Financial Consumer Agency of Canada Act (S.C. 2001, c. 9)
Full Document:
Assented to 2001-06-14
477. Sections 23.3, 24 and 25 of the Act are renumbered as sections 38, 39 and 40, respectively.
1991, c. 45Trust and Loan Companies Act
478. (1) The definition “subsidiary” in section 2 of the Trust and Loan Companies Act is replaced by the following:
“subsidiary”
« filiale »
“subsidiary” means an entity that is a subsidiary of another entity within the meaning of section 5;
Marginal note:1991, c. 47, par. 753(a), c. 48, par. 493(a)
(2) Paragraphs (c) and (d) of the definition “financial institution” in section 2 of the Act are 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,
(d) an insurance company or a fraternal benefit society incorporated or formed under the Insurance Companies Act,
(3) Section 2 of the Act is amended by adding the following in alphabetical order:
“Agency”
« Agence »
“Agency” means the Financial Consumer Agency of Canada established under section 3 of the Financial Consumer Agency of Canada Act;
“bank holding company”
« société de portefeuille bancaire »
“bank holding company” means a body corporate that is incorporated or formed under Part XV of the Bank Act;
“Commissioner”
« commissaire »
“Commissioner” means the Commissioner of the Financial Consumer Agency of Canada appointed under section 4 of the Financial Consumer Agency of Canada Act;
“consumer provision”
« disposition visant les consommateurs »
“consumer provision” means a provision referred to in paragraph (d) of the definition “consumer provision” in section 2 of the Financial Consumer Agency of Canada Act;
“equity”
« capitaux propres »
“equity”, in respect of a company, means its equity as determined in accordance with the regulations;
“federal financial institution”
« institution financière fédérale »
“federal financial institution” means
(a) a company,
(b) a bank,
(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, or
(d) an insurance company or a fraternal benefit society incorporated or formed under the Insurance Companies Act;
“insurance holding company”
« société de portefeuille d’assurances »
“insurance holding company” means a body corporate that is incorporated or formed under Part XVII of the Insurance Companies Act;
479. The Act is amended by adding the following before section 3:
Marginal note:Major shareholder
2.1 For the purposes of this Act, a person is a major shareholder of a body corporate if
(a) the aggregate of the shares of any class of voting shares of the body corporate that are beneficially owned by the person and that are beneficially owned by any entities controlled by the person is more than 20 per cent of the outstanding shares of that class of voting shares of the body corporate; or
(b) the aggregate of the shares of any class of non-voting shares of the body corporate that are beneficially owned by the person and that are beneficially owned by any entities controlled by the person is more than 30 per cent of the outstanding shares of that class of non-voting shares of the body corporate.
Marginal note:Widely held
2.2 For the purposes of this Act, a body corporate is widely held if it has no major shareholder.
480. (1) Paragraph 3(1)(d) of the French version of the Act is replaced by the following:
d) dans tous les cas, la personne dont l’influence directe ou indirecte auprès de l’entité est telle que son exercice aurait pour résultat le contrôle de fait de celle-ci.
(2) The portion of subsection 3(3) of the Act before paragraph (a) is replaced by the following:
Marginal note:Deemed control
(3) A person is deemed to control, within the meaning of paragraph (1)(a) or (b), an entity if the aggregate of
(3) Section 3 of the Act is amended by adding the following after subsection (3):
Marginal note:Guidelines
(4) The Minister may, for any purpose of any provision of this Act that refers to control within the meaning of paragraph (1)(d), make guidelines respecting what constitutes such control, including guidelines describing the policy objectives that the guidelines and the relevant provisions of the Act are intended to achieve and, if any such guidelines are made, the reference to paragraph (1)(d) in that provision shall be interpreted in accordance with the guidelines.
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