Budget Implementation Act, 2018, No. 1 (S.C. 2018, c. 12)

Marginal note:Cooperation

12.01 If a clearing and settlement system is operated by a clearing house that is not located in Canada, the Bank may cooperate with the foreign resolution authority of that clearing house.

Statutory Instruments Act

Marginal note:Statutory Instruments Act

19 A designation under subsection 4(1), a directive issued under this Act, a declaration of non-viability made under subsection 11.06(1), a direction given under subsection 11.1(6) or an order made under subsection 11.09(1) or 11.11(1) is not a statutory instrument for the purposes of the Statutory Instruments Act.

Marginal note:Regulations

24 The Governor in Council may make regulations

• (a) providing for rules concerning conflicts of interest for the purpose of subsection 11.04(6);

• (b) respecting resolution plans and the requirement that the Bank develop and maintain them under subsection 11.05(1);

• (c) respecting what constitutes a service that is critical to the operation of the clearing and settlement system or of the clearing house for the purposes of paragraph 11.07(1)(f);

• (d) respecting what constitutes a limited clearing member for the purposes of subsection 11.11(4);

• (e) for the purpose of section 11.18, respecting what constitutes costs of the resolution and the recovery of those costs, including to specify the persons or entities from which costs may be recovered;

• (f) respecting the compensation for the purposes of sections 11.26 to 11.3, including to

  • (i) prescribe persons or entities referred to in subsection 11.26(1),

  • (ii) provide for the factors that the Bank shall or shall not consider in making a decision under subsection 11.26(1),

  • (iii) provide for the circumstances in which any shares or other right or interest received by another person or entity as a result of an order made under paragraph 11.09(1)(b) or retained by another person or entity may be taken into account in determining the amount of compensation to which a prescribed person or entity is entitled,

  • (iv) prescribe the circumstances in which an assessor must be appointed under section 11.28,

  • (v) provide for the factors that an assessor shall or shall not consider in making a decision, and

  • (vi) provide for procedural requirements; and

• (g) prescribing collateral for the purpose of paragraph (e) of the definition financial collateral in subsection 13(2).

Marginal note:Insolvency

• 32 (1) No law relating to the insolvency of any body corporate, except Part I.1 of the Payment Clearing and Settlement Act, applies to the Association.

• Marginal note:Winding-up

  (2) No law relating to the winding-up of any body corporate applies to the Association and in no case shall its affairs be wound up unless Parliament so provides.

oversight information

oversight information has the meaning assigned by the regulations. (renseignements relatifs à la surveillance)

Marginal note:No disclosure

18.1 Subject to the regulations, a clearing house shall not disclose oversight information.

Marginal note:Evidentiary privilege

• 18.2 (1) Oversight information shall not be used as evidence in any civil proceedings and is privileged for that purpose.

• Marginal note:No testimony or production

  (2) No person shall by an order of any court, tribunal or other body be required in any civil proceedings to give oral testimony or to produce any document relating to any oversight information.

• Marginal note:Exceptions to subsection (1)

  (3) Despite subsection (1),

  • (a) the Minister, the Governor of the Bank, the Bank or the Attorney General of Canada may, subject to the regulations, use oversight information as evidence in any proceedings; and

  • (b) a clearing house may, subject to the regulations, use oversight information as evidence in any proceedings in relation to the administration or enforcement of this Act, the Bankruptcy and Insolvency Act, the Companies’ Creditors Arrangement Act or the Winding-up and Restructuring Act that are commenced by the Minister, the Bank or the Attorney General of Canada.

• Marginal note:Exceptions to subsections (1) and (2)

  (4) Despite subsections (1) and (2), a court, tribunal or other body may, by order, require the Minister, the Governor of the Bank, the Bank or a clearing house to give oral testimony or to produce any document relating to any oversight information in any civil proceedings in relation to the administration or enforcement of this Act that are commenced by the Minister, the Governor of the Bank, the Bank or the Attorney General of Canada.

• Marginal note:No waiver

  (5) The disclosure of any oversight information, other than under subsection (3) or (4), does not constitute a waiver of the privilege referred to in subsection (1).

Marginal note:Regulations

24 The Governor in Council may make regulations

• (a) prescribing collateral for the purpose of paragraph (e) of the definition financial collateral in subsection 13(2);

• (b) respecting what constitutes oversight information for the purposes of sections 18.1 and 18.2;

• (c) respecting the disclosure of oversight information for the purposes of section 18.1; and

• (d) respecting the circumstances in which oversight information may be used as evidence for the purposes of subsection 18.2(3).

Marginal note:Regulations

24 The Governor in Council may make regulations

• (a) providing for rules concerning conflicts of interest for the purpose of subsection 11.04(6);

• (b) respecting resolution plans and the requirement that the Bank develop and maintain them under subsection 11.05(1);

• (c) respecting what constitutes a service that is critical to the operation of the clearing and settlement system or of the clearing house for the purposes of paragraph 11.07(1)(f);

• (d) respecting what constitutes a limited clearing member for the purposes of subsection 11.11(4);

• (e) for the purpose of section 11.18, respecting what constitutes costs of the resolution and the recovery of those costs, including to specify the persons or entities from which costs may be recovered;

• (f) respecting the compensation for the purposes of sections 11.26 to 11.3, including to

  • (i) prescribe persons or entities referred to in subsection 11.26(1),

  • (ii) provide for the factors that the Bank shall or shall not consider in making a decision under subsection 11.26(1),

  • (iii) provide for the circumstances in which any shares or other right or interest received by another person or entity as a result of an order made under paragraph 11.09(1)(b) or retained by another person or entity may be taken into account in determining the amount of compensation to which a prescribed person or entity is entitled,

  • (iv) prescribe the circumstances in which an assessor must be appointed under section 11.28,

  • (v) provide for the factors that an assessor shall or shall not consider in making a decision, and

  • (vi) provide for procedural requirements;

• (g) prescribing collateral for the purpose of paragraph (e) of the definition financial collateral in subsection 13(2);

• (h) respecting what constitutes oversight information for the purposes of sections 18.1 and 18.2;

• (i) respecting the disclosure of oversight information for the purposes of section 18.1; and

• (j) respecting the circumstances in which oversight information may be used as evidence for the purposes of subsection 18.2(3).