Bank Act

Marginal note:Public accountability statements

• 459.3 (1) A bank with equity of one billion dollars or more shall, in accordance with regulations made under subsection (4), annually publish a statement describing the contribution of the bank and its prescribed affiliates to the Canadian economy and society.

• Marginal note:Filing

  (2) A bank shall, at the prescribed time and place and in the prescribed form and manner, file a copy of the statement with the Commissioner.

• Marginal note:Provision of statement to public

  (3) A bank shall, at the prescribed time and place and in the prescribed form and manner, disclose the statement to its customers and to the public.

• Marginal note:Regulations

  (4) The Governor in Council may make regulations prescribing

  • (a) the name, contents and form of the statement referred to in subsection (1) and the time within which, the place at which and the manner in which it must be prepared;

  • (b) affiliates of a bank referred to in subsection (1);

  • (c) the time and place at which and the form and manner in which a statement must be filed under subsection (2); and

  • (d) the time and place at which and the form and manner in which a statement mentioned in subsection (3) is to be disclosed, respectively, to a bank’s customers and to the public.