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  1. Office of the Superintendent of Financial Institutions Act - R.S.C., 1985, c. 18 (3rd Supp.), Part I (Section 13)
    Marginal note:Responsibility for human resources management

     In respect of persons appointed under section 11, the Superintendent is authorized to exercise the powers and perform the functions of the Treasury Board that relate to human resources management within the meaning of paragraphs 7(1)(b) and (e) and section 11.1 of the Financial Administration Act, and those of deputy heads under subsection 12(2) of that Act, as that subsection reads without regard to any terms and conditions that the Governor in Council may direct, including the determination of terms and conditions of employment and the responsibility for employer and employee relations.

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

    Determination of Responsibility and Penalty


  3. Office of the Superintendent of Financial Institutions Act - R.S.C., 1985, c. 18 (3rd Supp.), Part I (Section 4)
    Marginal note:Office established
    •  (1) There is hereby established an office of the Government of Canada called the Office of the Superintendent of Financial Institutions over which the Minister shall preside and for which the Minister shall be responsible.

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    • Marginal note:Factors affecting financial institutions

      (4) Notwithstanding that the regulation and supervision of financial institutions by the Office and the Superintendent can reduce the risk that financial institutions will fail, regulation and supervision must be carried out having regard to the fact that boards of directors are responsible for the management of financial institutions, financial institutions carry on business in a competitive environment that necessitates the management of risk and financial institutions can experience financial difficulties that can lead to their failure.

    • Marginal note:Factors affecting pension plans

      (5) Notwithstanding that the regulation and supervision of pension plans by the Office and the Superintendent can reduce the risk that pension plans will fail to pay the expected benefits, regulation and supervision must be carried out having regard to the fact that administrators of pension plans are responsible for the management of the pension plans and that pension plans can experience financial and funding difficulties that can result in the reduction of those benefits.

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  4. Office of the Superintendent of Financial Institutions Act - R.S.C., 1985, c. 18 (3rd Supp.), Part I (Section 6)
    Marginal note:Duties, powers and functions of the Superintendent
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    • 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.

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