Jobs and Growth Act, 2012 (S.C. 2012, c. 31)
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Assented to 2012-12-14
Marginal note:2001, c. 29, par. 72(g)
157. Subparagraph 20(1)(g)(i) of the Act is replaced by the following:
(i) the applicant has not paid a fee for services related to the document, or
158. Subsection 32(5) of the Act is replaced by the following:
Marginal note:Variations of externally produced material
(4.1) A regulation made under this Act on the recommendation of the Minister of Transport or on the joint recommendation of that Minister and the Minister of Natural Resources may incorporate by reference material produced by the Minister of Transport that varies material incorporated by reference under subsection (1).
Marginal note:Scope of incorporation
(5) Material referred to in subsections (1) to (4) may be incorporated by reference as amended from time to time or as it exists on a particular date. Material referred to in subsection (4.1) that is to be incorporated by reference must be incorporated as it exists on a particular date.
159. Subsection 35(1) of the Act is amended by striking out “and” at the end of paragraph (f) and by adding the following after paragraph (g):
(h) specifying the services for the purposes of paragraph 36.1(1)(d); and
(i) specifying the services to which section 36.1 does not apply or the circumstances in which that section does not apply.
160. (1) Subsection 36(1) of the French version of the Act is replaced by the following:
Marginal note:Créances de Sa Majesté
36. (1) Les droits imposés sous le régime des alinéas 35(1)g) ou (3)d) et les intérêts afférents constituent des créances de Sa Majesté du chef du Canada, dont le recouvrement peut être poursuivi à ce titre devant tout tribunal compétent.
(2) The portion of subsection 36(2) of the French version of the Act before paragraph (a) is replaced by the following:
Marginal note:Paiement des droits
(2) Les droits imposés sous le régime des alinéas 35(1)g) ou (3)d) et les intérêts afférents frappant un bâtiment sont à payer :
161. The Act is amended by adding the following after section 36:
Marginal note:Services provided by third parties
36.1 (1) Unless otherwise provided in the regulations, any person or organization that provides, in the exercise of powers or the performance of duties under this Act in accordance with an agreement or arrangement entered into by the Minister of Transport under paragraph 10(1)(c), any of the following services may, if that person or organization is not part of the federal public administration, set the fees to be paid to it for those services:
(a) services related to a Canadian maritime document;
(b) services related to any approvals or certifications;
(c) the conduct or witnessing of tests; and
(d) services specified in the regulations.
Marginal note:Not public money
(2) Unless otherwise provided in the regulations, the fees referred to in subsection (1) are not public money within the meaning of the Financial Administration Act and the User Fees Act does not apply in respect of them.
Marginal note:Non-application of certain regulations
(3) Unless otherwise provided in the regulations, the regulations made under paragraph 35(1)(g) do not apply in respect of any service referred to in any of paragraphs (1)(a) to (d) that is provided by any person or organization that is not part of the federal public administration in the exercise of powers or the performance of duties under this Act in accordance with an agreement or arrangement entered into by the Minister of Transport under paragraph 10(1)(c).
Services Provided by Classification Societies
Marginal note:Setting of fees — Canada Shipping Act, 2001
162. (1) A classification society that provides, during the period beginning on July 1, 2007 and ending on the day before the day on which this Act receives royal assent, any of the following services in the exercise of powers or the performance of duties under the Canada Shipping Act, 2001 in accordance with an agreement or arrangement entered into by the Minister of Transport under paragraph 10(1)(c) of that Act may set the fees to be paid to it for those services:
(a) services related to a Canadian maritime document;
(b) services related to any approvals or certifications; and
(c) the conduct or witnessing of tests.
Marginal note:Not public money
(2) The fees referred to in subsection (1) are not public money within the meaning of the Financial Administration Act and the User Fees Act does not apply in respect of them.
Marginal note:Non-application of certain regulations
(3) The regulations made under paragraph 35(1)(g) of the Canada Shipping Act, 2001 do not apply in respect of any service referred to in any of paragraphs (1)(a) to (c) that is provided, during the period beginning on July 1, 2007 and ending on the day before the day on which this Act receives royal assent, by a classification society in the exercise of powers or the performance of duties under that Act in accordance with an agreement or arrangement entered into by the Minister of Transport under paragraph 10(1)(c) of that Act.
Marginal note:Setting of fees — Canada Shipping Act
163. (1) A classification society that provides, during the period beginning on January 1, 1999 and ending on June 30, 2007, any of the following services in the exercise of powers or the performance of duties under the Canada Shipping Act in accordance with an agreement or arrangement entered into by the Minister of Transport under paragraph 8(1)(c) of that Act may set the fees to be paid to it for those services:
(a) services related to an inspection certificate;
(b) services related to any approvals or certifications; and
(c) the conduct or witnessing of tests.
