Jobs, Growth and Long-term Prosperity Act (S.C. 2012, c. 19)
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Assented to 2012-06-29
2011, c. 15Supporting Vulnerable Seniors and Strengthening Canada’s Economy Act
357. Section 23 of the Supporting Vulnerable Seniors and Strengthening Canada’s Economy Act is amended by replacing the subsection 8.1(1) that it enacts with the following:
Marginal note:Regulations — Minister of Finance
8.1 (1) The Minister of Finance may, after consulting the Governor of the Bank of Canada and the Superintendent, make regulations respecting classes of housing loans and the criteria to be met by loans in each of those classes in order for the Corporation to be able to provide insurance against risks relating to those loans.
358. Section 24 of the Act is amended by replacing the section 21.1 that it enacts with the following:
Marginal note:Obligation to retain information, books and records
21.1 (1) The Corporation shall keep and retain books and records, and retain information, in respect of its activities under this Part and Part I.1, including any books, records or information that are prescribed by regulation.
Marginal note:Obligation to provide information or copies
(2) At the request of the Minister of Finance, the Corporation shall, without delay, provide that Minister with any information or copies of any books or records that it is required to retain.
Marginal note:Power to disclose
(3) The Minister of Finance may disclose to the Superintendent, the Governor of the Bank of Canada, the Chairperson of the Canada Deposit Insurance Corporation and the Commissioner of the Financial Consumer Agency of Canada any information or copies of any books or records received under subsection (2).
Marginal note:Public information
(4) The Corporation shall make available to the public the books, records and information that are prescribed by regulation.
Marginal note:Regulations
(5) The Governor in Council may, on the Minister of Finance’s recommendation, make regulations respecting the manner in which books and records are to be kept and retained, the manner in which information is to be retained and the manner in which books, records and information are to be made available to the public.
Marginal note:Examination or inquiry
21.2 (1) The Superintendent, from time to time but at least once in each calendar year, shall make or cause to be made any examination or inquiry that the Superintendent considers to be necessary or expedient to determine whether the Corporation is carrying on any or all of its activities under this Part and Part I.1 in a safe and sound manner, including whether it is carrying on those activities with due regard to its exposure to loss.
Marginal note:Access to records
(2) For the purposes of the examination or inquiry, the Superintendent or a person acting under his or her direction
(a) has a right of access to any books or records that are held by or on behalf of the Corporation in respect of its activities; and
(b) may require the Corporation’s directors, officers and auditors to provide information and explanations to the Superintendent, to the extent that they are reasonably able to do so, in respect of the Corporation’s activities.
Marginal note:Report to Corporation and Ministers
(3) The Superintendent shall report the results of the examination or inquiry, including any recommendations, to
(a) the Corporation’s board of directors; and
(b) the Minister and the Minister of Finance.
Marginal note:Proposal in corporate plan
(4) The Corporation’s corporate plan that is required under section 122 of the Financial Administration Act must contain a proposal indicating how the Corporation will address the recommendations.
Marginal note:Obligation to provide information or copies
(5) At the request of the Superintendent, the Corporation shall, without delay, provide him or her with any information or copies of any books or records that it is required to retain in respect of its activities under this Part and Part I.1.
Marginal note:Confidentiality
(6) Subject to any other provision of this Act, all information in respect of the Corporation’s activities under this Part and Part I.1, including regarding a person dealing with the Corporation, that is obtained by the Superintendent or a person acting under his or her direction is confidential and shall be treated accordingly.
Marginal note:Power to disclose
(7) The Superintendent may disclose any information or copies of any books or records that are received under this Part or Part I.1 to
(a) the Minister and the Minister of Finance;
(b) the Governor of the Bank of Canada;
(c) the Chairperson of the Canada Deposit Insurance Corporation; and
(d) the Commissioner of the Financial Consumer Agency of Canada.
Marginal note:Superintendent to ascertain expenses
21.3 (1) The Superintendent shall, before December 31 in each year, ascertain the total amount of expenses incurred during the preceding fiscal year in connection with the administration of section 21.2.
Marginal note:Obligation to pay
(2) The Corporation shall pay the amount within 30 days after the day on which the Superintendent notifies it in writing of the amount.
