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Financial System Review Act (S.C. 2012, c. 5)

Full Document:  

Assented to 2012-03-29

PART 31991, c. 47INSURANCE COMPANIES ACT

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

Marginal note:Mutual fund entity’s or closed-end fund’s holding in company

76.2 If a mutual fund entity, as defined in subsection 490(1), or a closed-end fund, as defined in that subsection, becomes a subsidiary of a company by reason of the company investing, in the entity or fund, assets of a fund maintained by the company as required by paragraph 451(b), the company may permit the entity or fund to hold shares of the company, or shares or ownership interests of an entity that controls the company, as long as the assets of the mutual fund entity or closed-end fund reflect the securities upon which a generally recognized market index is based and the weighting of those securities in that index.

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

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

  • Marginal note:Conditional approval

    (2) If the Minister is satisfied on the basis of an application made under section 382 that the circumstances warrant the voluntary liquidation and dissolution of a company, the Minister may, by order, approve the application.

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

  • Marginal note:Exception

    (2) Despite subsection (1), a company may record in its securities register a transfer or issue of any share of the company 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 that is transferred or issued is beneficially owned by the foreign institution or by an entity controlled by the foreign institution.

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

  • Marginal note:Exception

    (2.1) Subsection (2) does not apply 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 shares referred to in subsection (2) are beneficially owned by the foreign institution or by an entity controlled by the foreign institution.

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:Information to policyholder

    (2) A company that made changes in respect of its adjustable policies during the preceding 12 months shall within the prescribed period send the prescribed information to the policyholder, if the adjustable policy was issued in Canada or if it confers voting rights.

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:

  • (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:1997, c. 15, s. 256

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

Marginal note:Disclosing borrowing costs — loans

  • 480. (1) A company shall not make a loan to a natural person that is repayable in Canada unless the cost of borrowing, as calculated and expressed in accordance with section 481, and other prescribed information have been disclosed by the company to the borrower at the prescribed time and place and in the prescribed form and manner.

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:Renewal statement

482.1 If a company makes a loan in respect of which the disclosure requirements of section 480 apply and the loan is secured by a mortgage on real property, the company shall disclose to the borrower, at the prescribed time and place and in the prescribed form and manner, any information that is prescribed respecting the renewal of the loan.

Marginal note:Disclosure in advertising

483. No person shall authorize the publication, issue or appearance of any advertisement in Canada relating to arrangements referred to in subsection 482(3), loans, credit cards, payment cards or charge cards, offered to natural persons by a company, and purporting to disclose prescribed information about the cost of borrowing or about any other matter unless the advertisement discloses prescribed information at the prescribed time and place and in the prescribed form and manner.

Marginal note:Disclosing borrowing costs — advances

484. If regulations have been made respecting the manner in which the cost of borrowing is to be disclosed in respect of an advance on the security or against the cash surrender value of a policy, a company shall not make such an advance unless the cost of borrowing, as calculated and expressed in accordance with the regulations, has, at the prescribed time and place and in the prescribed form and manner, been disclosed by the company or otherwise as prescribed to the policyholder at or before the time when the advance is made.

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:Information on contacting Agency

  • 487. (1) A company 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 an arrangement referred to in subsection 482(3), a payment, credit or charge card, the disclosure of or manner of calculating the cost of borrowing in respect of a loan or an advance on the security or against the cash surrender value of a policy, or about any other obligation of the company under a consumer provision.

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

137. Paragraph 488.1(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.

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