Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

Canada–United States–Mexico Agreement Implementation Act (S.C. 2020, c. 1)

Assented to 2020-03-13

PART 2Related Amendments (continued)

1991, c. 47Insurance Companies Act (continued)

 Section 262 of the Act is amended by adding the following after subsection (3):

  • Marginal note:Exception

    (3.1) Subject to subsection 268(1.1), subsection (1) does not apply to a company that is a subsidiary of a regulated foreign entity.

Marginal note:2007, c. 6, s. 212

 Subsection 268(2) of the Act is replaced by the following:

  • Marginal note:Direction — immediate, direct, complete and ongoing access

    (1.1) Where a company referred to in subsection 262(3.1) or 274(3) maintains records referred to in section 261 or the central securities register at a place outside Canada, the Superintendent may, in the case referred to in paragraph (a), and shall, in the case referred to in paragraph (b), by order, direct the company to maintain a copy of those records or register at any place in Canada as the directors think fit

    • (a) if the Superintendent is of the opinion that he or she does not have immediate, direct, complete and ongoing access to those records or register; or

    • (b) if the Superintendent is advised by the Minister that the Minister is of the opinion that it is not in the national interest for the company not to maintain a copy of those records or register in Canada.

  • Marginal note:Company to comply

    (2) A company shall without delay comply with any order issued under subsection (1) or (1.1).

 Section 270 of the Act is replaced by the following:

Marginal note:Regulations

270 The Governor in Council may make regulations respecting the records, papers and documents to be retained by a company, including the length of time those records, papers and documents are to be retained, and what constitutes immediate, direct, complete and ongoing access, for the purpose of paragraph 268(1.1)(a).

 Section 274 of the Act is amended by adding the following after subsection (2):

  • Marginal note:Exception

    (3) Subject to subsection 268(1.1), subsection (1) does not apply to a company that is a subsidiary of a regulated foreign entity.

 Section 549.1 of the Act is renumbered as subsection 549.1(1) and is amended by adding the following:

  • Marginal note:For greater certainty

    (2) For greater certainty, subsection 262(3.1) does not apply to societies.

 Section 647 of the Act is amended by adding the following after subsection (3):

  • Marginal note:Exception

    (4) Subject to subsection 268(1.1), subsection (3) does not apply to a foreign company incorporated or formed otherwise in a country or territory other than Canada in which a trade agreement listed in Schedule IV of the Bank Act is applicable or that is a subsidiary of a regulated foreign entity.

 Subsection 656(2) of the Act is replaced by the following:

  • Marginal note:Idem

    (2) Subsections 15(1) and (2), sections 254 to 256 and subsections 268(1) and (2) apply, with such modifications as the circumstances require, to every provincial company for which an order for the commencement and carrying on of business under this Part has been made to the same extent that they are applicable to, or in respect of, a company, but to the extent to which any provision referred to in this section would effect an enlargement, in any respect, of the corporate powers or rights of any provincial company under its incorporating instrument, that provision does not apply to the provincial company.

 Section 870 of the Act is amended by adding the following after subsection (1):

  • Marginal note:Exception

    (1.1) Subject to subsection 876(1.1), subsection (1) does not apply to an insurance holding company that is a subsidiary of a regulated foreign entity.

Marginal note:2007, c. 6, s. 322

 Subsection 876(2) of the Act is replaced by the following:

  • Marginal note:Direction — immediate, direct, complete and ongoing access

    (1.1) Where an insurance holding company referred to in subsection 870(1.1) or 274(3) maintains records referred to in section 869 or the central securities register at a place outside Canada, the Superintendent may, in the case referred to in paragraph (a), and shall, in the case referred to in paragraph (b), by order, direct the insurance holding company to maintain a copy of those records or register at any place in Canada as the directors think fit

    • (a) if the Superintendent is of the opinion that he or she does not have immediate, direct, complete and ongoing access to those records or register; or

    • (b) if the Superintendent is advised by the Minister that the Minister is of the opinion that it is not in the national interest for the insurance holding company not to maintain a copy of those records or register at any place in Canada.

  • Marginal note:Insurance holding company

    (2) An insurance holding company shall without delay comply with any order issued under subsection (1) or (1.1).

Marginal note:2001, c. 9, s. 465

 Section 878 of the Act is replaced by the following:

Marginal note:Regulations

878 The Governor in Council may make regulations respecting the records, papers and documents to be retained by an insurance holding company, including the length of time those records, papers and documents are to be retained, and what constitutes immediate, direct, complete and ongoing access, for the purpose of paragraph 876(1.1)(a).

 Section 879 of the Act is amended by adding the following after paragraph (a):

  • (b) the reference to “subsection 268(1.1)” in subsection 274(3) is to be read as a reference to “subsection 876(1.1)”;

1997, c. 36Customs Tariff

  •  (1) The definitions Canada-United States Free Trade Agreement, NAFTA country and North American Free Trade Agreement in subsection 2(1) of the Customs Tariff are repealed.

  • (2) The definition Mexico in subsection 2(1) of the Act is replaced by the following:

    Mexico

    Mexico has the meaning assigned by paragraph (b) of the definition territory in Section C of Chapter 1 of the Canada–United States–Mexico Agreement. (Mexique)

  • (3) Paragraph (a) of the definition free trade partner in subsection 2(1) of the Act is replaced by the following:

  • (4) Subsection 2(1) of the Act is amended by adding the following in alphabetical order:

    Canada–United States–Mexico Agreement

    Canada–United States–Mexico Agreement has the meaning assigned by the definition Agreement in section 2 of the Canada–United States–Mexico Agreement Implementation Act. (Accord Canada–États-Unis–Mexique)

Marginal note:2012, c. 18, s. 33, c. 26, s. 39 and s. 62(37); 2014, c. 28, s. 44

  •  (1) Section 5 of the Act is amended by striking out the following from the list of countries:

    • a NAFTA country
  • (2) Section 5 of the Act is amended by adding, in alphabetical order, references to “Mexico” and “United States” in the list of countries.

Marginal note:2012, c. 26, s. 63(2)

 Subparagraphs 14(2)(c)(iv) and (v) of the Act are repealed.

 Paragraph 16(4)(a) of the Act is replaced by the following:

  • (a) Chapters 4 and 6 of the Canada–United States–Mexico Agreement and any other matters agreed on from time to time by the parties to that Agreement for the purposes of that Agreement;

 
Date modified: