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Financial Consumer Agency of Canada Act (S.C. 2001, c. 9)

Assented to 2001-06-14

R.S., c. C-36Companies’ Creditors Arrangement Act

575. Section 2 of the Companies’ Creditors Arrangement Act is amended by adding the following in alphabetical order:

“Superintendent of Financial Institutions”

« surintendant des institutions financières »

“Superintendent of Financial Institutions” means the Superintendent of Financial Institutions appointed under subsection 5(1) of the Office of the Superintendent of Financial Institutions Act;

Marginal note:1997, c. 12, s. 124

576. Subsection 11.1(2) of the Act is replaced by the following:

  • Marginal note:No stay, etc., in certain cases

    (2) No order may be made under this Act staying or restraining the exercise of any right to terminate, amend or claim any accelerated payment under an eligible financial contract or preventing a member of the Canadian Payments Association established by the Canadian Payments Act from ceasing to act as a clearing agent or group clearer for a company in accordance with that Act and the by-laws and rules of that Association.

577. The Act is amended by adding the following after section 11.1:

Marginal note:No stay, etc., in certain cases

11.11 No order may be made under this Act staying or restraining

R.S., c. C-34; R.S., c. 19 (2nd Supp.), s. 19Competition Act

578. The Competition Act is amended by adding the following after section 29.1:

Marginal note:Communication to Minister of Finance

  • 29.2 (1) Notwithstanding subsection 29(1), the Commissioner may, if requested to do so by the Minister of Finance in accordance with subsection (3), communicate or allow to be communicated to the Minister of Finance any information referred to in subsection (2) that is specifically requested by the Minister of Finance.

  • Marginal note:Information

    (2) The information that may be communicated under this section is

    • (a) the identity of any person from whom information was obtained under this Act;

    • (b) any information obtained in the course of an inquiry under section 10;

    • (c) any information obtained under section 11, 15, 16 or 114;

    • (d) any information obtained from a person requesting a certificate under section 102;

    • (e) whether notice has been given or information supplied in respect of a particular proposed transaction under section 114; and

    • (f) any information collected, received or generated by or on behalf of the Commissioner, including compilations and analyses.

  • Marginal note:Contents of request

    (3) Requests under this section must be in writing and must

    • (a) specify the information referred to in any of paragraphs (2)(a) to (f) that is required;

    • (b) state that the Minister of Finance requires the information

      and

    • (c) identify the merger or proposed merger.

  • Marginal note:Restriction

    (4) The information communicated under subsection (1) may be used only for the purpose of making a decision in respect of the merger or proposed merger.

  • Marginal note:Confidentiality

    (5) No person who performs or has performed duties or functions, in the administration or enforcement of the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act or the Trust and Loan Companies Act shall communicate or allow to be communicated to any other person any information communicated under subsection (1), except to other persons who perform those duties or functions.

Marginal note:1991, c. 47, s. 716(2); 1999, c. 2, par. 37(z.8)

579. Paragraph 94(b) of the Act is replaced by the following:

Marginal note:1991, c. 47, s. 717; 1999, c. 2, par. 37(z.14)

580. Paragraph 113(a.1) of the Act is replaced by the following:

  • (a.1) a transaction in respect of which the Minister of Finance has certified to the Commissioner under paragraph 94(b) that it is, or would be, in the public interest;

1998, c. 13Depository Bills and Notes Act

581. The Depository Bills and Notes Act is amended by adding the following after section 5:

Marginal note:Payment from assets of partnership, etc.

5.1 For the purposes of sections 4 and 5, an order or a promise to pay is not conditional by reason only that it is limited to payment from the assets of a partnership, unincorporated association, trust or estate.

582. The Act is amended by adding the following after section 15:

Marginal note:Payment from assets of partnership, etc.

15.1 For the purposes of sections 13, 14 and 15, a depository bill or a depository note whose order or promise to pay is limited to payment from the assets of a partnership, unincorporated association, trust or estate is not dishonoured by its acceptor, drawer or maker if that person provides funds to the clearing house to which it is payable in accordance with the order or promise to pay and section 17.

