Budget Implementation Act, 2018, No. 1 (S.C. 2018, c. 12)
Full Document:
- HTMLFull Document: Budget Implementation Act, 2018, No. 1 (Accessibility Buttons available) |
- PDFFull Document: Budget Implementation Act, 2018, No. 1 [4781 KB]
Assented to 2018-06-21
PART 6Various Measures (continued)
DIVISION 16Financial Sector Legislative Renewal (continued)
SUBDIVISION CBank Terminology (continued)
1991, c. 46Bank Act
352 (1) Subsection 983(2) of the Bank Act is replaced by the following:
Marginal note:Unauthorized name
(2) Subject to the regulations and subsections (4) to (5.1), (6) and (12), every entity, other than a bank, that acquires, adopts or retains a name, a domain name or an identifying mark that includes the word “bank”, “banker” or “banking”, either alone or in combination with other words, to indicate or describe a business in Canada or any part of a business in Canada, without being authorized to do so by this Act or any other Act of Parliament, is guilty of an offence.
(2) Subsection 983(2.1) of the Act is replaced by the following:
Marginal note:Unauthorized use of word “bank”, “banker” or “banking”
(2.1) Subject to the regulations and subsections (4) to (5.1), (6) and (12), every person, other than a bank, who uses the word “bank”, “banker” or “banking”, without being authorized to do so by this Act or any other Act of Parliament, to indicate or describe a business in Canada or any part of a business in Canada, including any of its products or services or the means by which any of those products or services may be obtained, is guilty of an offence.
Marginal note:Unauthorized use of word “bank”, “banker” or “banking”
(2.11) Subject to the regulations and subsections (4) to (5.1), (6) and (12), every person, other than a bank, who, in respect of their own business, causes or authorizes another person to use the word “bank”, “banker” or “banking”, without being authorized to do so by this Act or any other Act of Parliament, to indicate or describe that business in Canada, or any part of that business in Canada, including any of its products or services or the means by which any of those products or services may be obtained, is guilty of an offence.
(3) Section 983 of the Act is amended by adding the following after subsection (4.1):
Marginal note:Permitted use
(4.2) Subject to the regulations, no person commits an offence under subsection (2.1) or (2.11) if they meet the requirements set out in subsection (4.3) and they are
(a) a body corporate to which the Trust and Loan Companies Act applies;
(b) a trust or loan corporation incorporated or formed by or under an Act of the legislature of a province;
(c) a central cooperative credit society;
(d) a local cooperative credit society;
(e) a federation of cooperative credit societies;
(f) the corporation known as “ATB Financial” and referred to in section 2 of the ATB Financial Act, chapter A-45.2 of the Revised Statutes of Alberta 2000, or a successor of that corporation; or
(g) a prescribed entity.
Marginal note:Requirements
(4.3) For the purposes of subsection (4.2), the requirements are the following:
(a) subject to the regulations, the entity discloses
(i) the type of entity it is, as described in any of paragraphs (4.2)(a) to (g) or in the regulations,
(ii) the jurisdiction under whose laws the entity is primarily regulated,
(iii) whether it participates in a deposit insurance system in Canada, and if so, the name of that system, and
(iv) any other prescribed information; and
(b) the entity complies with any prescribed requirements or conditions.
(4) Subsection 983(5) of the Act is replaced by the following:
Marginal note:Permitted use
(5) No subsidiary of a bank commits an offence by reason only that it uses the name of the bank of which it is a subsidiary in its corporate name or a name under which it carries on business or by reason only that it uses any identifying mark or domain name of that bank in carrying on its business.
(5) Subsection 983(5.3) of the French version of the Act is replaced by the following:
Marginal note:Utilisation autorisée
(5.3) Sous réserve des règlements, ne commet pas une infraction l’entité qui appartient au groupe d’une banque du simple fait qu’elle utilise la dénomination de la banque dans sa dénomination sociale ou dans la dénomination sous laquelle elle exerce ses activités ou toute marque d’identification de la banque dans l’exercice de ses activités si elle n’utilise pas les termes « banque », « banquier », « coopérative de crédit fédérale » ou « bancaire » dans sa dénomination sociale ou dans la dénomination sous laquelle elle exerce ses activités ou dans une de ses marques d’identification.
