Bank Act (S.C. 1991, c. 46)

Act current to 2015-11-16 and last amended on 2015-06-23. Previous Versions

Marginal note:Disclosure by Superintendent
  •  (1) The Superintendent shall disclose, at the times and in the manner that the Minister may determine, any information obtained by the Superintendent under this Act that the Minister considers ought to be disclosed for the purposes of the analysis of the business in Canada of an authorized foreign bank and that

    • (a) is contained in returns filed pursuant to the Superintendent’s financial regulatory reporting requirements in respect of authorized foreign banks; or

    • (b) has been obtained as a result of an industry-wide or sectoral survey conducted by the Superintendent in relation to an issue or circumstances that could have an impact on the business in Canada of authorized foreign banks.

  • Marginal note:Prior consultation required

    (2) The Minister shall consult with the Superintendent before making any determination under subsection (1).

  • 1999, c. 28, s. 35.
Marginal note:Disclosure by an authorized foreign bank
  •  (1) An authorized foreign bank shall make available to the public any information concerning

    • (a) the compensation of its executives, as that expression is defined by the regulations, and

    • (b) its business and affairs for the purposes of the analysis of its business in Canada,

    in the form and manner and at the times that may be required by or under regulations that the Governor in Council may make for the purpose.

  • Marginal note:Exemption by regulation

    (2) Paragraph (1)(a) does not apply to an authorized foreign bank that is within any class or classes of authorized foreign banks that may be prescribed.

  • 1999, c. 28, s. 35.
Marginal note:Exceptions to disclosure

 Subject to any regulations made under section 576, information obtained by an authorized foreign bank regarding any of its customers shall not be disclosed or made available under subsection 609(1) or section 610.

  • 1999, c. 28, s. 35.
Marginal note:Report respecting disclosure

 The Superintendent shall prepare a report respecting the disclosure of information by authorized foreign banks and describing the state of progress made in enhancing the disclosure of information in the financial services industry. The report is to be included in the report referred to in section 40 of the Office of the Superintendent of Financial Institutions Act.

  • 1999, c. 28, s. 35;
  • 2001, c. 9, s. 165.

Inspection of Authorized Foreign Banks

Marginal note:Examination of authorized foreign banks
  •  (1) The Superintendent, from time to time, but, in the case of an authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2), at least once in each calendar year, shall make or cause to be made any examination and inquiry into the business and affairs of each authorized foreign bank that the Superintendent considers to be necessary or expedient to determine whether the authorized foreign bank is complying with the provisions of this Act and, after the conclusion of each examination and inquiry, shall report on it to the Minister.

  • Marginal note:Access to records of authorized foreign bank

    (2) The Superintendent or a person acting under the Superintendent’s direction

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

    • (b) may require the directors, officers and the auditor of an authorized foreign bank to provide information and explanations, to the extent that they are reasonably able to do so, in respect of the condition and affairs of the authorized foreign bank or any entity in which it has a substantial investment under Part XII.

  • 1999, c. 28, s. 35;
  • 2001, c. 9, s. 166;
  • 2012, c. 5, s. 74.