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

Assented to 2012-03-29

 Section 15 of the Act is replaced by the following:

Marginal note:Compliance orders

15. If a clearing house or a participant fails to comply with a provision of this Act, with a directive issued to it by the Governor of the Bank in connection with any matter under this Act or with an agreement that it has entered into under section 5, or if a person to whom a request referred to in subsection 14(1) is directed fails to comply with the request, the Bank or the Governor may apply to a superior court for an order directing the clearing house, participant or person, as the case may be, to comply with the provision, directive, agreement or request and, on the application, the court may so order and make any further order it thinks fit.

  •  (1) Paragraph 18(2)(a) of the Act is replaced by the following:

    • (a) to any government agency or regulatory body, charged with the regulation of

      • (i) financial institutions, as defined in section 2 of the Trust and Loan Companies Act, for purposes related to that regulation, or

      • (ii) entities that provide clearing or settlement services in connection with securities transactions or eligible financial contracts, for purposes related to that regulation, and

  • (2) Section 18 of the Act is amended by adding the following after subsection (2):

    • Marginal note:Disclosure permitted

      (3) Nothing in subsection (1) prevents the Bank from disclosing any information or documents pertaining to a clearing and settlement system that the Bank has designated under subsection 4(1) to any government agency or regulatory body charged with the regulation of systems or arrangements for the clearing or settlement of payment obligations or payment messages, for purposes related to that regulation, if the Bank is satisfied that the information or documents will be treated as confidential by the agency or body to whom they are disclosed.

 Subsection 22(3) of the Act is repealed.

2001, c. 9Financial Consumer Agency of Canada Act

Marginal note:2009, c. 2, s. 280
  •  (1) Paragraph (a) of the definition “consumer provision” in section 2 of the Financial Consumer Agency of Canada Act is replaced by the following:

    • (a) paragraphs 157(2)(e) and (f), section 413.1, subsection 418.1(3), sections 439.1 to 459.5, subsections 540(2) and (3) and 545(4) and (5), paragraphs 545(6)(b) and (c), subsection 552(3) and sections 559 to 576.3 of the Bank Act together with any regulations made under or for the purposes of those provisions;

  • (2) Paragraph (a) of the definition “consumer provision” in section 2 of the Act is replaced by the following:

    • (a) paragraphs 157(2)(e) and (f), sections 273.1 and 413.1, subsection 418.1(3), sections 439.1 to 459.5, subsections 540(2) and (3) and 545(4) and (5), paragraphs 545(6)(b) and (c), subsection 552(3) and sections 559 to 576.2 of the Bank Act together with any regulations made under or for the purposes of those provisions;

  • (3) The definition “consumer provision” in section 2 of the Act is amended by adding the following after paragraph (a):

    • (a.1) sections 992 to 1003 of the Bank Act as those sections apply to any notice, document or other information that is required under the provisions referred to in paragraph (a);

  • (4) The definition “consumer provision” in section 2 of the Act is amended by adding the following after paragraph (b):

    • (b.1) sections 487.01 to 487.12 of the Cooperative Credit Associations Act as those sections apply to any notice, document or other information that is required under the provisions referred to in paragraph (b);

  • (5) The definition “consumer provision” in section 2 of the Act is amended by adding the following after paragraph (c):

    • (c.1) sections 1034 to 1045 of the Insurance Companies Act as those sections apply to any notice, document or other information that is required under the provisions referred to in paragraph (c);

  • (6) The definition “consumer provision” in section 2 of the Act is amended by striking out “and” at the end of paragraph (d) and by adding the following after that paragraph:

    • (d.1) sections 539.01 to 539.12 of the Trust and Loan Companies Act as those sections apply to any notice, document or other information that is required under the provisions referred to in paragraph (d); and