this Act or the regulations or of the following Acts or regulations made under them:

• Marginal note:2009, c. 2, s. 251

  (2) Paragraph 39.3723(1)(b) of the Act is replaced by the following:

  • (b) provide that any provision of this Act or the regulations or of the Acts referred to in paragraph (a) or regulations made under them applies to federal member institutions in respect of which an order directing the incorporation of a bridge institution is made, bridge institutions or subsidiaries of any of those institutions, or any class of those institutions or class of their subsidiaries, or any other person but only in the manner and to the extent provided for in the regulation and adapt that provision for the purpose of that application.

Marginal note:2001, c. 9, s. 214

203. Section 45.2 of the Act is replaced by the following:

204. The English version of the Act is amended by replacing “his” with “their” in subsections 3(1), (2) and (4) of the schedule.

205. The English version of the Act is amended by replacing “he” with “the beneficiary” in subsection 3(2) of the schedule.

206. The English version of the Act is amended by replacing “his” with “his or her” in the following provisions:

• (a) subsection 5(5);

• (b) subsection 6(2); and

• (c) subsection 44(2).

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

Marginal note:2001, c. 9, s. 227(2)

207. Paragraphs 9(3)(a) and (b) of the Canadian Payments Act are replaced by the following:

Marginal note:2007, c. 6, s. 429(4)(F)

208. Subsection 18(3) of the Act is replaced by the following:

209. The Act is amended by adding the following after section 46:

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

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

• 210. (1) Paragraph 161(1)(a) of the Winding-up and Restructuring Act is replaced by the following:

  • (a) costs of liquidation;

• Marginal note:1996, c. 6, s. 161; 1997, c.15, s. 411; 2007, c. 6, s. 445

  (2) Subsections 161(2) to (6) of the Act are replaced by the following:

  • Marginal note:Claims re life companies — policyholders

    (2) No payment on a claim by a policyholder of a company insuring risks under policies referred to in subparagraph (1)(c)(i) claiming a minimum amount that the company has agreed to pay under a policy in respect of an amount for which a segregated fund is maintained under section 451, subsection 542.03(2) or section 593 of the Insurance Companies Act for a deficiency if the assets of the fund are insufficient to satisfy such a claim, shall be made unless the assets of the company are sufficient to pay the claims referred to in subsection (1) and all of the terms of the policies of policyholders referred to in that subsection have been satisfied in full including any interest component of those policies accruing to the date of payment of the claim.

  • Marginal note:Claims re life companies — creditors

    (2.1) No payment on a claim by a creditor of a company insuring risks under policies referred to in subparagraph (1)(c)(i) shall be made unless the assets of the company are sufficient to pay the claims referred to in subsections (1) and (2) and all of the terms of the policies of the policyholders referred to in those subsections have been satisfied in full including any interest component of those policies accruing to the date of payment of the claim.

  • Marginal note:Interest component

    (3) For the purposes of subsections (2) and (2.1), the interest component of the claims of policyholders referred to in subparagraph (1)(c)(i) shall be treated as part of the claim that has arisen under the policy in accordance with the terms of the policy.

  • Marginal note:Claims re other companies

    (4) No payment on a claim by a creditor of a company insuring risks under policies referred to in subparagraph (1)(c)(ii) shall be made unless the assets of the company are sufficient to pay the claims referred to in subsection (1).

  • Marginal note:Subordinated debt holders

    (5) Holders of subordinated indebtedness, within the meaning of subsection 2(1) of the Insurance Companies Act, of a company and other indebtedness that by their terms rank equally or are subordinate to such indebtedness are entitled to receive payment on their claims only if the assets of the company are sufficient to pay the claims referred to in subsections (2), (2.1) and (4).

  • Marginal note:Priority of claims of policyholders in foreign companies

    (6) Despite anything in this Part but subject to subsection (8), if a company is a foreign company, no claim, after the payment of costs of liquidation, ranks against the assets other than claims described in paragraphs (a) to (c), and the balance, if any, of the assets remaining after those claims are paid shall be applied by the liquidator in satisfaction of the claims of any other creditors — but not including policyholders and creditors of the foreign company in respect of a class of insurance not specified in the order referred to in paragraph (b) — of the insurance business in Canada of the foreign company in accordance with subsections (2), (2.1) and (4):

    • (a) the preferred creditors referred to in paragraph (1)(b);

    • (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

    • (c) expenses described in paragraph 686(1)(a) of the Insurance Companies Act, that were incurred by the Superintendent in respect of the company and assessed against and paid by other companies pursuant to that Act, and interest in respect of those expenses at the rate that is specified by the Superintendent.

• Marginal note:1996, c. 6, s. 161

  (3) The portion of paragraph 161(8)(b) of the Act before clause (ii)(A) is replaced by the following:

  • (b) risks falling within some other class of insurance, other than accident and sickness insurance, credit protection insurance and other approved products insurance,

    • (i) in the case of the costs of liquidation and the claims of preferred creditors, the costs, portions of expenses and claims shall be paid from the assets in Canada, maintained for the policies referred to in subparagraphs (ii) and (iii), together with the assets under the control of the chief agent, in the proportion that the court considers fair and equitable,

    • (ii) in the case of policies falling within the classes of life insurance, accident and sickness insurance, credit protection insurance and other approved products insurance, claims shall be paid

• Marginal note:1996, c. 6, s. 161

  (4) Subsection 161(9) of the Act is replaced by the following:

  • Marginal note:Priority of costs, etc.

    (9) For greater certainty, the costs, claims and expenses referred to in subsections (6) and (8) shall be paid in accordance with the priorities set out in subsection (1).

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

211. Section 164 of the Act is replaced by the following:

R.S., c. 18 (3rd Supp.), Part IOffice of the Superintendent of Financial Institutions Act

212. The Office of the Superintendent of Financial Institutions Act is amended by adding the following after section 39:

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

• 213. (1) The portion of section 2 of the English version of the Payment Clearing and Settlement Act before the definition “Bank” is replaced by the following:

  Marginal note:Definitions

  2. The following definitions apply in this Act.

• (2) The definition “clearing and settlement system” in section 2 of the Act is replaced by the following:

  “clearing and settlement system”

  « système de compensation et de règlement »

  “clearing and settlement system” means a system or arrangement for the clearing or settlement of payment obligations or payment messages in which

  • (a) there are at least three participants, at least one of which is a Canadian participant and at least one of which has its head office in a jurisdiction other than the jurisdiction where the head office of the clearing house is located;

  • (b) clearing or settlement is all or partly in Canadian dollars; and

  • (c) the payment obligations that arise from clearing within the system or arrangement are ultimately settled through adjustments to the account or accounts of one or more of the participants at the Bank.

  For greater certainty, it includes a system or arrangement for the clearing or settlement of securities transactions, derivatives contracts, foreign exchange transactions or other transactions where the system or arrangement also clears or settles payment obligations arising from those transactions.

• (3) Section 2 of the Act is amended by adding the following in alphabetical order:

  “Canadian participant”

  « participant canadien »

  “Canadian participant” means a participant that is incorporated or formed under an enactment of Canada or a province.

214. Section 15 of the Act is replaced by the following:

• 215. (1) Paragraph 18(2)(a) of the Act is replaced by the following:

  • (a) to any government agency or regulatory body, charged with the regulation of

    • (i) financial institutions, as defined in section 2 of the Trust and Loan Companies Act, for purposes related to that regulation, or

    • (ii) entities that provide clearing or settlement services in connection with securities transactions or eligible financial contracts, for purposes related to that regulation, and

• (2) Section 18 of the Act is amended by adding the following after subsection (2):

  • Marginal note:Disclosure permitted

    (3) Nothing in subsection (1) prevents the Bank from disclosing any information or documents pertaining to a clearing and settlement system that the Bank has designated under subsection 4(1) to any government agency or regulatory body charged with the regulation of systems or arrangements for the clearing or settlement of payment obligations or payment messages, for purposes related to that regulation, if the Bank is satisfied that the information or documents will be treated as confidential by the agency or body to whom they are disclosed.

216. Subsection 22(3) of the Act is repealed.

2001, c. 9Financial Consumer Agency of Canada Act

Marginal note:2009, c. 2, s. 280

• 217. (1) Paragraph (a) of the definition “consumer provision” in section 2 of the Financial Consumer Agency of Canada Act is replaced by the following:

  • (a) paragraphs 157(2)(e) and (f), section 413.1, subsection 418.1(3), sections 439.1 to 459.5, subsections 540(2) and (3) and 545(4) and (5), paragraphs 545(6)(b) and (c), subsection 552(3) and sections 559 to 576.3 of the Bank Act together with any regulations made under or for the purposes of those provisions;

• (2) Paragraph (a) of the definition “consumer provision” in section 2 of the Act is replaced by the following:

  • (a) paragraphs 157(2)(e) and (f), sections 273.1 and 413.1, subsection 418.1(3), sections 439.1 to 459.5, subsections 540(2) and (3) and 545(4) and (5), paragraphs 545(6)(b) and (c), subsection 552(3) and sections 559 to 576.2 of the Bank Act together with any regulations made under or for the purposes of those provisions;

• (3) The definition “consumer provision” in section 2 of the Act is amended by adding the following after paragraph (a):

  • (a.1) sections 992 to 1003 of the Bank Act as those sections apply to any notice, document or other information that is required under the provisions referred to in paragraph (a);

• (4) The definition “consumer provision” in section 2 of the Act is amended by adding the following after paragraph (b):

  • (b.1) sections 487.01 to 487.12 of the Cooperative Credit Associations Act as those sections apply to any notice, document or other information that is required under the provisions referred to in paragraph (b);

• (5) The definition “consumer provision” in section 2 of the Act is amended by adding the following after paragraph (c):

  • (c.1) sections 1034 to 1045 of the Insurance Companies Act as those sections apply to any notice, document or other information that is required under the provisions referred to in paragraph (c);

• (6) The definition “consumer provision” in section 2 of the Act is amended by striking out “and” at the end of paragraph (d) and by adding the following after that paragraph:

  • (d.1) sections 539.01 to 539.12 of the Trust and Loan Companies Act as those sections apply to any notice, document or other information that is required under the provisions referred to in paragraph (d); and

Marginal note:2010, c. 12, s. 1854

• 218. (1) Subsection 17(1) of the French version of the Act is replaced by the following:

  Marginal note:Caractère confidentiel des renseignements

  • 17. (1) Sous réserve du paragraphe (2) et sauf disposition contraire prévue par la présente loi, sont confidentiels et doivent être traités comme tels les renseignements concernant les activités d’affaires et les affaires internes d’une institution financière ou concernant une personne faisant affaire avec elle — ainsi que les renseignements qui sont tirés de ceux-ci —, obtenus par le commissaire ou par toute autre personne exécutant ses directives, dans le cadre de l’exercice des attributions visées aux paragraphes 5(1) et (2) et 5.1(2).

• Marginal note:2010, c. 12, s. 1841

  (2) Subsection 17(3) of the French version of the Act is replaced by the following:

  • Marginal note:Caractère confidentiel des renseignements — exploitants de réseaux de cartes de paiement

    (3) Sous réserve du paragraphe (4) et sauf disposition contraire prévue par la présente loi, sont confidentiels et doivent être traités comme tels les renseignements concernant les activités d’affaires et les affaires internes d’un exploitant de réseau de cartes de paiement ou concernant une personne faisant affaire avec lui — ainsi que les renseignements qui sont tirés de ceux-ci —, obtenus par le commissaire ou par toute autre personne exécutant ses directives, dans le cadre de l’exercice des attributions visées aux paragraphes 5(1.1) et (2.1).

Marginal note:2010, c. 12, s. 1843(2)

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

220. The Act is amended by adding the following after section 33:

Marginal note:2010, c. 12, s. 1857

221. Schedule 1 to the Act is amended by replacing the references after the heading “SCHEDULE 1” with the following:

PART 6COORDINATING AMENDMENTS AND COMING INTO FORCE

Coordinating Amendments

Marginal note:Subsections 217(1) and (2)

222. On the first day on which both subsections 217(1) and (2) are in force, paragraph (a) of the definition “consumer provision” in section 2 of the Financial Consumer Agency of Canada Act is replaced by the following:

Marginal note:2010, c. 12

• 223. (1) In this section, “other Act” means the Jobs and Economic Growth Act.

• (2) On the first day on which both subsection 1894(8) of the other Act and this section are in force, the definition “member” in section 2 of the Bank Act is replaced by the following:

  “member”

  « membre »

  “member”, in relation to a federal credit union, means a person who is one of the members of the federal credit union in accordance with subsection 47.04(2);

• (3) On the first day on which both subsection 1950(3) of the other Act and section 5 of this Act are in force, subsection 138(1.1) of the Bank Act is replaced by the following:

  • Marginal note:Number of eligible votes

    (1.1) A bank with equity of twelve billion dollars or more that is not a federal credit union must set out in the notice of a meeting the number of eligible votes, as defined under subsection 156.09(1), that may be cast at the meeting as of the record date for determining shareholders entitled to receive the notice of meeting or, if there are to be separate votes of shareholders at the meeting, the number of eligible votes, as defined in that subsection, in respect of each separate vote to be held at the meeting.

