Jobs and Economic Growth Act (S.C. 2010, c. 12)
Full Document:
Assented to 2010-07-12
1842. (1) Subsection 18(1) of the Act is replaced by the following:
Marginal note:Commissioner to ascertain expenses
18. (1) The Commissioner 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 this Act and the consumer provisions — excluding the expenses incurred in connection with the objects described in subsection 3(3) — and the amounts of any prescribed categories of those expenses in relation to any prescribed group of financial institutions.
(2) Section 18 of the Act is amended by adding the following after subsection (5):
Marginal note:Commissioner to ascertain expenses — payment card network operators
(5.1) The Commissioner shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year in connection with the objects described in paragraphs 3(3)(a), (b) and (d).
Marginal note:Amount conclusive
(5.2) The amount ascertained under subsection (5.1) is final and conclusive for the purposes of this section.
Marginal note:Assessment
(5.3) As soon as possible after ascertaining the amount under subsection (5.1), the Commissioner shall assess a portion of the total amount of expenses against each payment card network operator to the extent and in the manner that may be prescribed.
Marginal note:Interim assessment
(5.4) The Commissioner may, during each fiscal year, prepare an interim assessment against any payment card network operator.
Marginal note:Assessment is binding
(5.5) Every assessment and interim assessment is final and conclusive and binding on the payment card network operator against which it is made.
1843. (1) Subsection 19(1) of the Act is amended by adding the following after paragraph (a):
(a.1) designating, as a violation that may be proceeded with under sections 20 to 31, the contravention of a specified provision of the Payment Card Networks Act or its regulations;
(a.2) designating, as a violation that may be proceeded with under sections 20 to 31, the non-compliance with an agreement entered into under section 7.1;
Marginal note:2007, c. 6, s. 436
(2) Subsection 19(2) of the Act is replaced by the following:
Marginal note:Maximum penalties
(2) The maximum penalty for a violation is $50,000 in the case of a violation that is committed by a natural person, and $200,000 in the case of a violation that is committed by a financial institution or a payment card network operator.
1844. Section 21 of the Act is replaced by the following:
Marginal note:How act or omission may be proceeded with
21. If a contravention or non-compliance that is designated under paragraph 19(1)(a) or (a.1) can be proceeded with either as a violation or as an offence, proceeding in one manner precludes proceeding in the other.
1845. Subsection 22(1) of the Act is replaced by the following:
Marginal note:Commission of violation
22. (1) Every contravention or non-compliance that is designated under paragraphs 19(1)(a) to (a.2) constitutes a violation and the person that commits the violation is liable to a penalty determined in accordance with sections 19 and 20.
1846. Subsection 24(2) of the Act is replaced by the following:
Marginal note:Court to take precautions against disclosing
(2) In an appeal, the Court shall take every reasonable precaution, including, when appropriate, conducting hearings in private, to avoid the disclosure by the Court or any person of confidential information referred to in subsection 17(1) or (3).
1847. Section 28 of the Act is amended by adding the following after subsection (2):
Marginal note:Common law principles — Payment Card Networks Act
(3) Every rule and principle of the common law that renders any circumstance a justification or excuse in relation to a charge for an offence in relation to a provision of the Payment Card Networks Act applies in respect of a violation to the extent that it is not inconsistent with this Act.
1848. Section 34 of the Act is replaced by the following:
Marginal note:Annual report
34. 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
(a) in aggregate form, its conclusions on the compliance, in that year, of financial institutions with the consumer provisions applicable to them; and
(b) in aggregate form, its conclusions on the compliance, in that year, of payment card network operators with the provisions of the Payment Card Networks Act and its regulations.
1849. Schedule 1 to the Act is amended by adding the following in alphabetical order:
Payment Card Networks Act
Loi sur les réseaux de cartes de paiement
Coming into Force
Marginal note:Order in council
1850. Sections 6 and 7 of the Payment Card Networks Act, as enacted by section 1834, come into force on a day to be fixed by order of the Governor in Council.
PART 132001, c. 9FINANCIAL CONSUMER AGENCY OF CANADA ACT
Amendments to the Act
1851. (1) Paragraphs 3(2)(a) and (b) of the Financial Consumer Agency of Canada Act are replaced by the following:
(a) supervise financial institutions to determine whether they are in compliance with
(i) the consumer provisions applicable to them, and
(ii) the terms and conditions or undertakings with respect to the protection of customers of financial institutions that the Minister imposes or requires, as the case may be, under an Act listed in Schedule 1 and the directions that the Minister imposes under this Act;
(b) promote the adoption by financial institutions of policies and procedures designed to implement
(i) provisions, terms and conditions, undertakings or directions referred to in paragraph (a),
(ii) voluntary codes of conduct that are designed to protect the interests of the customers of financial institutions that are adopted by financial institutions and that are publicly available, and
(iii) any public commitments made by financial institutions that are designed to protect the interests of their customers;
(2) Paragraph 3(2)(d) of the Act is replaced by the following:
(d) promote consumer awareness about the obligations of financial institutions under consumer provisions applicable to them and all matters connected with the protection of consumers of financial products and services;
(3) Subsection 3(2) of the Act is amended by adding “and” at the end of paragraph (e) and by adding the following after that paragraph:
(f) monitor and evaluate trends and emerging issues that may have an impact on consumers of financial products and services.
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