Marginal note:Fiscal year
(3) For the purpose of subsection (1), the fiscal year is the period beginning on April 1 in one year and ending on March 31 in the next year.
Marginal note:Regulations
21.4 The Governor in Council may, on the Minister of Finance’s recommendation, make regulations respecting the Corporation’s activities under this Part, including regulations
(a) respecting the conditions and limitations to which those activities are subject;
(b) respecting the terms and conditions on which and manner in which the Corporation may exercise its powers under this Part; and
(c) prescribing anything that is to be prescribed by this Part.
Marginal note:Coming into force
359. Despite section 26 of the Supporting Vulnerable Seniors and Strengthening Canada’s Economy Act, sections 22 to 24 of that Act come into force on the day on which this Act receives royal assent.
R.S., c. C-7Canada Mortgage and Housing Corporation Act
Marginal note:1999, c. 27, s. 25(1); 2006, c. 9, par. 233(a)(E)
360. Subsection 6(1) of the Canada Mortgage and Housing Corporation Act is replaced by the following:
Marginal note:Board of Directors
6. (1) The Board of Directors shall consist of
(a) the Chairperson;
(b) the President;
(c) the Minister’s Deputy Minister;
(d) the Deputy Minister of Finance; and
(e) eight other directors.
Marginal note:Exception
(1.1) Subsections (4) to (6) do not apply to the directors referred to in paragraphs (1)(c) and (d).
Marginal note:Alternate director
(1.2) A director referred to in paragraph (1)(c) or (d) may designate an alternate to attend in the director’s absence at any meeting of the Board of Directors.
1991, c. 45Trust and Loan Companies Act
361. The Trust and Loan Companies Act is amended by adding the following after section 415:
Marginal note:Prohibition
415.1 (1) It is prohibited for a company to issue a debt obligation in relation to which the amounts of principal and interest owing are guaranteed to be paid from loans or other assets held by an entity that is created and organized for the principal purpose of holding those loans or other assets and with the intention of legally isolating those loans or other assets from the company, unless
(a) the debt obligation is a covered bond as defined in section 21.5 of the National Housing Act;
(b) the company is a registered issuer as defined in section 21.5 of that Act other than one whose right to issue covered bonds has been suspended; and
(c) the debt obligation is issued under a registered program as defined in section 21.5 of that Act.
Marginal note:Exception
(2) The Governor in Council may make regulations exempting any type of debt obligation from the application of subsection (1).
1991, c. 46Bank Act
362. The Bank Act is amended by adding the following after section 415:
Marginal note:Prohibition
415.1 (1) It is prohibited for a bank to issue a debt obligation in relation to which the amounts of principal and interest owing are guaranteed to be paid from loans or other assets held by an entity that is created and organized for the principal purpose of holding those loans or other assets and with the intention of legally isolating those loans or other assets from the bank, unless
(a) the debt obligation is a covered bond as defined in section 21.5 of the National Housing Act;
(b) the bank is a registered issuer as defined in section 21.5 of that Act other than one whose right to issue covered bonds has been suspended; and
(c) the debt obligation is issued under a registered program as defined in section 21.5 of that Act.
Marginal note:Exception
(2) The Governor in Council may make regulations exempting any type of debt obligation from the application of subsection (1).
1991, c. 47Insurance Companies Act
363. The Insurance Companies Act is amended by adding the following after section 468:
Marginal note:Prohibition
468.1 (1) It is prohibited for a company to issue a debt obligation in relation to which the amounts of principal and interest owing are guaranteed to be paid from loans or other assets held by an entity that is created and organized for the principal purpose of holding those loans or other assets and with the intention of legally isolating those loans or other assets from the company, unless
(a) the debt obligation is a covered bond as defined in section 21.5 of the National Housing Act;
(b) the company is a registered issuer as defined in section 21.5 of that Act other than one whose right to issue covered bonds has been suspended; and
(c) the debt obligation is issued under a registered program as defined in section 21.5 of that Act.
Marginal note:Exception
(2) The Governor in Council may make regulations exempting any type of debt obligation from the application of subsection (1).
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