Office of the Superintendent of Financial Institutions Act (R.S.C., 1985, c. 18 (3rd Supp.))

Act current to 2014-04-02 and last amended on 2013-12-12. Previous Versions

COMMITTEE

Marginal note:Committee established
  •  (1) There is hereby established a committee consisting of

    • (a) the Superintendent;

    • (a.1) the Commissioner of the Financial Consumer Agency of Canada;

    • (b) the Governor of the Bank of Canada;

    • (c) the Chairperson of the Canada Deposit Insurance Corporation; and

    • (d) the Deputy Minister of Finance.

  • Marginal note:Chairman

    (2) The Superintendent is the chairman of the committee.

  • Marginal note:Purpose of committee

    (3) The purpose of the committee is to facilitate consultations and the exchange of information among its members on all matters relating directly to the supervision of financial institutions, bank holding companies or insurance holding companies.

  • Marginal note:Access to information

    (4) Every member of the committee is entitled to any information on matters relating directly to the supervision of financial institutions, bank holding companies or insurance holding companies that is in the possession or under the control of any other member and any member requested by another member to provide any such information shall forthwith provide it.

  • Marginal note:Designated person permitted

    (5) Information requested from one member of the committee by another member may be provided to any person designated by the member making the request.

  • R.S., 1985, c. 18 (3rd Supp.), s. 18;
  • 1996, c. 6, s. 108(E);
  • 2001, c. 9, s. 469.

CONFLICT OF INTEREST

Marginal note:Ownership
  •  (1) No member of the committee referred to in section 18, person appointed under subsection 5(5) or Deputy Superintendent shall beneficially own, directly or indirectly, any shares of any financial institution, bank holding company, insurance holding company or of any other body corporate, however created, carrying on any business in Canada that is substantially similar to any business carried on by any financial institution.

  • Marginal note:Prohibitions — federal credit union

    (2) No member of the committee referred to in section 18, person appointed under subsection 5(5) or Deputy Superintendent shall

    • (a) directly or indirectly hold any interest or right in membership shares of a federal credit union, within the meaning of section 2 of the Bank Act, in excess of the minimum number of membership shares of the federal credit union that is required for membership; or

    • (b) exercise any right he or she has as a member of such a federal credit union, except any right that he or she has as a customer of the federal credit union.

  • R.S., 1985, c. 18 (3rd Supp.), s. 19;
  • 2001, c. 9, s. 470;
  • 2010, c. 12, s. 2122.