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

R.S., c. 18 (3rd Supp.), Part IOffice of the Superintendent of Financial Institutions Act

Marginal note:1991, c. 45, s. 557

• 466. (1) Paragraph (c) of the definition “financial institution” in section 3 of the Office of the Superintendent of Financial Institutions Act is replaced by the following:

  • (c) an association to which the Cooperative Credit Associations Act applies or a central cooperative credit society for which an order has been made under subsection 473(1) of that Act,

• (2) Section 3 of the Act is amended by adding the following in alphabetical order:

  “bank holding company”

  « société de portefeuille bancaire »

  “bank holding company” means a bank holding company as defined in section 2 of the Bank Act;

  “insurance holding company”

  « société de portefeuille d’assurances »

  “insurance holding company” means an insurance holding company as defined in subsection 2(1) of the Insurance Companies Act;

Marginal note:1997, c. 15, s. 334

467. Subsection 6(1) of the Act is replaced by the following:

Marginal note:1997, c. 15, s. 336

468. Section 10 of the Act and the heading before it are replaced by the following:

• 469. (1) Subsection 18(1) of the Act is amended by adding the following after paragraph (a):

  • (a.1) the Commissioner of the Financial Consumer Agency of Canada;

• (2) Subsection 18(3) of the Act is replaced by the following:

  • Marginal note:Purpose of committee

    (3) The purpose of the committee is to facilitate consultations and the exchange of information among its members on all matters relating directly to the supervision of financial institutions, bank holding companies or insurance holding companies.

• (3) Subsection 18(4) of the English version of the Act is replaced by the following:

  • Marginal note:Access to information

    (4) Every member of the committee is entitled to any information on matters relating directly to the supervision of financial institutions, bank holding companies or insurance holding companies that is in the possession or under the control of any other member and any member requested by another member to provide any such information shall forthwith provide it.

470. Section 19 of the Act is replaced by the following:

• 471. (1) Subsection 21(1) of the Act is replaced by the following:

  Marginal note:No grant or gratuity to be made

  • 21. (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.

• (2) The portion of subsection 21(2) of the Act before paragraph (b) is replaced by the following:

  • 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

Marginal note:1991, c. 46, s. 601; 1996, c. 6, s. 109(1)

• 472. (1) Subsection 22(1) of the Act is replaced by the following:

  Marginal note:Information is confidential

  • 22. (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:1999, c. 28, s. 129

  (2) Subsection 22(2.1) of the Act is replaced by the following:

  • 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:1996, c. 6, s. 109(3)

  (3) Subsection 22(6) of the Act is replaced by the following:

  • 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.

• 473. (1) If this section comes into force before section 23 of the Act, as enacted by section 339 of An Act to amend certain laws relating to financial institutions, being chapter 15 of the Statutes of Canada, 1997, comes into force,

  • (a) subsection 23(1) of the Act is amended by striking out the word “and” at the end of paragraph (d) and by adding the following after paragraph (f):

    • (g) the average total assets during the immediately preceding calendar year of each bank holding company; and

    • (h) the average total assets during the immediately preceding calendar year of each insurance holding company.

  • (b) subsection 23(2) of the English version of the Act is replaced by the following:

    • Marginal note:Amounts conclusive

      (2) Any amounts ascertained by the Superintendent under subsection (1) are final and conclusive for the purposes of this section.

  • (c) subsections 23(3) to (5) of the Act are replaced by the following:

    • Marginal note:Assessment

      (3) As soon as possible after ascertaining the amounts referred to in subsection (1), the Superintendent shall, subject to this section, assess the amount ascertained under paragraph (1)(a) against each financial institution, bank holding company and insurance holding company referred to in subsection (1) to any extent and in any manner that the Governor in Council may, by regulation, prescribe.

    • Marginal note:Interim assessment

      (4) The Superintendent may, during each fiscal year, make an interim assessment against any financial institution, bank holding company or insurance holding company referred to in subsection (1).

    • Marginal note:Assessment is binding

      (5) Every assessment and interim assessment made under this section is final and conclusive and binding on the financial institution, bank holding company or insurance holding company against which it was made.

• (2) If section 23 of the Act, as enacted by section 339 of An Act to amend certain laws relating to financial institutions, being chapter 15 of the Statutes of Canada, 1997, comes into force before this section comes into force, subsections 23(3) and (4) of the Act are replaced by the following:

  • Marginal note:Assessment

    (3) As soon as possible after ascertaining the amount referred to in subsection (1), the Superintendent shall assess the amount against each financial institution, bank holding company and insurance holding company to any extent and in any manner that the Governor in Council may, by regulation, prescribe.

  • Marginal note:Interim assessment

    (4) The Superintendent may, during each fiscal year, prepare an interim assessment against any financial institution, bank holding company or insurance holding company.