(6) Subsections 983(7) and (8) of the French version of the Act are replaced by the following:
Marginal note:Utilisation autorisée
(7) Ne commet pas une infraction la filiale d’une société de portefeuille bancaire du simple fait qu’elle utilise la dénomination de la société de portefeuille bancaire dans sa dénomination sociale ou dans la dénomination sous laquelle elle exerce ses activités ou une marque d’identification de la société de portefeuille bancaire dans l’exercice de ses activités pourvu que, si elle n’est pas une banque ou la filiale d’une banque, elle n’utilise pas les termes « banque », « banquier » ou « bancaire » dans sa dénomination sociale ou dans la dénomination sous laquelle elle exerce ses activités ou dans une de ses marques d’identification.
Marginal note:Utilisation autorisée
(8) Sous réserve des règlements, ne commet pas une infraction l’entité qui appartient au groupe d’une société de portefeuille bancaire du simple fait qu’elle utilise la dénomination de la société de portefeuille bancaire dans sa dénomination sociale ou dans la dénomination sous laquelle elle exerce ses activités ou une marque d’identification de la société de portefeuille bancaire dans l’exercice de ses activités, si elle n’utilise pas les termes « banque », « banquier » ou « bancaire » dans sa dénomination sociale ou dans la dénomination sous laquelle elle exerce ses activités ou dans une de ses marques d’identification.
(7) Paragraph 983(10)(a) of the French version of the Act is replaced by the following:
a) elle n’utilise pas les termes « banque », « banquier » ou « bancaire » dans sa dénomination sociale ou dans la dénomination sous laquelle elle exerce ses activités ou dans une de ses marques d’identification;
(8) Subsection 983(11) of the French version of the Act is replaced by the following:
Marginal note:Utilisation autorisée
(11) Sous réserve des règlements, ne commet pas une infraction la banque étrangère qui exerce les activités visées aux articles 510.1, 522.05, 522.18 ou 522.19 ou l’entité constituée ou formée sous le régime des lois d’un pays étranger qui exerce les activités visées à l’un de ces articles et qui est une entité liée à une banque étrangère du simple fait qu’elle utilise sa dénomination ou une de ses marques d’identification, pourvu qu’elle n’utilise pas les termes « banque », « banquier » ou « bancaire ».
(9) The portion of subsection 983(13) of the French version of the Act before paragraph (a) is replaced by the following:
Marginal note:banque, banquier et bancaire
(13) Pour l’application du présent article, les termes banque, banquier ou bancaire s’entendent en outre :
(10) Subsection 983(15) of the Act is amended by striking out “and” at the end of paragraph (b) and by adding the following after paragraph (b):
(b.1) any trademark of the entity; and
(11) Subsection 983(18) of the Act is replaced by the following:
Marginal note:Regulations
(18) The Governor in Council may make regulations for the purposes of subsections (1) to (3), paragraphs (4)(b), (g) and (h) and subsections (4.2), (4.3), (5.3), (8) and (9.1) to (11).
353 The Act is amended by adding the following after section 989:
Marginal note:Production of information and documents
989.1 The Superintendent may direct an entity to provide him or her with the information or documents that he or she specifies if he or she is of the opinion that their production is necessary in order to be satisfied that the entity is meeting the requirements of subsection 983(4.3).
Marginal note:Superintendent’s directions
989.2 (1) If, in the opinion of the Superintendent, a person is acting in a manner that is prohibited by section 983, the Superintendent may direct the person to
(a) cease or refrain from acting in that manner; and
(b) perform the acts that in the opinion of the Superintendent are necessary to remedy the situation.
Marginal note:Opportunity for representations
(2) Subject to subsection (3), no direction is to be issued to a person under subsection (1) unless the person is provided with a reasonable opportunity to make representations in respect of the matter.
Marginal note:Temporary direction
(3) If, in the opinion of the Superintendent, the length of time required for representations to be made might be prejudicial to the public interest, the Superintendent may make a temporary direction with respect to the matters referred to in paragraphs (1)(a) and (b) having effect for a period of not more than 15 days.
Marginal note:Continued effect
(4) A temporary direction under subsection (3) continues to have effect after the expiration of the 15-day period referred to in that subsection if no representations are made within that period or, if representations have been made, the Superintendent notifies the person that the Superintendent is not satisfied that there are sufficient grounds for revoking the direction.
Marginal note:Court enforcement
989.3 (1) If a person contravenes a direction made under subsection 989.2(1) or (3), the Superintendent may, in addition to any other action that may be taken under this Act or the Office of the Superintendent of Financial Institutions Act, apply to a court for an order requiring the person to comply with the direction, and on such application the court may so order and make any other order it thinks fit.
Marginal note:Appeal
(2) An appeal from an order of a court under subsection (1) lies in the same manner, and to the same court, as an appeal from any other order of the court.
