Financial System Review Act (S.C. 2012, c. 5)
Full Document:
Assented to 2012-03-29
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:Information on contacting Agency
385.24 (1) A retail association shall, in accordance with the regulations, at the prescribed time and place and in the prescribed form and manner, provide a person requesting or receiving a product or service from it with prescribed information on how to contact the Agency if the person has a complaint about a deposit account, an arrangement referred to in subsection 385.18(4), a payment, credit or charge card, the disclosure of or manner of calculating the cost of borrowing in respect of a loan or about any other obligation of the retail association under a consumer provision.
Marginal note:2009, c. 2, s. 278
115. Paragraph 385.252(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. 313
116. Paragraphs 385.27(5)(a) and (b) of the Act are replaced by the following:
(a) the time and place at which and the form and manner in which notice shall be given under subsection (1), the persons to whom it shall be given and the information to be included, the time, place, form and manner being permitted to vary according to circumstances specified in the regulations;
(b) circumstances in which a member association is not required to give notice under subsection (1), circumstances in which the Commissioner may exempt a member association from the requirement to give notice under that subsection, and circumstances in which the Commissioner may vary the time and place at which and the form and manner in which notice is required to be given under any regulation made under paragraph (a); and
Marginal note:2001, c. 9, s. 313
117. Paragraph 385.28(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: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:
(a) has a right of access to any records, cash, assets and security held by or on behalf of an association; and
120. The Act is amended by adding the following after section 459.8:
Exceptions to Generally Accepted Accounting Principles
Marginal note:Calculations — generally accepted accounting principles
459.81 (1) If, as a result of a change to the accounting principles referred to in subsection 292(4) — whether the change is made before or after this section comes into force — the Superintendent considers, given any prudential considerations that he or she considers relevant, that any amount, calculation or valuation under this Act or the regulations is not appropriate, the Superintendent may specify the amount that is to be used or the calculation or valuation that is to be performed instead.
Marginal note:Canada Gazette
(2) The Superintendent shall cause a notice of the specification to be published in the Canada Gazette within 60 days after the day on which the specification has effect.
Marginal note:Five-year limit
(3) The specification ceases to have effect on the day indicated in the notice, which may be no later than five years after the day on which the specification is made.
Marginal note:2007, c. 6, s. 184
121. Subsection 461.2(1) of the Act is replaced by the following:
Marginal note:Application for certain approvals
461.2 (1) An application for the prior written approval of the Minister in respect of paragraph 376(1)(g) or (h) or 390(5)(b.1), (c), (d) or (d.1) must be filed with the Superintendent and contain the information, material and evidence that the Superintendent may require.
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:
“consumer provision”
« disposition visant les consommateurs »
“consumer provision” means a provision referred to in paragraph (c) or (c.1) of the definition “consumer provision” in section 2 of the Financial Consumer Agency of Canada Act;
Marginal note:2007, c. 6, s. 189
123. Section 21 of the Act is replaced by the following:
Marginal note:Sunset provision
21. (1) Subject to subsections (2) and (4), companies and societies shall not carry on business, and foreign companies shall not carry on business in Canada, after the day that is the fifth anniversary of the day on which this section comes into force.
Marginal note:Extension
(2) The Governor in Council may, by order, extend by up to six months the time during which companies and societies may continue to carry on business and foreign companies may continue to carry on business in Canada. No more than one order may be made under this subsection.
Marginal note:Order not a regulation
(3) The order is not a regulation for the purposes of the Statutory Instruments Act. However, it shall be published in Part II of the Canada Gazette.
Marginal note:Exception
(4) If Parliament dissolves on the fifth anniversary of the day on which this section comes into force, on any day within the six-month period before that anniversary or on any day within an extension under subsection (2), companies and societies may continue to carry on business, and foreign companies may continue to carry on business in Canada, until the end of 180 days after the first day of the first session of the next Parliament.
124. Subsection 64(3) of the Act is repealed.
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