Financial Consumer Agency of Canada Act (S.C. 2001, c. 9)
Full Document:
Assented to 2001-06-14
302. Section 362 of the Act is renumbered as subsection 362(1) and is amended by adding the following:
Marginal note:Reasonable opportunity to make representations
(2) If after receipt of the notice referred to in paragraph 361(2)(b) the applicant advises the Minister that the applicant wishes to make representations, the Minister must provide the applicant with a reasonable opportunity within a period of forty-five days after the date of the notice, or within any further period that may be agreed on by the applicant and the Minister, to make representations in respect of the matter.
303. Sections 363 and 364 of the Act are replaced by the following:
Marginal note:Notice of decision
363. (1) Within a period of thirty days after the expiration of the period for making representations referred to in subsection 362(1), the Minister shall, in the light of any such representations and having regard to the matters to be taken into account, send a notice to the applicant indicating whether or not the Minister approves the transaction to which the application relates.
Marginal note:Notice of decision
(2) Within a period of forty-five days after the expiration of the period for making representations referred to in subsection 362(2), the Minister shall, in the light of any such representations and having regard to the matters to be taken into account, send a notice to the applicant indicating whether or not the Minister approves the transaction to which the application relates.
Marginal note:Deemed approval
364. If the Minister does not send a notice under subsection 361(1) or (3) or 363(1) within the period provided for in those subsections, the Minister is deemed to have approved the transaction to which the application relates.
304. The portion of subsection 368(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Disposition of shareholdings
368. (1) If, with respect to any association, a person contravenes section 354 or 354.1 or fails to comply with any terms and conditions imposed under section 359, the Minister may, if the Minister deems it in the public interest to do so, by order,
305. The Act is amended by adding the following immediately before section 375:
General Business
Marginal note:1997, c. 15, s. 137
306. (1) The portion of subsection 375(1) of the Act before subparagraph (a)(i) is replaced by the following:
Marginal note:Main business
375. (1) Subject to this Act, an association shall not engage in or carry on any business other than such business as generally appertains to the business of
(a) providing financial services to one or more of the following:
Marginal note:1997, c. 15, s. 137
(2) Subparagraphs 375(1)(a)(iii) to (v) of the Act are replaced by the following:
(ii.1) another association,
(iii) a cooperative credit society,
(iv) a cooperative corporation, or
(v) an entity controlled by an entity or group of entities described by any of subparagraphs (i) to (iv); and
(3) Subsection 375(3) of the Act is replaced by the following:
Marginal note:Restriction
(3) Subject to any order that may be made by the Superintendent under section 61 or 62, an association shall not receive money on deposit from a local cooperative credit society, or a cooperative corporation, that is not a member of the association.
Marginal note:1997, c. 15, s. 138
307. Section 376 of the Act is replaced by the following:
Marginal note:Additional businesses
375.1 (1) In addition to engaging in or carrying on any business that an association is permitted to engage in or carry on under subsection 375(1), an association may, with the approval of the Minister and subject to any order of the Superintendent that may be made under section 61 or 62,
(a) provide financial services to persons or entities that are not persons or entities referred to in any of subparagraphs 375(1)(a)(i) to (v); or
(b) provide clearing, settlement and payment services to members of the Canadian Payments Association and engage in or carry on ancillary services related to those clearing, settlement and payment services.
Marginal note:Terms and conditions
(2) The Minister may impose any terms and conditions in respect of the provision of financial services provided by a retail association as the Minister considers necessary or appropriate. The Minister may also vary or revoke any of those terms and conditions.
Marginal note:Regulations
(3) The Governor in Council may make regulations
(a) respecting what an association may or may not do with respect to the provision of services and products referred to in paragraphs (1)(a) and (b); and
(b) imposing terms and conditions in respect of the provision of services and products referred to in paragraphs (1)(a) and (b).
Marginal note:Additional activities
376. (1) In addition, an association may
(a) hold, manage and otherwise deal with real property;
(b) act as a custodian of property on behalf of any entity referred to in paragraph 375(1)(a) or, if the association is a retail association, on behalf of any person to whom the association may provide financial services;
(c) receive money on deposit, on such terms as to interest and time and mode of repayment as may be agreed on, from
(i) the government of Canada, a province or a municipality in Canada, or any agency thereof, and
(ii) a deposit protection agency;
(d) make loans to and investments in entities that are not members of the association;
(e) make loans to officers and employees of the association;
(f) provide management, investment, administrative, advisory, educational, promotional, technical, research and consultative services to the entities described in paragraph 375(1)(a);
(g) outside Canada, or with the prior written approval of the Minister, in Canada, provide the following services to entities described in paragraph 375(1)(a) or, if the association is a retail association, to any person:
(i) collecting, manipulating and transmitting
(A) information that is primarily financial or economic in nature,
(B) information that relates to the business of a permitted entity, as defined in subsection 386(1), or
(C) any other information that the Minister may, by order, specify,
(ii) providing advisory or other services in the design, development or implementation of information management systems,
(iii) designing, developing or marketing computer software, and
(iv) designing, developing, manufacturing or selling, as an ancillary activity to any activity referred to in any of subparagraphs (i) to (iii) that the association is engaging in, computer equipment integral to the provision of information services related to the business of financial institutions or to the provision of financial services;
(h) with the prior written approval of the Minister, develop, design, hold, manage, manufacture, sell or otherwise deal with data transmission systems, information sites, communication devices or information platforms or portals that are used
(i) to provide information that is primarily financial or economic in nature,
(ii) to provide information that relates to the business of a permitted entity, as defined in subsection 386(1), or
(iii) for a prescribed purpose or in prescribed circumstances; and
(i) if it is a retail association,
(i) act as a financial agent,
(ii) provide investment counselling services and portfolio management services,
(iii) issue payment, credit or charge cards and, in cooperation with others including other financial institutions, operate a payment, credit or charge card plan,
(iv) promote merchandise and services to the holders of any payment, credit or charge card issued by the association,
(v) engage in the sale of
(A) tickets, including lottery tickets, on a non-profit public service basis in connection with special, temporary and infrequent non-commercial celebrations or projects that are of local, municipal, provincial or national interest,
(B) urban transit tickets, and
(C) tickets in respect of a lottery sponsored by the federal government or a provincial or municipal government or an agency of any such government or governments, and
(vi) act as receiver, liquidator or sequestrator.
Marginal note:Specialized business management or advisory services
(2) A retail association may engage, under prescribed terms and conditions, if any are prescribed, in specialized business management or advisory services.
Marginal note:Restriction
(3) Except as authorized by or under this Act, an association shall not deal in goods or engage in any trade or business.
Marginal note:Regulations
(4) The Governor in Council may make regulations
(a) respecting what an association may or may not do with respect to the provision of services and products referred to in paragraphs (1)(g) and (h) and subsection (2);
(b) imposing terms and conditions in respect of the provision of investment counselling and portfolio management services and the provision of services and products referred to in paragraphs (1)(g) and (h) and subsection (2); and
(c) respecting the circumstances in which associations may be exempted from the requirement to obtain the approval of the Minister before carrying on a particular activity referred to in paragraph (1)(g) or (h).
308. Paragraphs 377(a) and (b) of the Act are replaced by the following:
(a) act as agent for any entity referred to in paragraph 375(1)(a), any member of a cooperative credit society or, if the association is a retail association, any other person in respect of the provision of any service that is provided by a financial institution, a permitted entity as defined in subsection 386(1) or a prescribed entity and may enter into an arrangement with any person in respect of the provision of that service; or
(b) refer any person to any such financial institution or entity.
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