Consumer-Driven Banking Act (S.C. 2026, c. 3, s. 224)

Marginal note:End of suspension

37 If the Bank is satisfied that the grounds for suspending an accredited third-party service provider’s accreditation no longer exist, the Bank must end the suspension and must, as soon as feasible, notify the accredited third-party service provider in writing that the suspension has ended and remove the reference to the suspension from the registry.

Marginal note:Notice of intent to revoke accreditation

38 The Bank may give an accredited third-party service provider a notice of intent to revoke the accredited third-party service provider’s accreditation if the Bank is satisfied that the accredited third-party service provider has contravened this Act or the regulations. A notice of intent must include reasons.

Marginal note:Review of notice of intent

• The following provision is not in force.

  39 (1) An accredited third-party service provider that has been given a notice of intent to revoke may, within the period provided for in the regulations, make a request to the Governor for a review of the notice of intent.

• The following provision is not in force.

  Marginal note:Decision

  (2) After giving the accredited third-party service provider an opportunity to make representations, the Governor must, within the period provided for in the regulations, revoke the accredited third-party service provider’s accreditation or withdraw the notice of intent.

• The following provision is not in force.

  Marginal note:Notice to accredited third-party service provider

  (3) The Governor must, as soon as feasible, notify the accredited third-party service provider in writing of the decision and the reasons for it.

Marginal note:Review not requested

40 If an accredited third-party service provider that has been given a notice of intent to revoke does not make a request for a review within the period provided for in the regulations, the Bank must revoke the accredited third-party service provider’s accreditation or withdraw the notice of intent. The Bank must, as soon as feasible, notify the accredited third-party service provider in writing of the decision and the reasons for it.

Marginal note:Reference to revocation in registry

41 If the Governor revokes an accredited third-party service provider’s accreditation under subsection 39(2) or the Bank does so under section 40, the Bank must, as soon as feasible, include a reference to the revocation in the registry.

Marginal note:Duties of former accredited third-party service provider

42 A third-party service provider whose accreditation has been revoked must, as soon as feasible after being notified of the revocation under subsection 39(3) or section 40, comply with its duties under this Act and, in accordance with the regulations, notify in writing any participating entities on whose behalf it was performing, at the time of the revocation, any of the activities for which it was accredited and provide those participating entities with any other information that is provided for in the regulations.

Marginal note:Right of appeal

• The following provision is not in force.

  43 (1) An applicant that has been notified under subsection 21(3) or 34(3) of a decision to refuse accreditation, a participating entity that has been notified under subsection 26(3) of a decision to revoke its accreditation or an accredited third-party service provider that has been notified under subsection 39(3) of a decision to revoke its accreditation may appeal the decision to the Federal Court within the period provided for in the regulations or any longer period that the Court allows.

• The following provision is not in force.

  Marginal note:Powers of Federal Court

  (2) The Federal Court may dismiss the appeal or set aside the decision and refer the matter back to the Governor for redetermination.

Marginal note:Registry

44 The Bank must maintain a public registry that includes the following information:

• The following provision is not in force.

  (a) the name and address of each participating entity;

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  (b) in the case of a participating entity that is a bank that is listed in the schedule, the date on which its name was added to the schedule;

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  (c) in the case of a participating entity that is accredited under section 15, 17 or 19, the date on which it was accredited;

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  (d) the status of each participating entity, the date of any change to its status and, if applicable, the reasons for which its accreditation was revoked;

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  (e) any other information provided for in the regulations in relation to a participating entity or the activities that it performs under this Act;

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  (f) the name and address of each accredited third-party service provider and the date on which it was accredited;

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  (g) the status of each accredited third-party service provider, the date of any change to its status and, if applicable, the reasons for which its accreditation was revoked; and

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  (h) any other information provided for in the regulations in relation to an accredited third-party service provider or the activities that it performs under this Act.

Marginal note:Designation

45 The Minister may designate a person or government authority for the purposes of subsections 15(4), 17(4), 19(4) and 32(4), section 46, paragraph 51(e), section 54, paragraph 66(1)(e), sections 71 and 73, subsections 98(3) and 120(3) and sections 132, 137, 139 and 173.

Marginal note:Copy of application

46 The Bank must, as soon as feasible after determining that an application for accreditation is complete, provide the Minister and any designated person or government authority with a copy of the application.

Marginal note:Decision to review application

• The following provision is not in force.

  47 (1) The Minister may, within the period provided for in the regulations, decide to review an application for accreditation if the Minister is of the opinion that it is necessary to do so for reasons related to national security. In that case, the Minister must notify the Bank of the decision and the Bank must then notify the applicant.

• The following provision is not in force.

  Marginal note:Extension of period

  (2) The Minister may extend the period for one or more periods provided for in the regulations if the Minister considers it necessary to do so and notifies the Bank. In that case, the Bank must notify the applicant of the extension.

Marginal note:Review

• The following provision is not in force.

  48 (1) If the Minister decides to review an application for accreditation, the Minister must conduct the review within the period provided for in the regulations. After completing the review, the Minister must issue a directive to refuse accreditation to the Bank under section 51 or notify the Bank that the Minister has decided not to issue a directive under that section.

