Canada Deposit Insurance Corporation Act

Marginal note:Disclosures prohibited — bridge institution

• 45.3 (1) Subject to subsection 12(1) of the Privacy Act, any information with respect to the affairs of a federal institution designated as a bridge institution or of any person dealing with it is confidential, shall be treated accordingly and shall not be disclosed.

• Marginal note:Duration of prohibition

  (2) The prohibition applies only during the period that the federal institution is designated as a bridge institution.

• Marginal note:Exception — entity or person

  (3) The prohibition does not apply if the information is disclosed

  • (a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision;

  • (b) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision;

  • (c) to the Financial Transactions and Reports Analysis Centre of Canada established by section 41 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, for the purpose of complying with that Act;

  • (d) to the Corporation for the purposes of fulfilling its functions under this Act or as a shareholder of the federal institution designated as a bridge institution;

  • (e) to the Minister of Finance, the Deputy Minister of Finance or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance;

  • (f) to the Governor of the Bank of Canada or any officer of the Bank of Canada authorized in writing by the Governor of the Bank of Canada, for the purposes of policy analysis related to the regulation of financial institutions;

  • (g) to the Canada Revenue Agency solely for the purpose of the Income Tax Act or the Excise Tax Act; or

  • (h) to any other entity or person that is prescribed by regulation, in any circumstance or condition prescribed by regulation.

• Marginal note:Other exceptions

  (4) The prohibition does not apply if the information is disclosed

  • (a) in the normal conduct of the business of the federal institution designated as a bridge institution;

  • (b) for the purposes of selling the shares or assets of the federal institution designated as a bridge institution;

  • (c) for the purpose of any legal proceedings;

  • (d) for the purpose of preparing the Corporation’s annual report and its corporate plan or if the information is disclosed in those documents;

  • (e) in any circumstance that is prescribed by regulation; or

  • (f) in any other circumstance that the board of directors of the federal institution designated as a bridge institution considers necessary.

• Marginal note:Regulations

  (5) The Governor in Council may make regulations

  • (a) specifying the circumstances in which the prohibition does not apply; or

  • (b) specifying, for the purpose of paragraph (3)(h), the entity to which or person to whom information may be disclosed and the circumstances and conditions under which the information may be disclosed to that entity or person.