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

 [Repealed, 2013, c. 40, s. 159]

Marginal note:No grant or gratuity to be made
  •  (1) The Superintendent, a person appointed under subsection 5(5), a Deputy Superintendent or a person appointed under section 11 shall not accept or receive, directly or indirectly, any grant or gratuity from a financial institution, bank holding company or insurance holding company, or from a director, officer or employee of any of them, and no such financial institution, bank holding company, insurance holding company, director, officer or employee shall make or give any such grant or gratuity.

  • Marginal note:Offence and punishment

    (2) Every person, financial institution, bank holding company or insurance holding company that contravenes subsection (1) is guilty of an offence and liable

    • (a) on summary conviction, to a fine not exceeding two thousand dollars or to imprisonment for a term not exceeding six months or to both; or

    • (b) on conviction on indictment, to a fine not exceeding ten thousand dollars or to imprisonment for a term not exceeding five years or to both.

  • R.S., 1985, c. 18 (3rd Supp.), s. 21;
  • 2001, c. 9, s. 471.

CONFIDENTIALITY

Marginal note:Information is confidential
  •  (1) Subject to subsection (3), the following information, and any information prepared from it, is confidential and shall be treated accordingly:

    • (a) information regarding the business or affairs of a financial institution, foreign bank, bank holding company or insurance holding company or regarding persons dealing with any of them that is obtained by the Superintendent, or by any person acting under the direction of the Superintendent, as a result of the administration or enforcement of any Act of Parliament;

    • (b) information received by any member of the committee established by subsection 18(1), or by any person referred to in subsection 18(5) designated by any member of that committee, in the course of an exchange of information permitted by subsection 18(3); and

    • (c) information furnished to the Superintendent pursuant to section 522.27 of the Bank Act.

  • Marginal note:Disclosure by Superintendent

    (1.1) Despite subsection (1), subsections 606(1) and 636(1) of the Bank Act, subsection 435(1) of the Cooperative Credit Associations Act, subsection 672(1) of the Insurance Companies Act and subsection 503(1) of the Trust and Loan Companies Act, the Superintendent may disclose to the Financial Transactions and Reports Analysis Centre of Canada established by section 41 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act information relating to policies and procedures that financial institutions adopt to ensure their compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

  • Marginal note:Disclosure permitted

    (2) Nothing in subsection (1) prevents the Superintendent from disclosing any information

    • (a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision,

    • (a.01) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision,

    • (a.1) to the Canada Deposit Insurance Corporation or any compensation association designated by order of the Minister pursuant to subsection 449(1) or 591(1) of the Insurance Companies Act, for purposes related to its operation, and

    • (b) to the Deputy Minister of Finance or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance or to the Governor of the Bank of Canada or any officer of the Bank of Canada authorized in writing by the Governor of the Bank of Canada, for the purposes of policy analysis related to the regulation of financial institutions,

    if the Superintendent is satisfied that the information will be treated as confidential by the agency, body or person to whom it is disclosed.

  • Marginal note:Regulations

    (2.1) The Governor in Council may make regulations prohibiting, limiting or restricting the disclosure by financial institutions, bank holding companies or insurance holding companies of prescribed supervisory information.

  • Marginal note:Disclosure

    (3) The Superintendent shall disclose, at such times and in such manner as the Minister may determine, such information obtained by the Superintendent under the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act and the Trust and Loan Companies Act as the Minister considers ought to be disclosed for the purposes of the analysis of the financial condition of a financial institution and that

    • (a) is contained in returns filed pursuant to the Superintendent’s financial regulatory reporting requirements; 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 financial condition of financial institutions.

  • Marginal note:Prior consultation required

    (4) The Minister shall consult with the Superintendent before making any determination under subsection (3).

  • Marginal note:Exceptions to disclosure

    (5) Subject to any regulations made under a statute referred to in subsection (3) governing the use by a financial institution of any information supplied to it by its customers, no information obtained by a financial institution regarding any of its customers shall be disclosed or made available under subsection (3).

  • Marginal note:Report respecting disclosure

    (6) The Superintendent shall prepare a report, to be included in the report referred to in section 40, respecting the disclosure of information by financial institutions, and describing the state of progress made in enhancing the disclosure of information in the financial services industry.

  • R.S., 1985, c. 18 (3rd Supp.), s. 22;
  • 1991, c. 46, s. 601;
  • 1994, c. 26, s. 49(F);
  • 1996, c. 6, s. 109;
  • 1997, c. 15, s. 338;
  • 1999, c. 28, s. 129;
  • 2001, c. 9, s. 472;
  • 2004, c. 15, s. 97.