• (4) On the first day on which both section 1995 of the other Act and this section are in force, paragraph 216.14(1)(d) of the Bank Act is replaced by the following:

  • (d) respecting, for the purposes of a proposal to become a bank with common shares, the value of the converting federal credit union and of its membership shares and shares, if any, and authorizing the Superintendent to specify a day as of which those values must be estimated;

• (5) If section 2057 of the other Act comes into force before section 17 of this Act, then that section 17 is replaced by the following:

  17. Subsection 376.1(1) of the Act is replaced by the following:

  Marginal note:Prohibition against significant interest

  • 376.1 (1) No person who has a significant interest in any class of shares of a widely held bank with equity of twelve billion dollars or more may have a significant interest in any class of shares of a subsidiary of the widely held bank that is a bank or a bank holding company.

• (6) If section 2057 of the other Act comes into force on the same day as section 17 of this Act, then that section 17 is deemed to have come into force before that section 2057.

• (7) If section 2058 of the other Act comes into force before section 18 of this Act, then that section 18 is replaced by the following:

  18. Subsection 376.2(1) of the Act is replaced by the following:

  Marginal note:Prohibition against significant interest

  • 376.2 (1) No person who has a significant interest in any class of shares of a bank may have a significant interest in any class of shares of any widely held bank with equity of twelve billion dollars or more, or of any widely held bank holding company with equity of twelve billion dollars or more, that controls the bank.

• (8) If section 2058 of the other Act comes into force on the same day as section 18 of this Act, then that section 18 is deemed to have come into force before that section 2058.

• (9) If section 2060 of the other Act comes into force before section 20 of this Act, then, on the day on which that section 20 comes into force, section 377.1 of the Bank Act is amended by adding the following after subsection (1):

  • Marginal note:Exception — federal credit union

    (1.1) Subsection (1) does not apply in respect of a person who acquires control of a federal credit union.

• (10) If section 2060 of the other Act comes into force on the same day as section 20 of this Act, then that section 20 is deemed to have come into force before that section 2060.

• (11) If section 2062 of the other Act comes into force before section 22 of this Act, then that section 22 is replaced by the following:

  22. Subsection 380(1) of the Act is replaced by the following:

  Marginal note:Exemption

  • 380. (1) On application by a bank, other than a bank with equity of twelve billion dollars or more, the Superintendent may exempt any class of non-voting shares of the bank the aggregate book value of which is not more than 30 per cent of the aggregate book value of all the outstanding shares of the bank from the application of sections 373 and 379.

• (12) If section 22 of this Act comes into force before section 2062 of the other Act, then, on the day on which that section 2062 comes into force, subsection 380(1) of the Bank Act is replaced by the following:

  Marginal note:Exemption

  • 380. (1) On application by a bank, other than a bank with equity of twelve billion dollars or more, the Superintendent may exempt any class of non-voting shares of the bank the aggregate book value of which is not more than 30 per cent of the aggregate book value of all the outstanding shares of the bank from the application of sections 373 and 379.

• (13) If section 2062 of the other Act comes into force on the same day as section 22 of this Act, then that section 22 is deemed to have come into force before that section 2062 and subsection (12) applies as a consequence.

• (14) On the first day on which both subsection 2069(2) of the other Act and section 31 of this Act are in force, paragraph 396(2)(a) of the Bank Act is replaced by the following:

  • (a) more than 10 per cent but no more than 20 per cent of any class of the outstanding voting shares of a widely held bank with equity of twelve billion dollars or more that is not a federal credit union; or

• (15) On the first day on which both subsection 2071(2) of the other Act and section 32 of this Act are in force, subsection 401.2(2) of the Bank Act is replaced by the following:

  • Marginal note:Exception

    (2) Despite subsection (1), a bank may record in its securities register or members register a transfer or issue of any share or membership share of the bank to a foreign bank, or to a foreign institution, that is controlled by the government of a foreign country or any political subdivision of a foreign country, or by any agent or agency of a foreign government, if the share or membership share that is transferred or issued is beneficially owned by the foreign bank or foreign institution or by an entity controlled by the foreign bank or foreign institution.

• (16) If section 2072 of the other Act comes into force before section 33 of this Act, then that section 33 is replaced by the following:

  33. Subsection 401.3(3) of the Act is replaced by the following:

  • Marginal note:Exception

    (3) Subsections (1) and (2) do not apply to a foreign bank, or to a foreign institution, that is controlled by the government of a foreign country or any political subdivision of a foreign country, or by any agent or agency of a foreign government, if the share referred to in subsection (1), or, in the case of a federal credit union, a membership share, is beneficially owned by the foreign bank or foreign institution or by an entity controlled by the foreign bank or foreign institution.

• (17) If section 33 of this Act comes into force before section 2072 of the other Act, then, on the day on which that section 2072 comes into force, subsection 401.3(3) of the Bank Act is replaced by the following:

  • Marginal note:Exception

    (3) Subsections (1) and (2) do not apply to a foreign bank, or to a foreign institution, that is controlled by the government of a foreign country or any political subdivision of a foreign country, or by any agent or agency of a foreign government, if the share referred to in subsection (1), or, in the case of a federal credit union, a membership share, is beneficially owned by the foreign bank or foreign institution or by an entity controlled by the foreign bank or foreign institution.

• (18) If section 2072 of the other Act comes into force on the same day as section 33 of this Act, then that section 33 is deemed to have come into force before that section 2072 and subsection (17) applies as a consequence.

• (19) On the first day on which both section 2079 of the other Act and this section are in force,

  • (a) subparagraph 487(2)(a)(i) of the Bank Act is replaced by the following:

    • (i) in accordance with any provisions for the conversion of other issued and outstanding membership shares or securities of the bank into shares of that class of shares, or into membership shares,

  • (b) subparagraph 487(2)(a)(iv) of the Bank Act is replaced by the following:

    • (iv) in accordance with the terms of an amalgamation or conversion under Part VI,

• (20) If section 2104 of the other Act comes into force before section 203 of this Act, then, on the day on which that section 203 comes into force, subsection 45.2(1) of the Canada Deposit Insurance Corporation Act is replaced by the following:

  Marginal note:Confidentiality

  • 45.2 (1) All information regarding the affairs of a federal institution, provincial institution or local cooperative credit society, or of any person dealing with one, that is obtained or produced by or for the Corporation is confidential and shall be treated accordingly.

• (21) If section 203 of this Act comes into force before section 2104 of the other Act, then, on the day on which that section 2104 comes into force, section 45.2 of the Canada Deposit Insurance Corporation Act is replaced by the following:

  Marginal note:Confidentiality

  • 45.2 (1) All information regarding the affairs of a federal institution, provincial institution or local cooperative credit society, or of any person dealing with one, that is obtained or produced by or for the Corporation is confidential and shall be treated accordingly.

  • Marginal note:Information from the Superintendent

    (2) The Corporation may, if it is satisfied that the information will be treated as confidential by the recipient and after consultation with the Superintendent, disclose any information obtained from the Superintendent regarding the affairs of a federal member institution

    • (a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision;

    • (b) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision; or

    • (c) to any deposit insurer or any compensation association for purposes related to its operation.

• (22) If section 2104 of the other Act comes into force on the same day as section 203 of this Act, then that section 2104 is deemed to have come into force before that section 203 and subsection (20) applies as a consequence.

Marginal note:2010, c. 25

• 224. (1) In this section, “other Act” means the Sustaining Canada’s Economic Recovery Act.

• (2) If section 52 of this Act comes into force before section 149 of the other Act, then that section 149 is repealed.

• (3) If section 149 of the other Act comes into force on the same day as section 52 of this Act, then that section 149 is deemed to have come into force before that section 52.

• (4) On the first day on which both section 160 of the other Act and section 218 of this Act are in force, subsection 17(1) of the French version of the Financial Consumer Agency of Canada Act is replaced by the following:

  Marginal note:Caractère confidentiel des renseignements

  • 17. (1) Sous réserve du paragraphe (2) et sauf disposition contraire prévue par la présente loi, sont confidentiels et doivent être traités comme tels les renseignements concernant les activités d’affaires et les affaires internes d’une institution financière ou d’un organisme externe de traitement des plaintes ou concernant toute personne faisant affaire avec eux — ainsi que les renseignements qui sont tirés de ceux-ci —, obtenus par le commissaire ou par toute autre personne exécutant ses directives, dans le cadre de l’exercice des attributions visées aux paragraphes 5(1) et (2) et 5.1(2).

Coming into Force

Marginal note:Order in council

• 225. (1) Subject to subsection (2), the provisions of this Act, except sections 3, 77, 105, 123, 154, 163 and 222 to 224, come into force on a day or days to be fixed by order of the Governor in Council.

• Marginal note:Order in council

  (2) Sections 9 to 11 and 207 and subsection 217(2) come into force on a day or days to be fixed by order of the Governor in Council, which may not be earlier than the day on which subsection 1894(8) of the Jobs and Economic Growth Act, chapter 12 of the Statutes of Canada, 2010, comes into force.