Marginal note:Not public money
(2) The fees referred to in subsection (1) are not public money within the meaning of the Financial Administration Act and are not subject to subsection 408(2) of the Canada Shipping Act.
Marginal note:User Fees Act
(3) The User Fees Act does not apply in respect of the fees referred to in subsection (1).
Marginal note:Non-application of certain regulations
164. The regulations made under paragraph 231(1)(d), subsections 408(1) or (4) or paragraphs 657(1)(l) or (m) of the Canada Shipping Act do not apply in respect of any service referred to in any of paragraphs 163(1)(a) to (c) that is provided, during the period beginning on January 1, 1999 and ending on June 30, 2007, by a classification society in the exercise of powers or the performance of duties under that Act.
Coming into Force
Marginal note:July 1, 2007
165. (1) Sections 160 and 162 are deemed to have come into force on July 1, 2007.
Marginal note:March 31, 2004
(2) Subsection 163(3) is deemed to have come into force on March 31, 2004.
Marginal note:January 1, 1999
(3) Subsections 163(1) and (2) and section 164 are deemed to have come into force on January 1, 1999.
Division 3Preserving the Stability and Strength of Canada’s Financial Sector
R.S., c. C-3Canada Deposit Insurance Corporation Act
Marginal note:2009, c. 2, s. 245(7)
166. (1) Subsection 39.15(7.1) of the Canada Deposit Insurance Corporation Act is replaced by the following:
Marginal note:Stay — eligible financial contracts
(7.01) If an order directing the incorporation of a bridge institution is made, the actions referred to in subsection (7) are not to be taken during the period beginning on the coming into force of the order and ending on the following business day at 5:00 p.m. at the location of the Corporation’s head office, by reason only of
(a) the federal member institution’s insolvency;
(b) the making of an order appointing the Corporation as receiver in respect of the federal member institution or the making of the order directing the incorporation of the bridge institution; or
(c) the eligible financial contract being assigned to or assumed by the bridge institution.
Marginal note:Exception
(7.02) Subsection (7.01) does not apply in respect of an eligible financial contract between the federal member institution and a clearing house, as defined in section 2 of the Payment Clearing and Settlement Act, that provides clearing and settlement services for a clearing and settlement system designated under section 4 of that Act or between the federal member institution and a securities and derivatives clearing house as defined in subsection 13.1(3) of that Act.
Definition of “business day”
(7.03) For the purpose of subsection (7.01), “business day” means a day other than a Saturday, a Sunday or any other day on which the clearing and settlement systems operated by the Canadian Payments Association are closed.
Marginal note:Corporation’s undertaking — eligible financial contracts
(7.1) If an order directing the incorporation of a bridge institution is made and the Corporation undertakes to unconditionally guarantee the payment of any amount due or that may become due by the federal member institution, in accordance with the provisions of the eligible financial contract, or to ensure that all obligations of the federal member institution arising from the eligible financial contract will be assumed by the bridge institution, the actions referred to in subsection (7) are not to be taken by reason only of
(a) the federal member institution’s insolvency;
(b) the making of an order appointing the Corporation as receiver in respect of the federal member institution or the making of the order directing the incorporation of the bridge institution; or
(c) the eligible financial contract being assigned to or assumed by the bridge institution.
Marginal note:Agreements overridden
(7.11) Any stipulation in an eligible financial contract is of no force or effect if it
(a) has the effect of providing for or permitting anything that, in substance, is contrary to subsection (7.01) or (7.1); or
(b) provides, in substance, that, by reason of the occurrence of any circumstance described in any of paragraphs (7.01)(a) to (c) and (7.1)(a) to (c), the federal member institution ceases to have the rights — or, in the case of a bridge institution, does not have the rights — to use or deal with assets that the federal member institution or bridge institution would otherwise have.
Marginal note:2007, c. 29, s. 103(1)
(2) The definition “financial collateral” in subsection 39.15(9) of the Act is replaced by the following:
“financial collateral”
« garantie financière »
“financial collateral” has the same meaning as in subsection 13(2) of the Payment Clearing and Settlement Act.
Marginal note:1996, c. 6, s. 41
167. Section 39.18 of the Act is renumbered as subsection 39.18(1) and is amended by adding the following:
Marginal note:Exception
(2) Subsection (1) does not apply to subsections 39.15(7.01), (7.02), (7.11) and (7.2) and, only for the purpose of interpreting those subsections, to subsections 39.15(7), (7.03) and (9).
