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Financial Consumer Agency of Canada Act (S.C. 2001, c. 9)

Act current to 2022-11-16 and last amended on 2022-06-30. Previous Versions

Powers, Duties and Functions of Commissioner (continued)

Marginal note:Business plan

  •  (1) At least 30 days before the end of each fiscal year, the Commissioner shall submit a business plan to the Minister for approval.

  • Marginal note:Content of business plan

    (2) The business plan shall include a statement, for at least the following financial year, of the Agency’s objectives, the strategies that it intends to use to achieve those objectives and its operating and capital budgets.

Marginal note:Minister’s direction

  •  (1) The Minister may give a written direction to the Agency if he or she is of the opinion that it can strengthen consumer protection and the public’s confidence in that protection or enhance the financial literacy of Canadians.

  • Marginal note:Notification of implementation

    (2) After implementing the direction, the Commissioner shall notify the Minister without delay that the direction has been implemented.

  • Marginal note:Best interests

    (3) Compliance by the Agency with a direction is deemed to be in its best interests.

  • Marginal note:Statutory Instruments Act

    (4) The Statutory Instruments Act does not apply to a direction given under subsection (1).

  • Marginal note:Publication

    (5) The Minister shall cause a notice to be published in the Canada Gazette that a direction was given under subsection (1) as soon as is feasible after the direction is implemented.

  • 2010, c. 12, s. 1853
  • 2013, c. 1, s. 8

Marginal note:Duties and functions generally

  •  (1) The Commissioner shall engage exclusively in the duties and functions of the Commissioner under section 5 and as deputy head of the Agency.

  • Marginal note:Other duties

    (2) Despite subsection (1), the Commissioner may hold any other office under Her Majesty or perform any other duties for Her Majesty, but not for reward.

  • 2001, c. 9, s. 6
  • 2013, c. 1, s. 9(F)

 [Repealed, 2018, c. 27, s. 343]

Agreements

Marginal note:Agreements

 The Agency, in order to carry out its objects, may enter into an agreement or arrangement with a department or agency of the Government of Canada or of a province or with any other person or body in the name of Her Majesty in right of Canada or in its own name. An agreement or arrangement with a department or agency of a province must be made with the approval of the Governor in Council.

Marginal note:Agreements — payment card network operators

 In order to carry out the objects described in paragraph 3(3)(c), the Agency, in the name of Her Majesty in right of Canada or in its own name, may enter into an agreement with a payment card network operator, including an agreement respecting the provision of information or the payment of fees.

  • 2010, c. 12, s. 1838

Deputy Commissioners

Marginal note:Appointment of Deputy Commissioner

 The Commissioner may appoint one or more officers each to be called a Deputy Commissioner of the Financial Consumer Agency of Canada who shall act under the instructions of the Commissioner.

Exercise of Powers, Duties and Functions

Marginal note:Exercise by personnel

 Except as otherwise provided by the Commissioner and subject to any terms and conditions that may be specified by the Commissioner, a person who is an officer or employee of the Agency may exercise any of the powers and perform any of the duties and functions of the Commissioner under this Act if the person is appointed to serve in the Agency in a capacity appropriate to the exercise of the power or performance of the duty or function.

Staff of Agency

Marginal note:Employees

 The employees that are necessary to enable the Commissioner to perform the duties of the Commissioner shall be appointed in accordance with the Public Service Employment Act.

Marginal note:Responsibility for human resources management

  •  (1) In respect of persons appointed under sections 8 and 10, the Commissioner is authorized to exercise the powers and perform the functions of the Treasury Board that relate to human resources management within the meaning of paragraphs 7(1)(b) and (e) and section 11.1 of the Financial Administration Act, and those of deputy heads under subsection 12(2) of that Act, as that subsection reads without regard to any terms and conditions that the Governor in Council may direct, including the determination of terms and conditions of employment and the responsibility for employer and employee relations.

  • Marginal note:Delegation of powers

    (2) The Commissioner may authorize any person employed in the federal public administration to exercise and perform, in any manner and subject to any terms and conditions that the Commissioner directs, any of the powers and functions of the Commissioner in relation to human resources management in the public service and may, from time to time as the Commissioner sees fit, revise or rescind and reinstate the authority so granted.

  • Marginal note:Sub-delegation of such powers

    (3) Any person authorized under subsection (2) to exercise and perform any of the powers and functions of the Commissioner may, subject to and in accordance with the authorization, authorize one or more persons under their jurisdiction or any other person to exercise or perform any such power or function.

  • 2001, c. 9, s. 11
  • 2003, c. 22, s. 170

Marginal note:Official Languages Act

 For greater certainty, the Official Languages Act applies to the Agency.