R.S., c. 32 (2nd Supp.)Pension Benefits Standards Act, 1985

583. Subsection 38(4) of the Pension Benefits Standards Act, 1985 is replaced by the following:

  • Marginal note:Limitation period

    (4) Proceedings in respect of an offence under this Act may be commenced at any time within, but not later than, two years after the day on which the subject-matter of the proceedings became known to the Superintendent.

  • Marginal note:Certificate of Superintendent

    (4.1) A document appearing to have been issued by the Superintendent, certifying the day on which the subject-matter of any proceedings became known to the Superintendent, is admissible in evidence without proof of the signature or official character of the person appearing to have signed it and is, in the absence of evidence to the contrary, proof of the matter asserted in it.

CONSEQUENTIAL AMENDMENTS

R.S., c. A-1Access to Information Act

584. Schedule I to the Access to Information Act is amended by adding the following in alphabetical order under the heading “Other Government Institutions”:

  • Financial Consumer Agency of Canada

    Agence de la consommation en matière financière du Canada

Marginal note:

585. Schedule II to the Act is amended by replacing the reference to “subsections 29(1) and 29.1(5)” opposite the reference to the Competition Act with a reference to “subsections 29(1), 29.1(5) and 29.2(5)”.

R.S., c. B-4Bills of Exchange Act

586. Section 164 of the Bills of Exchange Act is replaced by the following:

Definition of “bank”

164. In this Part, “bank” includes every member of the Canadian Payments Association established under the Canadian Payments Act and every local cooperative credit society, as defined in that Act, that is a member of a central, as defined in that Act, that is a member of the Canadian Payments Association.

1998, c. 36Canada Small Business Financing Act

587. Paragraphs (a) and (b) of the definition “lender” in section 2 of the Canada Small Business Financing Act are replaced by the following:

  • (a) a member of the Canadian Payments Association, established by subsection 3(1) of the Canadian Payments Act,

    • (i) referred to in paragraph 4(1)(b) or (c) or any of paragraphs 4(2)(a) to (c) of that Act, or

    • (ii) referred to in any of paragraphs 4(2)(d) to (h) of that Act if the member meets the prescribed conditions;

  • (b) a local cooperative credit society, within the meaning of subsection 2(1) of the Canadian Payments Act, that is a member of a central cooperative credit society, within the meaning of that subsection, if that central cooperative credit society is a member of the Canadian Payments Association; or

R.S., c. F-11Financial Administration Act

588. Schedule I.1 to the Financial Administration Act is amended by adding the following in alphabetical order in column I:

  • Financial Consumer Agency of Canada

    Agence de la consommation en matière financière du Canada

and a corresponding reference in column II to the “Minister of Finance”.

R.S., c. 28 (1st Supp.)Investment Canada Act

Marginal note:1991, c. 46, s. 600

589. Paragraph 10(1)(h) of the Investment Canada Act is replaced by the following:

  • (h) any transaction to which section 522.28 of the Bank Act applies;

R.S., c. P-21Privacy Act

590. The schedule to the Privacy Act is amended by adding the following in alphabetical order under the heading “Other Government Institutions”:

  • Financial Consumer Agency of Canada

    Agence de la consommation en matière financière du Canada

R.S., c. P-35Public Service Staff Relations Act

Marginal note:

591. Part II of Schedule I to the Public Service Staff Relations Act is amended by adding the following in alphabetical order:

  • Financial Consumer Agency of Canada

    Agence de la consommation en matière financière du Canada

R.S., c. P-36Public Service Superannuation Act

Marginal note:

592. Part I of Schedule I to the Public Service Superannuation Act is amended by adding the following in alphabetical order:

  • Financial Consumer Agency of Canada

    Agence de la consommation en matière financière du Canada

COMING INTO FORCE

Marginal note:Coming into force

593. The provisions of this Act, other than subsections 120(2), 122(2), 155(2), 157(2), 424(2) and 444(2), section 473 and subsections 545(2) and 547(2), or the provisions of any Act enacted or amended by this Act, come into force on a day or days to be fixed by order of the Governor in Council.

Marginal note:Authority to substitute actual date

594. The Governor in Council may, by regulation, amend any provision of the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act or the Trust and Loan Companies Act that contains a reference to the coming into force of any provision of any of those Acts, or a reference to the coming into force of any provision of this Act, by replacing that reference with a reference to the actual date of the coming into force of the provision.

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