Marginal note:Appointment of Superintendent

• 5. (1) The Governor in Council shall appoint an officer called the Superintendent of Financial Institutions to be the deputy head of the Office.

• Marginal note:Tenure of office and removal

  (2) The Superintendent holds office during good behaviour for a term of seven years, but may be removed for cause by the Governor in Council.

• Marginal note:Tabling reasons

  (3) Where the Superintendent is removed from office, the order in council providing for the removal and the documents relating thereto shall be laid before each House of Parliament not later than the fifteenth sitting day of that House following the day that the order is issued.

• Marginal note:Further terms

  (4) The Superintendent, on the expiration of any term of office, is eligible to be re-appointed for a further term of office.

• Marginal note:Absence or incapacity

  (5) In the event of the absence or incapacity of the Superintendent, or if the office of Superintendent is vacant, the Governor in Council may appoint a qualified person to hold office instead of the Superintendent for a term not exceeding six months, and that person shall, while holding that office, have all of the powers, duties and functions of the Superintendent under this Part or any other Act of Parliament.

• Marginal note:Further terms

  (6) A person appointed pursuant to subsection (5), on the expiration of any term of office, is eligible to be re-appointed for a further term of office.

Marginal note:Duties, powers and functions of the Superintendent

• 6. (1) The Superintendent has the powers, duties and functions assigned to the Superintendent by the Acts referred to in the schedule to this Part and shall examine into and report to the Minister from time to time on all matters connected with the administration of the provisions of those Acts except those that are consumer provisions as defined in section 2 of the Financial Consumer Agency of Canada Act.

• Marginal note:Securities activities

  (2) Where, pursuant to the Act that applies to it, a financial institution or any of its officers or employees engages in

  • (a) underwriting securities,

  • (b) trading in securities, or

  • (c) providing advisory or management services in respect of securities,

  the Superintendent shall examine and inquire into the carrying out of those activities, and report to the Minister from time to time on all matters connected therewith.

• Marginal note:Superintendent to administer regulations

  (3) The Superintendent is responsible for the administration of such regulations as the Governor in Council may make respecting the carrying out of the activities referred to in subsection (2) by financial institutions and their officers and employees, and every financial institution and every officer and employee thereof that carries out any such activity shall do so subject to those regulations.

• Marginal note:Regulation may provide for discretion

  (4) A regulation made pursuant to subsection (3) may provide that the Superintendent may, by order, determine such matters or exercise such discretion as the regulation may specify in relation to the carrying out of the activities referred to in subsection (2) by a financial institution or any of its officers and employees.

• Marginal note:Interpretation

  (5) For the purposes of subsection (2), the Act that applies to a financial institution is the Act set out in respect thereof in the definition “financial institution” in section 3.