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Financial System Review Act (S.C. 2012, c. 5)

Assented to 2012-03-29

127. Subsection 428(2) of the Act is replaced by the following:

  • Marginal note:Exception

    (2) Despite subsection (1), a company may record in its securities register a transfer or issue of any share of the company to a foreign institution that is controlled by the government of a foreign country or any political subdivision of a foreign country, or by any agent or agency of a foreign government, if the share that is transferred or issued is beneficially owned by the foreign institution or by an entity controlled by the foreign institution.

128. Section 430 of the Act is amended by adding the following after subsection (2):

  • Marginal note:Exception

    (2.1) Subsection (2) does not apply to a foreign institution that is controlled by the government of a foreign country or any political subdivision of a foreign country, or by any agent or agency of a foreign government, if the shares referred to in subsection (2) are beneficially owned by the foreign institution or by an entity controlled by the foreign institution.

Marginal note:2007, c. 6, s. 223

  • 129. (1) Paragraph 461(a) of the Act is replaced by the following:

    • (a) the aggregate of the amounts so paid or transferred in that financial year does not exceed the percentage of the portion of the profits of the participating account that is determined by the directors as the portion to be distributed for that financial year to the shareholders and participating policyholders, which percentage shall not exceed the percentage that is calculated in accordance with the regulations;

  • (2) Section 461 of the Act is renumbered as subsection 461(1) and is amended by adding the following:

    • Marginal note:Regulations

      (2) The Governor in Council may make regulations respecting the manner of calculating the percentage for the purposes of paragraph (1)(a).

Marginal note:2005, c. 54, s. 297

130. Subsection 464.1(2) of the Act is replaced by the following:

  • Marginal note:Information to policyholder

    (2) A company that made changes in respect of its adjustable policies during the preceding 12 months shall within the prescribed period send the prescribed information to the policyholder, if the adjustable policy was issued in Canada or if it confers voting rights.

Marginal note:2009, c. 2, s. 283

131. Paragraph 469.1(3)(b) of the English version of the Act is replaced by the following:

  • (b) the time and place at which, the form and manner in which and the persons to whom information is to be disclosed; and