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Office of the Superintendent of Financial Institutions Act (R.S.C., 1985, c. 18 (3rd Supp.), Part I)

Act current to 2021-06-28 and last amended on 2018-12-13. Previous Versions

Assessment

Marginal note:Superintendent to ascertain expenses

  •  (1) The Superintendent 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 the Bank Act, the Cooperative Credit Associations Act, the Green Shield Canada Act, the Insurance Companies Act, the Protection of Residential Mortgage or Hypothecary Insurance Act and the Trust and Loan Companies Act.

  • Marginal note:Expenses — pension plans

    (1.1) In every fiscal year, the Superintendent shall

  • Marginal note:Amount conclusive

    (2) Any amount ascertained or estimated by the Superintendent under subsection (1) or (1.1), as the case may be, is final and conclusive for the purposes of this section.

  • Marginal note:Assessment

    (3) As soon as possible after ascertaining the amount referred to in subsection (1), the Superintendent shall assess the amount against each financial institution, bank holding company and insurance holding company to any extent and in any manner that the Governor in Council may, by regulation, prescribe.

  • Marginal note:Interim assessment

    (4) The Superintendent may, during each fiscal year, prepare an interim assessment against any financial institution, bank holding company or insurance holding company.

  • Marginal note:Assessment — pension plans

    (5) In every fiscal year, the Superintendent shall assess, in the prescribed manner, an amount against the administrator of a pension plan. The amount is to be determined as prescribed.

  • Marginal note:Determination of amount assessed

    (6) The determination of the amount referred to in subsection (5) shall take into account the amounts referred to in subsection (1.1).

  • R.S., 1985, c. 18 (3rd Supp.), s. 23
  • 1991, c. 45, s. 558, c. 46, s. 602, c. 47, s. 743
  • 1992, c. 1, s. 142, c. 56, s. 18
  • 1996, c. 6, s. 110, c. 21, s. 72
  • 1997, c. 15, s. 339
  • 1999, c. 28, s. 130
  • 2001, c. 9, s. 473
  • 2010, c. 25, s. 175
  • 2011, c. 15, s. 25
  • 2012, c. 16, s. 94

Meaning of person

  •  (1) For the purpose of this section, person means a natural person, a personal representative, a body corporate, a trust, a partnership, a fund, an unincorporated association or organization, Her Majesty in right of Canada or of a province, an agency of Her Majesty in either of those rights, the government of a foreign country or of a political subdivision of a foreign country, an agency of the government of a foreign country or an agency of the government of a political subdivision of a foreign country.

  • Marginal note:Assessment of particular expenses

    (2) The Superintendent may assess against a person a prescribed charge and applicable disbursements for any service provided by or on behalf of the Superintendent for the person’s benefit or for the benefit of a group of persons of which the person is a member.

  • Marginal note:Interim assessment

    (3) The Superintendent may, during each fiscal year, prepare an interim assessment against any person towards the amount to be assessed against the person under subsection (2).

  • (4) and (5) [Repealed, 2001, c. 9, s. 474]

  • 1997, c. 15, s. 339
  • 1999, c. 28, s. 131
  • 2001, c. 9, s. 474

Marginal note:Assessment is binding

  •  (1) Every assessment and interim assessment made under section 23 or 23.1 is final and conclusive and binding on the person against whom it is made.

  • Marginal note:Recovery

    (2) Every assessment and interim assessment made under section 23 or 23.1 constitutes a debt due to Her Majesty and is immediately payable and may be recovered as a debt in any court of competent jurisdiction.

  • Marginal note:Interest

    (3) Interest may be charged on the unpaid amount of an assessment or interim assessment under section 23 or 23.1 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 two per cent.

  • 1997, c. 15, s. 339
  • 2001, c. 9, s. 475(F)

 [Repealed, 2001, c. 9, s. 477]

Administrative Monetary Penalties

Interpretation

Marginal note:Definitions

  • R.S., 1985, c. 18 (3rd Supp.), s. 24
  • 2001, c. 9, s. 476
  • 2010, c. 25, s. 176
  • 2012, c. 16, s. 92

Violations

Marginal note:Regulations

  •  (1) The Governor in Council may make regulations

    • (a) designating, as a violation that may be proceeded with under sections 26 to 37, the contravention of a specified provision of a financial institutions Act or of a specified provision of a regulation made under one or the non-compliance with

      • (i) an order made by the Superintendent under a financial institutions Act,

      • (ii) a direction made under a financial institutions Act to cease or refrain from committing an act or pursuing a course of conduct that is an unsafe or unsound practice, or to perform a remedial act,

      • (iii) terms and conditions imposed by the Superintendent or an undertaking given to the Superintendent under a financial institutions Act, or

      • (iv) a prudential agreement entered into with the Superintendent under a financial institutions Act;

    • (b) classifying each violation as a minor violation, a serious violation or a very serious violation;

    • (c) fixing, in accordance with subsection (2), a penalty, or a range of penalties, in respect of any violation;

    • (d) respecting the service of documents required or authorized to be served under sections 26 to 37, including the manner and proof of service and the circumstances under which documents are deemed to be served; and

    • (e) generally for carrying out the purposes and provisions of section 24, this section and sections 26 to 37.

  • Marginal note:Maximum penalties

    (2) The maximum penalty for a violation is

    • (a) in the case of a violation that is committed by a natural person, $10,000 for a minor violation, $50,000 for a serious violation and $100,000 for a very serious violation; and

    • (b) in the case of a violation that is committed by an entity, $25,000 for a minor violation, $100,000 for a serious violation and $500,000 for a very serious violation.

  • R.S., 1985, c. 18 (3rd Supp.), s. 25
  • 2001, c. 9, s. 476
 
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