Marginal note:Committee established
(2) The Superintendent is the chairman of the committee.
Marginal note:Purpose of committee
(3) The purpose of the committee is to facilitate consultations and the exchange of information among its members on all matters relating directly to the supervision of financial institutions, bank holding companies or insurance holding companies.
Marginal note:Access to information
(4) Every member of the committee is entitled to any information on matters relating directly to the supervision of financial institutions, bank holding companies or insurance holding companies that is in the possession or under the control of any other member and any member requested by another member to provide any such information shall forthwith provide it.
Marginal note:Designated person permitted
(5) Information requested from one member of the committee by another member may be provided to any person designated by the member making the request.
- R.S., 1985, c. 18 (3rd Supp.), s. 18
- 1996, c. 6, s. 108(E)
- 2001, c. 9, s. 469
- 2016, c. 7, s. 169
Conflict of Interest
19 (1) No member of the committee referred to in section 18, person appointed under subsection 5(5) or Deputy Superintendent shall beneficially own, directly or indirectly, any shares of any financial institution, bank holding company, insurance holding company 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.
Marginal note:Prohibitions — federal credit union
(2) No member of the committee referred to in section 18, person appointed under subsection 5(5) or Deputy Superintendent 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.
- R.S., 1985, c. 18 (3rd Supp.), s. 19
- 2001, c. 9, s. 470
- 2010, c. 12, s. 2122
20 [Repealed, 2013, c. 40, s. 159]
Marginal note:No grant or gratuity to be made
21 (1) The Superintendent, a person appointed under subsection 5(5), a Deputy Superintendent or a person appointed under section 11 shall not accept or receive, directly or indirectly, any grant or gratuity from a financial institution, bank holding company or insurance holding company, or from a director, officer or employee of any of them, and no such financial institution, bank holding company, insurance holding company, director, officer or employee shall make or give any such grant or gratuity.
Marginal note:Offence and punishment
(2) Every person, financial institution, bank holding company or insurance holding company that contravenes subsection (1) is guilty of an offence and liable
- R.S., 1985, c. 18 (3rd Supp.), s. 21
- 2001, c. 9, s. 471
Marginal note:Information is confidential
(a) information regarding the business or affairs of a financial institution, foreign bank, bank holding company or insurance holding company or regarding persons dealing with any of them that is obtained by the Superintendent, or by any person acting under the direction of the Superintendent, as a result of the administration or enforcement of any Act of Parliament;
(b) information received by any member of the committee established by subsection 18(1), or by any person referred to in subsection 18(5) designated by any member of that committee, in the course of an exchange of information permitted by subsection 18(3); and
Marginal note:Disclosure by Superintendent
(1.1) Despite subsection (1), subsections 606(1) and 636(1) of the Bank Act, subsection 435(1) of the Cooperative Credit Associations Act, subsection 672(1) of the Insurance Companies Act and subsection 503(1) of the Trust and Loan Companies Act, the Superintendent may disclose 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 information relating to policies and procedures that financial institutions adopt to ensure their compliance with Parts 1 and 1.1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
Marginal note:Disclosure permitted
(2) Nothing in subsection (1) prevents the Superintendent from disclosing any information
(a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision,
(a.01) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision,
(a.1) 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
(b) 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,
if the Superintendent is satisfied that the information will be treated as confidential by the agency, body or person to whom it is disclosed.
(2.1) The Governor in Council may make regulations prohibiting, limiting or restricting the disclosure by financial institutions, bank holding companies or insurance holding companies of prescribed supervisory information.
(3) The Superintendent shall disclose, at such times and in such manner as the Minister may determine, such information obtained by the Superintendent under the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act and the Trust and Loan Companies Act as the Minister considers ought to be disclosed for the purposes of the analysis of the financial condition of a financial institution and that
(a) is contained in returns filed pursuant to the Superintendent’s financial regulatory reporting requirements; or
(b) has been obtained as a result of an industry-wide or sectoral survey conducted by the Superintendent in relation to an issue or circumstances that could have an impact on the financial condition of financial institutions.
Marginal note:Prior consultation required
(4) The Minister shall consult with the Superintendent before making any determination under subsection (3).
Marginal note:Exceptions to disclosure
(5) Subject to any regulations made under a statute referred to in subsection (3) governing the use by a financial institution of any information supplied to it by its customers, no information obtained by a financial institution regarding any of its customers shall be disclosed or made available under subsection (3).
Marginal note:Report respecting disclosure
(6) The Superintendent shall prepare a report, to be included in the report referred to in section 40, respecting the disclosure of information by financial institutions, and describing the state of progress made in enhancing the disclosure of information in the financial services industry.
- R.S., 1985, c. 18 (3rd Supp.), s. 22
- 1991, c. 46, s. 601
- 1994, c. 26, s. 49(F)
- 1996, c. 6, s. 109
- 1997, c. 15, s. 338
- 1999, c. 28, s. 129
- 2001, c. 9, s. 472
- 2004, c. 15, s. 97
- 2010, c. 12, s. 1883
- Date modified: