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

Assented to 2012-03-29

Marginal note:2001, c. 9, s. 548

 Paragraphs 444.1(5)(a) and (b) of the Act are replaced by the following:

  • (a) the time and place at which and the form and manner in which notice shall be given under subsection (1), the persons to whom it shall be given and the information to be included, the time, place, form and manner being permitted to vary according to circumstances specified in the regulations;

  • (b) circumstances in which a member company is not required to give notice under subsection (1), circumstances in which the Commissioner may exempt a member company from the requirement to give notice under that subsection, and circumstances in which the Commissioner may vary the time and place at which and the form and manner in which notice is required to be given under any regulation made under paragraph (a); and

Marginal note:2001, c. 9, s. 548
  •  (1) Subsections 444.2(2) and (3) of the Act are replaced by the following:

    • Marginal note:Filing

      (2) A company shall, at the prescribed time and place and in the prescribed form and manner, file a copy of the statement with the Commissioner.

    • Marginal note:Provision of statement to public

      (3) A company shall, at the prescribed time and place and in the prescribed form and manner, disclose the statement to its customers and to the public.

  • Marginal note:2001, c. 9, s. 548

    (2) Paragraph 444.2(4)(a) of the Act is replaced by the following:

    • (a) the name, contents and form of a statement referred to in subsection (1) and the time within which, the place at which and the manner in which it must be prepared;

  • Marginal note:2001, c. 9, s. 548

    (3) Paragraphs 444.2(4)(c) and (d) of the Act are replaced by the following:

    • (c) the time and place at which and the form and manner in which a statement must be filed under subsection (2); and

    • (d) the time and place at which and the form and manner in which a statement mentioned in subsection (3) is to be disclosed, respectively, to a company’s customers and to the public.

Marginal note:2001, c. 9, s. 548

 Paragraph 444.3(b) 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

Marginal note:2007, c. 6, s. 371(4)
  •  (1) Subsection 453(3.1) of the Act is replaced by the following:

    • Marginal note:Exception

      (3.1) Despite paragraph (3)(d), a company may acquire control of, or acquire or increase a substantial investment in, any entity that acts as a trustee for a trust if the entity has been permitted under the laws of a province to act as a trustee for a trust and the following conditions are satisfied:

      • (a) the entity acts as a trustee only with respect to a closed-end fund or mutual fund entity; and

      • (b) if the entity engages in other business, that business is limited to engaging in one or more of the following:

        • (i) the activities of a mutual fund distribution entity,

        • (ii) any activity that a company is permitted to engage in under paragraph 410(1)(d.1), and

        • (iii) the provision of investment counselling services and portfolio management services.

  • (2) Subsection 453(5) of the Act is amended by adding the following after paragraph (b):

    • (b.1) acquire control of an entity referred to in paragraph (1)(j) if the company is a company with equity of two billion dollars or more and

      A + B > C

      where

      A 
      is the value of the entity’s consolidated assets, as it would have been reported in the entity’s annual financial statements if those statements had been prepared immediately before the acquisition,
      B 
      is the aggregate of the values of the consolidated assets of all other entities referred to in paragraph (1)(j) that the company has acquired control of within the preceding 12 months, as the value for each entity would have been reported in its annual financial statements if those statements had been prepared immediately before the acquisition of control of that entity, and
      C 
      is 10% of the value of the company’s consolidated assets, as shown in the company’s last annual statement that was prepared before its first acquisition of control of an entity referred to in paragraph (1)(j) within the preceding 12 months;
  • (3) Section 453 of the Act is amended by adding the following after subsection (5):

    • Marginal note:Matters for consideration

      (5.1) In addition to any matters or conditions provided for in this Act that are relevant to the granting of an approval, the Minister may, in considering whether to grant the approval under paragraph (5)(b.1), take into account all matters that he or she considers relevant in the circumstances, including

      • (a) the stability of the financial system in Canada; and

      • (b) the best interests of the financial system in Canada.