Sustaining Canada’s Economic Recovery Act (S.C. 2010, c. 25)
Full Document:
Assented to 2010-12-15
Marginal note:2001, c. 9, s. 125
149. Paragraph 459.5(b) of the Act is replaced by the following:
(b) the persons who request or receive the product or service have access to complaint handling by an external complaints body.
Marginal note:2001, c. 9, s. 156
150. Section 573.1 of the Act is replaced by the following:
Marginal note:Obligation to be member
573.1 An authorized foreign bank must be a member of one external complaints body.
Marginal note:2001, c. 9, s. 183
151. Section 657 of the Act and the headings before it are replaced by the following:
PART XIVREGULATION OF BANKS AND EXTERNAL COMPLAINTS BODIES — COMMISSIONER
Marginal note:Required information
657. A bank, authorized foreign bank or external complaints body must provide the Commissioner with the information at the times and in the form that he or she may require for the purposes of the administration of the Financial Consumer Agency of Canada Act and the consumer provisions.
Marginal note:2001, c. 9, s. 183
152. Subsection 658(1) of the Act is replaced by the following:
Marginal note:Confidential information
658. (1) Subject to subsection (2), information regarding the business or affairs of a bank, authorized foreign bank or external complaints body or regarding persons dealing with any of them that is obtained by the Commissioner or by any person acting under the Commissioner’s direction, in the course of the exercise or performance of powers, duties and functions referred to in subsection 5(1) of the Financial Consumer Agency of Canada Act, and any information prepared from that information, is confidential and shall be treated accordingly.
Marginal note:2001, c. 9, s. 183
153. (1) Subsection 659(1) of the French version of the Act is replaced by the following:
Marginal note:Examen
659. (1) Afin de s’assurer que la banque, la banque étrangère autorisée ou l’organisme externe de traitement des plaintes se conforme aux dispositions visant les consommateurs applicables, le commissaire, à l’occasion, mais au moins une fois par an, procède ou fait procéder à un examen et à une enquête dont il fait rapport au ministre.
Marginal note:2001, c. 9, s. 183
(2) Paragraph 659(2)(a) of the Act is replaced by the following:
(a) has a right of access to any records, including electronic records, of a bank, authorized foreign bank or external complaints body; and
Marginal note:2001, c. 9, s. 183
(3) Paragraph 659(2)(b) of the English version of the Act is replaced by the following:
(b) may require the directors or officers of a bank, authorized foreign bank or external complaints body to provide information and explanations, to the extent that they are reasonably able to do so, in respect of any matter subject to examination or inquiry under subsection (1).
Marginal note:2001, c. 9, s. 183
154. Section 661 of the Act is replaced by the following:
Marginal note:Compliance agreement
661. The Commissioner may enter into an agreement, called a “compliance agreement”, with a bank, authorized foreign bank or external complaints body for the purposes of implementing any measure that is designed so as to further compliance by it with the consumer provisions.
Marginal note:2001, c. 9, s. 183
155. Section 974 of the Act is replaced by the following:
Marginal note:Not statutory instruments
974. An instrument issued or made under this Act and directed to a single bank, bank holding company, authorized foreign bank or person, other than a regulation made under subsection 455.01(3) or 455.1(3.1) or an order referred to in section 499, is not a statutory instrument for the purposes of the Statutory Instruments Act.
2001, c. 9Financial Consumer Agency of Canada Act
156. Section 2 of the Financial Consumer Agency of Canada Act is amended by adding the following in alphabetical order:
“external complaints body”
« organisme externe de traitement des plaintes »
“external complaints body” has the same meaning as in section 2 of the Bank Act.
Marginal note:2010, c. 12, s. 1851(1)
157. (1) Paragraphs 3(2)(a) and (b) of the Act are replaced by the following:
(a) supervise financial institutions and external complaints bodies to determine whether the institution or body is 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 and external complaints bodies of policies and procedures designed to implement the provisions, terms and conditions, undertakings or directions referred to in paragraph (a);
(b.1) promote the adoption by financial institutions of policies and procedures designed to implement
(i) voluntary codes of conduct that are designed to protect the interests of their customers, that are adopted by financial institutions and that are publicly available, and
(ii) any public commitments made by them that are designed to protect the interests of their customers;
Marginal note:2010, c. 12, s. 1851(2)
(2) Paragraph 3(2)(d) of the Act is replaced by the following:
(d) promote consumer awareness about the obligations of financial institutions and of external complaints bodies under consumer provisions applicable to them and about all matters connected with the protection of consumers of financial products and services; and
158. Section 14 of the Act is replaced by the following:
Marginal note:Ownership
14. No Commissioner, person appointed under subsection 4(4) or Deputy Commissioner shall beneficially own, directly or indirectly, any shares of any financial institution, bank holding company, insurance holding company, external complaints body or of any other body corporate, however created, carrying on any business in Canada that is substantially similar to any business carried on by any financial institution or external complaints body.
159. Subsection 16(1) of the Act is replaced by the following:
Marginal note:No grant or gratuity to be made
16. (1) The Commissioner, a person appointed under subsection 4(4), a Deputy Commissioner and any person appointed under section 10 shall not accept or receive, directly or indirectly, any grant or gratuity from a financial institution, bank holding company, insurance holding company, external complaints body, or from a director, officer or employee of any of them, and no such financial institution, bank holding company, insurance holding company, external complaints body, director, officer or employee shall make or give any such grant or gratuity.
Marginal note:2010, c. 12, s. 1854
160. Subsection 17(1) of the Act is replaced by the following:
Marginal note:Confidential information
17. (1) Subject to subsection (2) and except as otherwise provided in this Act, information regarding the business or affairs of a financial institution or external complaints body or regarding persons dealing with one that is obtained by the Commissioner or by any person acting under the Commissioner’s direction, in the course of the exercise or performance of powers, duties and functions referred to in subsections 5(1) and (2) and 5.1(2), and any information prepared from that information, is confidential and shall be treated accordingly.
Marginal note:2010, c. 12, s. 1842(1)
161. (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 and external complaints bodies.
Marginal note:2010, c. 12, s. 1855
(2) Subsection 18(3) of the Act is replaced by the following:
Marginal note:Assessment
(3) As soon as possible after ascertaining the amounts under subsections (1) and (1.1), the Commissioner shall assess a portion of the total amount of expenses against each financial institution and external complaints body to the extent and in the manner that the Governor in Council may, by regulation, prescribe.
(3) Subsections 18(4) and (5) of the Act are replaced by the following:
Marginal note:Interim assessment
(4) The Commissioner may, during each fiscal year, prepare an interim assessment against any financial institution or external complaints body.
Marginal note:Assessment is binding
(5) Every assessment and interim assessment is final and conclusive and binding on the financial institution or external complaints body against which it is made.
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