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

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Assented to 2018-06-21

PART 6Various Measures (continued)

DIVISION 15R.S., c. J-1Judges Act (continued)

R.S., c. F-7; 2002, c. 8, s. 14Consequential Amendments to the Federal Courts Act (continued)

307 Paragraph 45.1(1)(a) of the Act is replaced by the following:

(a) the Chief Justice of the Federal Court of Appeal;
(a.1) the Chief Justice or the Associate Chief Justice of the Federal Court;

Coordinating Amendment

Marginal note:2017, c. 33

308 On the first day on which both section 303 of this Act and subsection 239(3) of the Budget Implementation Act, 2017, No. 2 are in force, then subsection 43(2) of the Judges Act is replaced by the following:

Marginal note:Annuity — election under section 31, 32 or 32.1
(2) If the Chief Justice of the Federal Court of Appeal or the Chief Justice or Associate Chief Justice of the Federal Court or the Tax Court of Canada, in accordance with section 31, or a chief justice of a superior court of a province, in accordance with section 32, or the Chief Justice of the Supreme Court of Yukon, the Supreme Court of the Northwest Territories or the Nunavut Court of Justice, in accordance with section 32.1, has elected to cease to perform his or her duties and to perform only the duties of a judge, the annuity payable to him or her under section 42 is an annuity equal to two thirds of the salary annexed, at the time of his or her resignation, removal or attainment of the age of retirement, to the office held by him or her immediately before his or her election.

Coming into Force

Marginal note:April 1, 2019

309 Section 300 comes into force on April 1, 2019.

DIVISION 16Financial Sector Legislative Renewal

SUBDIVISION AFinancial Technology Activities

1991, c. 45Trust and Loan Companies Act

310 (1) Paragraphs 410(1)(c) and (c.1) of the Trust and Loan Companies Act are replaced by the following:
- (b.1) subject to sections 416 and 417 and the regulations, engage in any activity that relates to the provision of financial services by the company or any of its affiliates;
- (c) subject to the regulations, engage in any of the following activities:
  - (i) collecting, manipulating and transmitting information, and
  - (ii) designing, developing, manufacturing, selling and otherwise dealing with technology, if those activities relate to
    (A) an activity referred to in this subsection that is engaged in by the company or any of its affiliates, or
    (B) the provision of financial services by any other entity,
(2) Subsection 410(1) of the Act is amended by striking out “and” at the end of paragraph (f), by adding “and” at the end of paragraph (g) and by adding the following after paragraph (g):
- (h) provide identification, authentication or verification services.
(3) Paragraph 410(3)(a) of the Act is replaced by the following:
- (a) respecting what a company may or may not do with respect to the carrying on of the activities referred to in paragraphs (1)(b.1), (c) and (d.1);
(4) Paragraph 410(3)(b) of the English version of the Act is replaced by the following:
- (b) imposing terms and conditions in respect of the provision of the services referred to in paragraphs (1)(a) and 409(2)(c) and the carrying on of the activities referred to in paragraphs (1)(b.1), (c) and (d.1); and
(5) Paragraph 410(3)(c) of the Act is replaced by the following:
- (c) respecting the circumstances in which a company may engage in an activity referred to in paragraphs (1)(b.1) and (c), including the circumstances in which it may collect, manipulate and transmit information under subparagraph (1)(c)(i).

311 Section 411 of the Act is replaced by the following:

Marginal note:Networking

411 (1) Subject to section 416 and the regulations, a company may
- (a) act as agent for any person in respect of
  - (i) the carrying on of any activity referred to in subsection 410(1) that is engaged in by a financial institution, by a permitted entity as defined in subsection 449(1), if that definition were read without reference to the requirements of subsections 453(4) to (6), or by a prescribed entity, and
  - (ii) the provision of any service that relates to financial services and that is provided by an institution or entity referred to in subparagraph (i);
- (a.1) enter into an arrangement with any person in respect of the carrying on of an activity referred to in subparagraph (a)(i) or the provision of a service referred to in subparagraph (a)(ii); and
- (b) refer any person to another person.
Marginal note:Regulations
(2) The Governor in Council may make regulations
- (a) respecting the circumstances in which a company may act as an agent, enter into an arrangement or refer a person under subsection (1); and
- (b) imposing terms and conditions in respect of the carrying on of activities under that subsection.

Marginal note:Regulations

411.1 The Governor in Council may, for the purposes of section 409 and subsection 411(1), make regulations respecting what a company is prohibited from doing when acting as an agent or when making referrals.

312 (1) Section 453 of the Act is amended by adding the following after subsection (2):
- Marginal note:Permitted investments
  (2.1) Subject to subsections (3) to (6), Part XI and the regulations made under paragraphs (2.2)(b) and (c), a company may acquire control of, or acquire or increase a substantial investment in, an entity, other than an entity referred to in any of paragraphs (1)(a) to (j), if a majority, as defined in the regulations, of the entity’s business consists of financial service activities or any other activity that a company is permitted to engage in under paragraphs 409(2)(b) to (d).
- Marginal note:Regulations
  (2.2) The Governor in Council may make regulations
  - (a) defining, for the purposes of subsection (2.1), the word “majority”;
  - (b) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity that a company may acquire control of, or acquire or increase a substantial investment in, under subsection (2.1); and
  - (c) respecting the circumstances in which a company may acquire control of, or acquire or increase a substantial investment in, an entity under subsection (2.1).
(2) Subparagraph 453(3)(f)(ii) of the Act is replaced by the following:
- (ii) in the case of an entity that is not controlled by the company, the company itself would be permitted to acquire a substantial investment in the other entity under subsection (1), (2) or (2.1) or 451(2), paragraph 451(3)(b) or (c) or subsection 451(4); or
(3) Subsection 453(5) of the Act is amended by adding “or” at the end of paragraph (c) and by repealing paragraphs (5)(d) and (d.1).
(4) Paragraph 453(7)(a) of the Act is replaced by the following:
- (a) the company is acquiring control of an entity, other than a specialized financing entity, under subsection (2) or (2.1) and the only reason for which the company would, but for this subsection, require approval for the acquisition is that the entity carries on activities referred to in paragraph (2)(b);

313 The Act is amended by adding the following after section 453: