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

527. Section 389 of the Act is replaced by the following:

• 528. (1) Subsection 390(1) of the Act is replaced by the following:

  Marginal note:Certifying receipt of application

  • 390. (1) If, in the opinion of the Superintendent, an application filed under this Part contains all the required information, the Superintendent shall without delay refer the application to the Minister and send a receipt to the applicant certifying the date on which the completed application was received by the Superintendent.

• (2) Subsection 390(2) of the English version of the Act is replaced by the following:

  • Marginal note:Incomplete application

    (2) If, in the opinion of the Superintendent, an application filed under this Part is incomplete, the Superintendent shall send a notice to the applicant specifying the information required by the Superintendent to complete the application.

Marginal note:1996, c. 6, s. 119

• 529. (1) Subsection 401(1) of the Act is replaced by the following:

  Marginal note:Disposition of shareholdings

  • 401. (1) If, with respect to any company, a person contravenes section 375 or 375.1 or fails to comply with an undertaking referred to in subsection 384(2) or with any terms and conditions imposed under section 389, the Minister may, if the Minister deems it in the public interest to do so, by order, direct that person and any person controlled by that person to dispose of any number of shares of the company beneficially owned by any of those persons that the Minister specifies in the order, within the time specified in the order and in the proportion, if any, as between the person and the persons controlled by that person that is specified in the order.

• (2) Subsection 401(4) of the Act is repealed.

Marginal note:1997, c. 15, ss. 375(1) to (3)

• 530. (1) The portion of subsection 410(1) of the Act before paragraph (e) is replaced by the following:

  Marginal note:Additional activities

  • 410. (1) In addition, a company may

    • (a) act as an agent for vendors, purchasers, mortgagors, mortgagees, lessors or lessees of real property and provide consulting or appraisal services in respect of real property;

    • (b) hold, manage and otherwise deal with real property;

    • (c) outside Canada, or with the prior written approval of the Minister, in Canada, engage in any of the following activities, namely,

      • (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 449(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 company 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;

    • (c.1) 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 449(1), or

      • (iii) for a prescribed purpose or in prescribed circumstances;

    • (d) in Canada, engage in such activities referred to in paragraph (c) that the company was engaged in prior to June 1, 1992;

    • (d.1) engage, under prescribed terms and conditions, if any are prescribed, in specialized business management or advisory services;

• (2) Subsection 410(3) of the Act is amended by striking out the word “and” at the end of paragraph (a), by adding the word “and” at the end of paragraph (b) and by adding the following after paragraph (b):

  • (c) respecting the circumstances in which companies may be exempted from the requirement to obtain the approval of the Minister before carrying on a particular activity referred to in paragraph (1)(c) or (c.1).

531. Paragraphs 411(a) and (b) of the Act are replaced by the following:

• 532. (1) The portion of subsection 414(1) of the Act before paragraph (a) is replaced by the following:

  Marginal note:Restriction on guarantees

  • 414. (1) A company shall not guarantee on behalf of any person the payment or repayment of any sum of money unless

• Marginal note:1997, c. 15, s. 376

  (2) Subsection 414(2) of the French version of the Act is replaced by the following:

  • Marginal note:Exception

    (2) Dans les cas où la personne visée au paragraphe (1) est une filiale de la société garante, celle-ci peut garantir une somme qui n’est pas fixe.