Appropriation

Marginal note:Expenditures out of C.R.F.

  •  (1) Subject to subsection (2), the Minister may, in any fiscal year on terms and conditions — including the rate of interest, if any — that are determined by the Minister, advance amounts out of the Consolidated Revenue Fund to the Agency to permit it to defray its costs of operation.

  • Marginal note:Spending authority

    (2) In carrying out its responsibilities, the Agency may spend assessments and other revenues received through the conduct of its operations in the fiscal year in which they are received or, unless an appropriation Act provides otherwise, in the next fiscal year. The amount of those assessments or other revenues shall be paid out of the Consolidated Revenue Fund.

  • Marginal note:Payment for activity

    (3) If the Agency carries on any activity in furtherance of an object described in paragraph 3(2)(d), (e) or (g) on the Minister’s recommendation, the Minister may on terms and conditions approved by the Treasury Board, in any fiscal year, make a payment out of the Consolidated Revenue Fund to the Agency for the purposes of the activity.

  • 2001, c. 9, s. 13
  • 2007, c. 29, s. 154
  • 2013, c. 1, s. 11

Conflict of Interest

Marginal note:Ownership

  •  (1) No Commissioner, person appointed under subsection 4(4) or Deputy Commissioner shall beneficially own, directly or indirectly, any shares of any financial institution, bank holding company, insurance holding company, external complaints body or of any other body corporate, however created, carrying on any business in Canada that is substantially similar to any business carried on by any financial institution or external complaints body.

  • Marginal note:Prohibitions — federal credit union

    (2) No Commissioner, person appointed under subsection 4(4) or Deputy Commissioner shall

    • (a) directly or indirectly hold any interest or right in membership shares of a federal credit union, within the meaning of section 2 of the Bank Act, in excess of the minimum number of membership shares of the federal credit union that is required for membership; or

    • (b) exercise any right he or she has as a member of such a federal credit union, except any right that he or she has as a customer of the federal credit union.

  • 2001, c. 9, s. 14
  • 2010, c. 12, s. 2116, c. 25, ss. 158, 164

Marginal note:Ownership — payment card network operators

 The Commissioner, a person appointed under subsection 4(4) or a Deputy Commissioner shall not hold, directly or indirectly, any interest or right in any shares of a payment card network operator.

  • 2010, c. 12, s. 1839

 [Repealed, 2013, c. 40, s. 166]

Marginal note:No grant or gratuity to be made

  •  (1) The Commissioner, a person appointed under subsection 4(4), a Deputy Commissioner and any person appointed under section 10 shall not accept or receive, directly or indirectly, any grant or gratuity from a financial institution, bank holding company, insurance holding company, external complaints body, or from a director, officer or employee of any of them, and no such financial institution, bank holding company, insurance holding company, external complaints body, director, officer or employee shall make or give any such grant or gratuity.

  • Marginal note:No grant or gratuity — payment card network operators

    (1.1) The Commissioner, a person appointed under subsection 4(4), a Deputy Commissioner and any person appointed under section 10 shall not accept or receive, directly or indirectly, any grant or gratuity from a payment card network operator, or any of its directors, officers or employees, and no payment card network operator, or any of its directors, officers or employees shall make or give any such grant or gratuity.

  • Marginal note:Offence and punishment

    (2) Every person, financial institution, bank holding company, insurance holding company or payment card network operator that contravenes subsection (1) or (1.1) is guilty of an offence and liable

    • (a) on summary conviction, to a fine of not more than $2000 or to imprisonment for a term of not more than six months or to both; or

    • (b) on conviction on indictment, to a fine of not more than $10,000 or to imprisonment for a term of not more than five years or to both.

  • 2001, c. 9, s. 16
  • 2010, c. 12, s. 1840, c. 25, s. 159

Confidentiality

Marginal note:Confidential information

  •  (1) Subject to subsection (2) and except as otherwise provided in this Act, information regarding the business or affairs of a financial institution or external complaints body or regarding persons dealing with one that is obtained by the Commissioner or by any person acting under the Commissioner’s direction, in the course of the exercise or performance of powers, duties and functions referred to in subsections 5(1) and (2) and 5.1(2), and any information prepared from that information, is confidential and shall be treated accordingly.

  • Marginal note:Disclosure permitted

    (2) If the Commissioner is satisfied that the information will be treated as confidential by the agency, body or person to whom it is disclosed, subsection (1) does not prevent the Commissioner from disclosing it

    • (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 Canada Deposit Insurance Corporation or any compensation association designated by order of the Minister pursuant to subsection 449(1) or 591(1) of the Insurance Companies Act, for purposes related to its operation; and

    • (d) to the Deputy Minister of Finance or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance or 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.

