Financial System Review Act (S.C. 2012, c. 5)
Full Document:
Assented to 2012-03-29
Marginal note:1996, c. 6, s. 161
211. Section 164 of the Act is replaced by the following:
Marginal note:Transfer of assets to the liquidator
164. (1) The assets of the company in Canada that may be on deposit with any government in Canada or with trustees or otherwise held for the company or for the protection of the policyholders of the company of the class or classes that are affected by the winding-up order shall, on order of the court having jurisdiction, be transferred to the liquidator.
Marginal note:Assets on deposit outside Canada
(2) If the company is a Canadian company that has deposited with the government of any state or country outside Canada, or with any trustee or other person in that state or country, any of its assets for the protection of the company’s policyholders in that state or country, the liquidator may request that government, trustee or other person to transfer those assets to the liquidator and on the transfer being made, those assets shall be used for the benefit of all the company’s policyholders in the same manner as any other assets of the company.
Marginal note:Consequence of non-transfer of assets
(3) If a government, trustee or other person referred to in subsection (2) does not transfer the assets deposited with it within the period commencing with the date of the liquidator’s request for the transfer of those assets that the Court may fix, the policyholders of the company, for whose protection the deposit was made, are deemed to have refused the reinsurance, if any, arranged by the liquidator, and, whether transfer or reinsurance has been arranged or not, to have forfeited all right and claim to any share of the assets of the company other than the assets so deposited for their protection outside Canada.
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:
IMMUNITIES
Marginal note:Not compellable
39.1 The Superintendent, any Deputy Superintendent, any officer or employee of the Office or any person acting under the direction of the Superintendent, is not a compellable witness in any civil proceedings in respect of any matter coming to their knowledge as a result of exercising any of their powers or performing any of their duties or functions under this Act or the Acts listed in the schedule.
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:
Marginal note:Compliance orders
15. If a clearing house or a participant fails to comply with a provision of this Act, with a directive issued to it by the Governor of the Bank in connection with any matter under this Act or with an agreement that it has entered into under section 5, or if a person to whom a request referred to in subsection 14(1) is directed fails to comply with the request, the Bank or the Governor may apply to a superior court for an order directing the clearing house, participant or person, as the case may be, to comply with the provision, directive, agreement or request and, on the application, the court may so order and make any further order it thinks fit.
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).
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