Bank Act

Marginal note:Public accountability statements

• 459.3 (1) A bank with equity of one billion dollars or more shall, in accordance with regulations made under subsection (4), annually publish a statement describing the contribution of the bank and its prescribed affiliates to the Canadian economy and society.

• Marginal note:Filing

  (2) A bank shall, in the manner and at the time prescribed, file a copy of the statement with the Commissioner.

• Marginal note:Provision of statement to public

  (3) A bank shall, in the manner and at the time prescribed, disclose the statement to its customers and to the public.

• Marginal note:Regulations

  (4) The Governor in Council may make regulations prescribing

  • (a) the name, contents and form of the statement referred to in subsection (1) and the time within which it must be prepared;

  • (b) affiliates of a bank referred to in subsection (1);

  • (c) the manner and time in which a statement must be filed under subsection (2); and

  • (d) the manner and time in which a statement mentioned in subsection (3) is to be disclosed, respectively, to a bank’s customers and to the public.