  • Marginal note:Confidential information — payment card network operators

    (3) Subject to subsection (4) and except as otherwise provided in this Act, information regarding the business or affairs of a payment card network operator, or regarding persons dealing with one, that is obtained by the Commissioner or by a person acting under the direction of the Commissioner, in the course of the exercise or performance of powers, duties and functions under subsection 5(1.1) or (2.1), and any information prepared from that information, is confidential and shall be treated accordingly.

  • Marginal note:Disclosure permitted

    (4) If the Commissioner is satisfied that the information will be treated as confidential by the person to whom it is disclosed, the Commissioner may disclose it to

    • (a) the Deputy Minister of Finance, or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance, for the purpose of policy analysis related to the regulation of payment card network operators; or

    • (b) 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 purpose of carrying out the Bank of Canada’s objects under the Retail Payment Activities Act or, in relation to a provision of that Act that is not in force, for the purpose of planning to carry out those objects.

  • 2001, c. 9, s. 17
  • 2010, c. 12, ss. 1841, 1854, c. 25, s. 160
  • 2012, c. 5, ss. 218(F), 224(F)
  • 2021, c. 23, s. 183

Assessments

Marginal note:Commissioner to ascertain expenses

  •  (1) The Commissioner shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year for or in connection with the administration of this Act and the consumer provisions — excluding the expenses incurred in connection with the objects described in subsection 3(3) — and the amounts of any prescribed categories of those expenses in relation to any prescribed group of financial institutions and external complaints bodies.

  • Marginal note:Commissioner to ascertain expenses — direction

    (1.1) After the publication of a notice under subsection 5.1(5), the Commissioner shall ascertain the amount of expenses that the Agency incurred in complying with the direction.

  • Marginal note:Amount conclusive

    (2) The amounts ascertained under subsections (1) and (1.1) are final and conclusive for the purposes of this section.

  • Marginal note:Assessment

    (3) As soon as possible after ascertaining the amounts under subsections (1) and (1.1), the Commissioner shall assess a portion of the total amount of expenses against each financial institution and external complaints body to the extent and in the manner that the Governor in Council may, by regulation, prescribe.

  • Marginal note:Exception

    (3.1) No assessment is to be made in respect of

    • (a) a company to which the Insurance Companies Act applies that was exempt from the application of paragraphs 165(2)(f) and (g) and sections 479 to 489.2 of that Act during the entire fiscal year to which the assessment relates; or

    • (b) a foreign company to which that Act applies that was exempt from the application of sections 598 to 607.1 of that Act during the entire fiscal year to which the assessment relates.

  • Marginal note:Interim assessment

    (4) The Commissioner may, during each fiscal year, prepare an interim assessment against any financial institution or external complaints body.

  • Marginal note:Assessment for financial literacy

    (4.1) The Commissioner may, during a fiscal year, impose an assessment against any financial institution to cover some or all of the expenses related to initiatives to strengthen the financial literacy of Canadians.

  • Marginal note:Assessment is binding

    (5) Every assessment and interim assessment is final and conclusive and binding on the financial institution or external complaints body against which it is made.

  • Marginal note:Commissioner to ascertain expenses — payment card network operators

    (5.1) The Commissioner shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year in connection with the objects described in paragraphs 3(3)(a), (b) and (d).

  • Marginal note:Amount conclusive

    (5.2) The amount ascertained under subsection (5.1) is final and conclusive for the purposes of this section.

  • Marginal note:Assessment

    (5.3) As soon as possible after ascertaining the amount under subsection (5.1), the Commissioner shall assess a portion of the total amount of expenses against each payment card network operator to the extent and in the manner that may be prescribed.

  • Marginal note:Interim assessment

    (5.4) The Commissioner may, during each fiscal year, prepare an interim assessment against any payment card network operator.

  • Marginal note:Assessment is binding

    (5.5) Every assessment and interim assessment is final and conclusive and binding on the payment card network operator against which it is made.

  • Marginal note:Recovery

    (6) Every assessment and interim assessment constitutes a debt due to Her Majesty, is immediately payable and may be recovered as a debt in any court of competent jurisdiction.

  • Marginal note:Interest

    (7) Interest may be charged on the unpaid amount of an assessment or interim assessment at a rate equal to the rate prescribed under the Income Tax Act for amounts payable by the Minister of National Revenue as refunds of overpayments of tax under that Act in effect from time to time plus 2%.

  • 2001, c. 9, s. 18
  • 2007, c. 6, s. 435
  • 2010, c. 12, ss. 1842, 1855, c. 25, s. 161
  • 2013, c. 1, s. 12
 
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