1996, c. 6, Sch.Payment Clearing and Settlement Act
Marginal note:2012, c. 5, s. 213(2)
168. The definitions “clearing and settlement system” and “clearing house” in section 2 of the Payment Clearing and Settlement Act are replaced by the following:
“clearing and settlement system”
« système de compensation et de règlement »
“clearing and settlement system” means a system or arrangement for the clearing or settlement of payment obligations or payment messages in which
(a) there are at least three participants, at least one of which is a Canadian participant and at least one of which has its head office in a jurisdiction other than the jurisdiction where the head office of the clearing house is located;
(b) clearing or settlement is all or partly in Canadian dollars; and
(c) except in the case of a system or arrangement for the clearing or settlement of derivatives contracts, the payment obligations that arise from clearing within the system or arrangement are ultimately settled through adjustments to the account or accounts of one or more of the participants at the Bank.
For greater certainty, it includes a system or arrangement for the clearing or settlement of securities transactions, derivatives contracts, foreign exchange transactions or other transactions if the system or arrangement also clears or settles payment obligations arising from those transactions.
“clearing house”
« chambre de compensation »
“clearing house” means a corporation, association, partnership, agency or other entity that provides clearing or settlement services for a clearing and settlement system. It includes a securities and derivatives clearing house, as defined in subsection 13.1(3), but does not include a stock exchange or the Bank.
169. (1) Paragraph 8(1)(c) of the Act is replaced by the following:
(c) if a payment is made, property is delivered or an interest in, or in Quebec a right to, property is transferred in accordance with the settlement rules of a designated clearing and settlement system, the payment, delivery or transfer shall not be required to be reversed, repaid or set aside.
(2) Section 8 of the Act is amended by adding the following after subsection (3):
Marginal note:Sections 39.15 and 39.152 of Canada Deposit Insurance Corporation Act
(3.1) Despite subsections (1) to (3) and the settlement rules, no action may be taken in respect of an eligible financial contract, as defined in subsection 39.15(9) of the Canada Deposit Insurance Corporation Act, if it is prevented by subsection 39.15(7.01), (7.1) or (7.11) or section 39.152 of that Act.
(3) Subsection 8(5) of the Act is replaced by the following:
Marginal note:Interpretation
(5) In this section, “settlement rules” means the rules, however established, that provide the basis on which payment obligations, delivery obligations or other transfers of property or interests in, or in Quebec rights to, property are made, calculated, netted or settled and includes rules for the taking of action in the event that a participant is unable or likely to become unable to meet its obligations to the clearing house, a central counter-party, other participants or the Bank.
Marginal note:1999, c. 28, s. 133(1)
170. (1) Subsection 13(1) of the Act is replaced by the following:
Marginal note:Termination
13. (1) Despite anything in any law relating to bankruptcy or insolvency or any order of a court made in respect of a reorganization, arrangement or receivership involving insolvency, a party to a netting agreement may terminate the agreement and determine a net termination value or net settlement amount in accordance with the provisions of the agreement and the party entitled to the net termination value or net settlement amount is to be a creditor of the party owing the net termination value or net settlement amount for that value or amount.
Marginal note:2007, c. 29, s. 111(1)
(2) The portion of subsection 13(1.1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Eligible financial contract
(1.1) If a netting agreement referred to in subsection (1) is an eligible financial contract, a party to the agreement may also, in accordance with the provisions of that agreement, deal with financial collateral including
(3) Section 13 of the Act is amended by adding the following after subsection (1.1):
Marginal note:Sections 39.15 and 39.152 of Canada Deposit Insurance Corporation Act
(1.2) Despite subsections (1) and (1.1), no action may be taken in respect of an eligible financial contract, as defined in subsection 39.15(9) of the Canada Deposit Insurance Corporation Act, if it is prevented by subsection 39.15(7.01), (7.1) or (7.11) or section 39.152 of that Act.
(4) The portion of subsection 13(2) of the Act before the definition “financial collateral” is replaced by the following:
Marginal note:Interpretation
(2) The following definitions apply in this section.
(5) The definition “financial collateral” in subsection 13(2) of the Act is amended by striking out “or” at the end of paragraph (b) and by adding the following after paragraph (c):
(d) an assignment of a right to payment or delivery against a clearing house, or
(e) any other collateral that is prescribed.
Marginal note:2007, c. 29, s. 111(2)
(6) The definition “netting agreement” in subsection 13(2) of the Act is replaced by the following:
“netting agreement”
« accord de compensation »
“netting agreement” means an agreement between two or more financial institutions, between the Bank and one or more financial institutions or between a participant and a customer to which the participant provides clearing services that is
(a) an eligible financial contract; or
(b) an agreement that provides for the netting or set-off or compensation of present or future obligations to make payments against the present or future rights to receive payments.
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