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

Assented to 2001-06-14

Marginal note:Time limit
  •  (1) No proceedings in respect of a violation may be commenced later than two years after the subject-matter of the proceedings became known to the Commissioner.

  • Marginal note:Certificate of Commissioner

    (2) A document appearing to have been issued by the Commissioner, certifying the day on which the subject-matter of any proceedings became known to the Commissioner, is admissible in evidence without proof of the signature or official character of the person appearing to have signed the document and is, in the absence of evidence to the contrary, proof of the matter asserted in it.

Marginal note:Publication

 The Commissioner may make public the nature of a violation, the name of the person who committed it, and the amount of the penalty imposed.

REGULATIONS

Marginal note:Regulations

 The Governor in Council may make regulations prescribing

  • (a) anything that is required or authorized by this Act to be prescribed; and

  • (b) the way in which anything that is required or authorized by this Act to be prescribed shall be determined.

NO LIABILITY

Marginal note:No liability

 No action lies against Her Majesty, the Minister, the Commissioner, any Deputy Commissioner, any officer or employee of the Agency or any person acting under the direction of the Commissioner for anything done or omitted to be done in good faith in the administration or discharge of any powers or duties that under any Act of Parliament are intended or authorized to be executed or performed.

ANNUAL REPORT

Marginal note:Annual report

 The Minister shall cause to be laid before each House of Parliament, not later than the fifth sitting day of that House after September 30 next following the end of each fiscal year, a report showing the operations of the Agency for that year and describing in aggregate form its conclusions on the compliance of financial institutions with the consumer provisions applicable to them in that year.

AMENDMENTS TO ACTS IN RELATION TO FINANCIAL INSTITUTIONS

1991, c. 46Bank Act

  •  (1) The definition “foreign bank subsidiary” in section 2 of the Bank Act is repealed.

  • Marginal note:1999, c. 28, s. 1(2)

    (2) The definitions “affairs”, “annual statement”, “central securities register” or “securities register”, “head office”, “incorporator”, “recorded address”, “regulatory capital” and “subsidiary” in section 2 of the Act are replaced by the following:

    “affairs”

    « affaires internes »

    “affairs”, with respect to a bank, an authorized foreign bank or a bank holding company, means the relationships among the bank, authorized foreign bank or bank holding company and its affiliates and the shareholders, directors and officers of the bank, authorized foreign bank or bank holding company and its affiliates, but does not include the business of the bank, authorized foreign bank or bank holding company or any of its affiliates;

    “annual statement”

    « rapport annuel »

    “annual statement”, in relation to a bank, means the annual financial statement of the bank within the meaning of paragraph 308(1)(a) and, in relation to a bank holding company, means the annual financial statement of the bank holding company within the meaning of paragraph 840(1)(a);

    “central securities register” or “securities register”

    « registre central des valeurs mobilières »ou« registre des valeurs mobilières »

    “central securities register” or “securities register”, in relation to a bank, means the register referred to in section 248 and, in relation to a bank holding company, means the register referred to in section 825;

    “head office”

    « siège »

    “head office”, in relation to a bank, means the office required to be maintained under section 237 and, in relation to a bank holding company, means the office required to be maintained under section 814;

    “incorporator”

    « fondateur »

    “incorporator”, in relation to a bank or a bank holding company, means a person who applied for letters patent to incorporate the bank or bank holding company, as the case may be;

    “recorded address”

    « adresse enregistrée »

    “recorded address” means

    • (a) in relation to a person who is a shareholder of a bank or a bank holding company, the latest postal address of the person according to its central securities register, and

    • (b) in relation to a person in any other respect in relation to a bank, the latest postal address of the person according to the records of the branch concerned;

    “regulatory capital”

    « capital réglementaire »

    “regulatory capital”, in respect of a bank or a bank holding company, has the meaning given that expression by the regulations;

    “subsidiary”

    « filiale »

    “subsidiary” means an entity that is a subsidiary of another entity as defined in section 5;

  • Marginal note:1999, c. 28, s. 1(3)

    (3) Paragraph (c) of the definition “complainant” in section 2 of the Act is replaced by the following:

    • (c) any other person who, in the discretion of a court, is a proper person to make an application under section 334, 338 or 989;

  • Marginal note:1991, c. 47, par. 756(1)(a), c. 48, par. 494(a)

    (4) 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,

  • (5) The portion of the definition “foreign bank” in section 2 of the Act after paragraph (f) is replaced by the following:

    • (g) is a foreign institution, other than a foreign bank within the meaning of any of paragraphs (a) to (f), that controls a bank incorporated or formed under this Act,

    but does not include a subsidiary of a bank named in Schedule I as that Schedule read immediately before the day section 184 of the Financial Consumer Agency of Canada Act comes into force, unless the Minister has specified that subsection 378(1) no longer applies to the bank;

  • (6) Paragraph (a) of the definition “foreign institution” in section 2 of the Act is replaced by the following:

    • (a) engaged in the business of banking, the trust, loan or insurance business, the business of a cooperative credit society or the business of dealing in securities or is otherwise engaged primarily in the business of providing financial services, and

  • (7) 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;

    “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 (a) of the definition “consumer provision” in section 2 of the Financial Consumer Agency of Canada Act;

    “equity”

    « capitaux propres »

    “equity”, in respect of a bank or a bank holding company, means its equity as determined in accordance with the regulations;

    “federal financial institution”

    « institution financière fédérale »

    “federal financial institution” means

    “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;