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

Assented to 2012-03-29

 The Act is amended by adding the following after section 1016.6:

Exceptions to Generally Accepted Accounting Principles

Marginal note:Calculations — generally accepted accounting principles
  • 1016.61 (1) If, as a result of a change to the accounting principles referred to in subsections 331(4) and 887(4) — whether the change is made before or after this section comes into force — the Superintendent considers, given any prudential considerations that he or she considers relevant, that any amount, calculation or valuation under this Act or the regulations is not appropriate, the Superintendent may specify the amount that is to be used or the calculation or valuation that is to be performed instead.

  • Marginal note:Canada Gazette

    (2) The Superintendent shall cause a notice of the specification to be published in the Canada Gazette within 60 days after the day on which the specification has effect.

  • Marginal note:Five-year limit

    (3) The specification ceases to have effect on the day indicated in the notice, which may be no later than five years after the day on which the specification is made.

Marginal note:2001, c. 9, s. 465

 Paragraph 1019(1)(a) of the Act is replaced by the following:

  • (a) applications for approval under subsection 69(1), 76(2), 79(4), 84(1), 178(1), 238(3), 472(1), 495(8) or (12), 498(1) or (2) or 512(1), subparagraph 519(2)(b)(vi), section 522, subsection 523(2), 527(3) or (4) or 528.3(1), section 542.09 or subsection 544.1(2), 557(1) or (2), 569(1), 597(1), 748(1), 755(2), 757(4), 762(1), 805(1), 851(3), 964(1), 971(6) or (10), 974(1) or 987(1);

Marginal note:2007, c. 6, s. 332
  •  (1) Paragraph 1019.1(1)(b) of the Act is replaced by the following:

    • (b) paragraphs 495(7)(b.1), (c), (d) and (d.1);

  • Marginal note:2007, c. 6, s. 332

    (2) Paragraph 1019.1(1)(e) of the Act is replaced by the following:

    • (e) paragraphs 971(5)(b.1), (c), (d) and (d.1).

PART 41991, c. 45TRUST AND LOAN COMPANIES ACT

Marginal note:2001, c. 9, s. 478(3)

 The definition “consumer provision” in section 2 of the Trust and Loan Companies Act is replaced by the following:

“consumer provision”

« disposition visant les consommateurs »

“consumer provision” means a provision referred to in paragraph (d) or (d.1) of the definition “consumer provision” in section 2 of the Financial Consumer Agency of Canada Act;