Marginal note:Information requests

• 41. (1) If the Minister requires information in order to determine whether a payment system should be designated under subsection 37(1), the Minister may request that the manager of the payment system or a participant provide the Minister with any information and documents regarding the system that the Minister may require.

• Marginal note:Ongoing information requests

  (2) Every manager of a designated payment system or, if there is none, the participants shall, in respect of the designated payment system, provide the Minister with such information and documents as the Minister may from time to time request.

• Marginal note:Compliance with request required

  (3) Every person to whom a request is directed shall comply with the request.

Marginal note:Responsibility if foreign system manager

• 42. (1) If a designated payment system does not have a Canadian manager, the Canadian participants

  • (a) shall comply with the obligations imposed under this Part on a manager of a designated payment system, and

  • (b) have all the rights conferred by this Part on a manager of a designated payment system

  in the same manner and to the same extent as if the Canadian participants were the manager of the designated payment system on which those obligations and rights are imposed or conferred and, for that purpose, any action that the Minister may take in respect of the manager of the designated payment system may only be taken in respect of its Canadian participants.

• Marginal note:Failure to comply of system manager

  (2) If a manager of a designated payment system fails to comply with the obligations imposed on it under this Part in respect of the designated payment system or otherwise contravenes this Part, the participants jointly and severally shall comply with those obligations or are liable for the contravention in the same manner and to the same extent as the manager.

• Marginal note:Interpretation

  (3) In subsection (1), a manager of a designated payment system or a participant is "Canadian" if the manager or participant is incorporated or formed under the laws of Canada or a province.

Marginal note:Information is confidential

• 43. (1) Information and documents obtained under this Act are confidential and shall be treated accordingly.

• Marginal note:Disclosure permitted

  (2) Nothing in subsection (1) prevents the Minister from disclosing any information or documents to

  • (a) any government agency or regulatory body charged with the regulation of financial institutions, as defined in section 2 of the Bank Act, for purposes related to that regulation,

  • (b) the Bank of Canada or any officer of the Bank authorized in writing by the Governor of the Bank, and

  • (c) the Chairperson of the Canada Deposit Insurance Corporation or any officer of that Corporation authorized in writing by the Chairperson,

  if the Minister is satisfied that the information or documents will be treated as confidential by the agency, body or person to whom they are disclosed.