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

Assented to 2001-06-14

Marginal note:R.S., c. 18 (3rd Supp.), Part I

Office of the Superintendent of Financial Institutions Act

Marginal note:1991, c. 45, s. 557

  • 466. (1) Paragraph (c) of the definition “financial institution” in section 3 of the Office of the Superintendent of Financial Institutions Act is replaced by the following:

    • (c) an association to which the Cooperative Credit Associations Act applies or a central cooperative credit society for which an order has been made under subsection 473(1) of that Act,

  • (2) Section 3 of the Act is amended by adding the following in alphabetical order:

    “bank holding company”

    « société de portefeuille bancaire »

    “bank holding company” means a bank holding company as defined in section 2 of the Bank Act;

    “insurance holding company”

    « société de portefeuille d’assurances »

    “insurance holding company” means an insurance holding company as defined in subsection 2(1) of the Insurance Companies Act;

Marginal note:1997, c. 15, s. 334

467. Subsection 6(1) of the Act is replaced by the following:

Marginal note:Duties, powers and functions of the Superintendent

  • 6. (1) The Superintendent has the powers, duties and functions assigned to the Superintendent by the Acts referred to in the schedule to this Part and shall examine into and report to the Minister from time to time on all matters connected with the administration of the provisions of those Acts except those that are consumer provisions as defined in section 2 of the Financial Consumer Agency of Canada Act.

Marginal note:1997, c. 15, s. 336

468. Section 10 of the Act and the heading before it are replaced by the following:

Exercise of Powers, Duties and Functions

Marginal note:Exercise by personnel

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