• The following provision is not in force.

  Marginal note:Extension of period

  (2) The Minister may extend the period for conducting the review for one or more periods provided for in the regulations if the Minister considers it necessary to do so and notifies the Bank. In that case, the Bank must notify the applicant of the extension.

Marginal note:Notice to applicant

49 If the Bank is notified that the Minister has decided not to issue a directive under section 51, the Bank must notify the applicant of the decision.

Marginal note:No accreditation

50 The Bank must not accredit an applicant during a period referred to in subsection 47(1) or (2) unless the Minister notifies the Bank that the Minister has decided not to review the application. If the Minister notifies the Bank that the Minister has decided to review the application, the Bank must not accredit the applicant unless the Minister notifies the Bank that the Minister has decided not to issue a directive under section 51.

Marginal note:Directive to refuse accreditation

51 The Minister may issue a directive to the Bank to refuse to accredit an applicant if

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  (a) there are reasons related to national security;

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  (b) the applicant has failed to provide additional information in accordance with section 54;

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  (c) an order made under section 55, or an undertaking required under that section, that relates to the application for accreditation has not been complied with;

• The following provision is not in force.

  (d) a term or condition imposed under section 56 that relates to the application for accreditation has not been complied with; or

• The following provision is not in force.

  (e) the applicant has provided false or misleading information to the Bank, the Minister or a designated person or government authority.

Marginal note:Refusal to accredit

52 The Bank must refuse to accredit an applicant if the Minister issues a directive to that effect and must, as soon as feasible, notify the applicant in writing that the application has been refused in accordance with a directive issued by the Minister.

Marginal note:Review of directive

• The following provision is not in force.

  53 (1) An applicant that has been notified under section 52 may, within the period provided for in the regulations, request a review by the Minister of the directive to refuse accreditation. The request must be submitted to the Bank, which must then, as soon as feasible, transmit it to the Minister.

• The following provision is not in force.

  Marginal note:Decision and notice

  (2) On completion of the review and after giving the applicant an opportunity to make representations, the Minister must confirm or revoke the directive. The Minister must notify the Bank of the decision and the Bank must then, as soon as feasible, notify the applicant in writing.

Marginal note:Additional information

• The following provision is not in force.

  54 (1) An applicant must provide the Minister and any designated person or government authority with any additional information that the Minister or the designated person or government authority requests, for reasons related to national security, in relation to the applicant or the activities that the applicant plans to perform under this Act.

• The following provision is not in force.

  Marginal note:Manner

  (2) A request for information under subsection (1) must be submitted to the Bank, which must then, as soon as feasible, transmit it to the applicant. The applicant must, within the period provided for in the regulations, provide the requested information to the Bank, which must then, as soon as feasible, provide it to the Minister and any designated person or government authority.

Marginal note:Undertakings

55 The Minister may, by order, require any individual or entity to provide an undertaking in relation to an application for accreditation or in relation to a participating entity or accredited third-party service provider if the Minister is of the opinion that it is necessary to do so for reasons related to national security.

Marginal note:Terms and conditions

56 The Minister may, by order, impose terms and conditions on any individual or entity in relation to an application for accreditation or in relation to a participating entity or accredited third-party service provider if the Minister is of the opinion that it is necessary to do so for reasons related to national security.

Marginal note:Revocation, suspension or amendment

57 The Minister may, by order, revoke or suspend an undertaking required by the Minister or approve its amendment, or revoke, suspend or amend any terms and conditions imposed by the Minister.

Marginal note:Effect on accreditation

58 Unless otherwise expressly provided in this Act, a failure to comply with an order made under section 55, an undertaking required under that section or any terms and conditions imposed under section 56 does not invalidate an accreditation to which the order, undertaking or terms and conditions relate.

Marginal note:Copy to Bank

59 The Minister must provide a copy of each order made under sections 55 to 57 to the Bank, which must then, as soon as feasible, provide a copy to the individual or entity in question.

Marginal note:National security order

• The following provision is not in force.

  60 (1) The Minister may, by order, direct a participating entity, an accredited third-party service provider or any director, officer or agent or mandatary of a participating entity or accredited third-party service provider to take or refrain from taking any measures related to the activities that the participating entity or accredited third-party service provider performs under this Act if the Minister is of the opinion that it is necessary to do so for reasons related to national security.

• The following provision is not in force.

  Marginal note:Representations

  (2) Subject to subsection (3), the Minister must not make an order under subsection (1) unless the participating entity, accredited third-party service provider, entity or individual in question is provided with an opportunity to make representations in respect of the matter.

• The following provision is not in force.

  Marginal note:Temporary order

  (3) If, in the Minister’s opinion, the length of time required for representations to be made might be prejudicial to the public interest, the Minister may make a temporary order that has the same effect as an order made under subsection (1).

• The following provision is not in force.

  Marginal note:End of temporary order

  (4) A temporary order ceases to have effect on the earlier of

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    (a) the end of the 30-day period after the day on which it is made or of any shorter period that is specified in the temporary order, and

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    (b) the day on which an order is made under subsection (1).