SUBDIVISION DSunset Provisions
1991, c. 45Trust and Loan Companies Act
354 (1) Subsection 20(1) of the Trust and Loan Companies Act is replaced by the following:
Marginal note:Sunset provision
20 (1) Subject to subsections (2) and (4), companies shall not carry on business after the fifth anniversary of the day on which the Budget Implementation Act, 2018, No. 1 receives royal assent.
(2) Subsection 20(4) of the Act is replaced by the following:
Marginal note:Exception — dissolution
(4) If Parliament dissolves on the fifth anniversary of the day on which the Budget Implementation Act, 2018, No. 1 receives royal assent or on any day within the six-month period before that anniversary or on any day within an extension ordered under subsection (2), companies may continue to carry on business until the end of the 180th day after the first day of the first session of the next Parliament.
1991, c. 46Bank Act
355 (1) Subsection 21(1) of the Bank Act is replaced by the following:
Marginal note:Sunset provision
21 (1) Subject to subsections (2) and (4), banks shall not carry on business, and authorized foreign banks shall not carry on business in Canada, after the fifth anniversary of the day on which the Budget Implementation Act, 2018, No. 1 receives royal assent.
(2) Subsection 21(4) of the Act is replaced by the following:
Marginal note:Exception — dissolution
(4) If Parliament dissolves on the fifth anniversary of the day on which the Budget Implementation Act, 2018, No. 1 receives royal assent or on any day within the six-month period before that anniversary or on any day within an extension ordered under subsection (2), banks may continue to carry on business, and authorized foreign banks may continue to carry on business in Canada, until the end of the 180th day after the first day of the first session of the next Parliament.
356 (1) Subsection 670(1) of the Act is replaced by the following:
Marginal note:Sunset provision
670 (1) Subject to subsections (2) and (4), bank holding companies shall not carry on business after the fifth anniversary of the day on which the Budget Implementation Act, 2018, No. 1 receives royal assent.
(2) Subsection 670(4) of the Act is replaced by the following:
Marginal note:Exception — dissolution
(4) If Parliament dissolves on the fifth anniversary of the day on which the Budget Implementation Act, 2018, No. 1 receives royal assent or on any day within the six-month period before that anniversary or on any day within an extension ordered under subsection (2), bank holding companies may continue to carry on business until the end of the 180th day after the first day of the first session of the next Parliament.
1991, c. 47Insurance Companies Act
357 (1) Subsection 21(1) of the Insurance Companies 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 fifth anniversary of the day on which the Budget Implementation Act, 2018, No. 1 receives royal assent.
(2) Subsection 21(4) of the Act is replaced by the following:
Marginal note:Exception — dissolution
(4) If Parliament dissolves on the fifth anniversary of the day on which the Budget Implementation Act, 2018, No. 1 receives royal assent or on any day within the six-month period before that anniversary or on any day within an extension ordered 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 the 180th day after the first day of the first session of the next Parliament.
358 (1) Subsection 707(1) of the Act is replaced by the following:
Marginal note:Sunset provision
707 (1) Subject to subsections (2) and (4), insurance holding companies shall not carry on business after the fifth anniversary of the day on which the Budget Implementation Act, 2018, No. 1 receives royal assent.
(2) Subsection 707(4) of the Act is replaced by the following:
Marginal note:Exception — dissolution
(4) If Parliament dissolves on the fifth anniversary of the day on which the Budget Implementation Act, 2018, No. 1 receives royal assent or on any day within the six-month period before that anniversary or on any day within an extension ordered under subsection (2), insurance holding companies may continue to carry on business until the end of the 180th day after the first day of the first session of the next Parliament.
DIVISION 17R.S., c. 11 (4th Supp.)Western Economic Diversification Act
359 Paragraph 6(1)(f) of the Western Economic Diversification Act is replaced by the following:
(f) enter into any agreement with the government of any province, or with any agency of such a government, respecting the exercise of the Minister’s powers and the carrying out of the Minister’s duties and functions; and
DIVISION 18R.S., c. P-1Parliament of Canada Act
360 The Parliament of Canada Act is amended by adding the following after section 59:
Marginal note:Regulations — maternity and parental arrangements
59.1 The Senate or the House of Commons may make regulations, by rule or by order, respecting the provisions of this Act — or of regulations made under section 59 — that relate to the attendance of members, or to the deductions to be made from sessional allowances, in respect of its own members who are unable to attend a sitting of that House by reason of
(a) being pregnant; or
(b) caring for a new-born or newly-adopted child of the member or for a child placed with the member for the purpose of adoption.
Page Details
- Date modified: