Financial System Review Act (S.C. 2012, c. 5)
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Assented to 2012-03-29
PART 5AMENDMENTS TO OTHER ACTS
R.S., c. B-2Bank of Canada Act
Marginal note:2001, c. 9, s. 199; 2007, c. 6, s. 397
184. Section 29 of the Act is replaced by the following:
Marginal note:Weekly financial information
29. (1) The Bank shall, as soon as practicable after the last business day of each week, post on its website financial information about its assets and liabilities.
Marginal note:Monthly balance sheet
(2) The Bank shall, as soon as practicable after the last business day of each month, post on its website its balance sheet as at the close of business on that day. The balance sheet shall set out information regarding the Bank’s investments in securities issued or guaranteed by the Government of Canada.
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:Subsection 5(1) of the Statutory Instruments Act
(2.2) If a by-law requires approval in writing by the Minister under this Act in order to be effective, then, for the purposes of subsection 5(1) of the Statutory Instruments Act, the by-law is deemed to be made on the day on which the Corporation receives that approval.
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:Payment to the Bank of Canada
14.01 (1) The Corporation shall pay to the Bank of Canada an amount equal to a returned payment within three months after the expiry of a 10-year period from the applicable date referred to in subsection 14(2.9), and payment to the Bank of Canada accordingly discharges the Corporation from all liability in respect of the returned payment.
Marginal note:Notice
(2) The Corporation shall mail to each person to whom a returned payment remains payable, at the person’s address in so far as the address is known to the Corporation, a notice that the returned payment remains unpaid and that payment of an amount equal to the returned payment will be paid by the Corporation to the Bank of Canada. The notice must be sent at least six months before the date by which payment is to be made by the Corporation to the Bank of Canada and must also include the mailing address and websites where information can be obtained on how to claim the returned payment from the Corporation before payment is made by the Corporation to the Bank of Canada.
Marginal note:Provision of information
(3) The Corporation shall, on making a payment under subsection (1), provide to the Bank of Canada the amount of the returned payment and, in so far as it is known to the Corporation, any information that the Bank of Canada determines is necessary to verify the identity of the depositor who is entitled to the returned payment, including
(a) the depositor’s name;
(b) the depositor’s address;
(c) information relating to the depositor’s pieces of identification; and
(d) information relating to another person’s authority to act on behalf of the depositor.
Marginal note:Payment to claimant
(4) Subject to section 22 of the Bank of Canada Act, if payment has been made to the Bank of Canada under subsection (1) in respect of any returned payment, and if payment is demanded from the Bank of Canada by the person who, but for that subsection, would be entitled to receive the returned payment, the Bank of Canada is liable to pay an amount equal to the amount so paid to it to the claimant.
Marginal note:Enforcing liability
(5) The liability of the Bank of Canada under subsection (4) may be enforced by action or other civil proceeding against the Bank of Canada in any court of competent jurisdiction.
Marginal note:2007, c. 6, s. 404
190. Paragraph 17(2)(b) of the Act is replaced by the following:
(b) on the day on which the amendment takes effect, any existing cancellation of the institution’s policy of deposit insurance under paragraph 33(1)(b) or (c) or subsection 33(2) is revoked; and
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:Calculation of first premium
23. (1) The premium payable by a member institution in respect of the premium year in which it becomes a member institution shall be the same proportion of the annual premium for that member institution determined by by-law made under subsection 21(2) based on 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 the end of the month in which it becomes a member institution, as the number of days in which any of the deposits with that member institution are insured by the Corporation in that premium year is of 365.
- Date modified: