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

Assented to 2012-03-29

 Paragraph 505(2)(a) of the Act is replaced by the following:

  • (a) has a right of access to any records, cash, assets and security held by or on behalf of a company; and

 The Act is amended by adding the following after section 527.8:

Exceptions to Generally Accepted Accounting Principles

Marginal note:Calculations — generally accepted accounting principles
  • 527.81 (1) If, as a result of a change to the accounting principles referred to in subsection 313(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:2007, c. 6, s. 384

 Subsection 529.2(1) of the Act is replaced by the following:

Marginal note:Application for certain approvals
  • 529.2 (1) An application for the prior written approval of the Minister in respect of paragraph 410(1)(c) or (c.1) or 453(5)(b.1), (c), (d) or (d.1) must be filed with the Superintendent and contain the information, material and evidence that the Superintendent may require.

PART 5AMENDMENTS TO OTHER ACTS

R.S., c. B-2Bank of Canada Act

Marginal note:2007, c. 6, s. 394
  •  (1) Subsection 22(1.3) of the Bank of Canada Act is replaced by the following:

    • Marginal note:Time limit for returned payments

      (1.21) The Bank is not liable in respect of any returned payment as defined in section 2 of the Canada Deposit Insurance Corporation Act in respect of which the Canada Deposit Insurance Corporation has made a payment to the Bank under subsection 14.01(1) of that Act if

      • (a) the amount paid to the Bank was less than $1,000; and

      • (b) at least 40 years have gone by since the applicable date referred to in subsection 14(2.9) of that Act.

    • Marginal note:Limitation of Bank’s liability

      (1.3) The Bank is not liable in respect of a debt referred to in subsection (1), an instrument referred to in subsection (1.1), a claim referred to in subsection (1.2) or a returned payment referred to in subsection (1.21) if the amount paid to the Bank in respect of the debt, instrument, claim or returned payment was $1,000 or more and at least 100 years have gone by since the payment was made to the Bank.

  • Marginal note:1991, c. 46, s. 582

    (2) Subsection 22(3) of the Act is replaced by the following:

    • Marginal note:No liability where claims paid — returned payments

      (2.1) The Bank is not liable in respect of any returned payment as defined in section 2 of the Canada Deposit Insurance Corporation Act in respect of which the Canada Deposit Insurance Corporation has paid an amount to the Bank under subsection 14.01(1) of that Act if an amount equal to the amount so paid has been paid by the Bank to a claimant under subsection 14.01(4) of that Act or to the Receiver General under subsection (3).

    • Marginal note:Amounts to be paid to Receiver General

      (3) An amount equal to the amount paid to the Bank in respect of a debt referred to in subsection (1), an instrument referred to in subsection (1.1), a claim referred to in subsection (1.2) or a returned payment referred to in subsection (1.21) shall, within two months after the end of the calendar year in which the applicable 40-year period expired, be paid by the Bank without interest to the Receiver General and the Bank may destroy all records relating to the debt, instrument, claim or returned payment.