Financial System Review Act (S.C. 2012, c. 5)
Full Document:
Assented to 2012-03-29
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:Leave of court
39.17 (1) A superior court may, on any terms that it considers proper, grant leave to a person to do anything that the person would otherwise be prevented from doing by section 39.15 or lift, or reduce the length of, a stay under section 39.151 if the court is satisfied
Marginal note:2009, c. 2, s. 251
201. Section 39.372 of the Act is replaced by the following:
Marginal note:Non-liability with respect to employees
39.372 (1) If a bridge institution becomes the employer of employees of a federal member institution, the bridge institution is not liable in respect of a liability, including one as a successor employer,
(a) that is in respect of the employees or former employees of the federal member institution or a predecessor of the federal member institution or in respect of a pension plan for the benefit of those employees or former employees; and
(b) that exists before the bridge institution becomes the employer or that is calculated by reference to a period before the bridge institution becomes the employer.
Marginal note:Liability of other successor employers
(2) Subsection (1) does not affect the liability of a successor employer other than the bridge institution.
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:
Marginal note:Confidentiality
45.2 (1) All information regarding the affairs of a federal institution or provincial institution 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.
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:
(a) banks, but excluding federal credit unions as defined in section 2 of the Bank Act, and authorized foreign banks;
(b) centrals, cooperative credit associations and federal credit unions as defined in that section;
Marginal note:2007, c. 6, s. 429(4)(F)
208. Subsection 18(3) of the Act is replaced by the following:
Marginal note:Approval of by-laws establishing penalties
(3) A by-law establishing a penalty shall not be submitted to the Minister for approval until it has been submitted for approval to the members and approved by them at a meeting of members.
209. The Act is amended by adding the following after section 46:
Marginal note:Enforcement of decision
46.1 (1) An order of a compliance panel established under paragraph 8(1)(a) of Canadian Payments Association By-law No. 6 — Compliance may be made an order of the Federal Court or of a superior court of a province and may be enforced in the same manner as an order of that court as if it had been an order of that court on the date of the decision.
Marginal note:Procedure
(2) An order of a compliance panel may be made an order of a court in accordance with the usual practice and procedure of the court in such matters, if any, or by the filing of a certified copy of the decision with the registrar of the court.
Marginal note:Effect of rescission or variation
(3) If an order of a compliance panel that has been made an order of a court is rescinded or varied by a subsequent order of the compliance panel, the order of the court is vacated and the subsequent order may be made an order of the court in accordance with subsection (2).
Marginal note:Saving
(4) The President may enforce any order of a compliance panel whether or not the order has been made an order of a court.
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