Jobs and Growth Act, 2012 (S.C. 2012, c. 31)
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Assented to 2012-12-14
PART 4VARIOUS MEASURES
Division 3Preserving the Stability and Strength of Canada’s Financial Sector
R.S., c. C-3Canada Deposit Insurance Corporation 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.
Marginal note:2002, c. 14, s. 1
171. (1) Paragraph 13.1(1)(b) of the Act is replaced by the following:
(b) interfering with the rights or remedies of a securities and derivatives clearing house in respect of any collateral that has been granted to it as security for the performance of an obligation incurred in respect of the clearing and settlement services provided by the securities and derivatives clearing house.
(2) Section 13.1 of the Act is amended by adding the following after subsection (1):
Marginal note:Sections 39.15 and 39.152 of Canada Deposit Insurance Corporation Act
(1.1) Despite subsection (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.
172. The Act is amended by adding the following after section 23:
REGULATIONS
Marginal note:Financial collateral
24. The Governor in Council may make regulations prescribing collateral for the purpose of paragraph (e) of the definition “financial collateral” in subsection 13(2).
Division 4Fisheries
R.S., c. F-14Fisheries Act
173. Section 29 of the Fisheries Act is replaced by the following:
Marginal note:Obstructing passage of fish or waters
29. (1) No person shall erect, use or maintain any seine, net, weir or other fishing appliance that
(a) unduly obstructs the passage of fish in any Canadian fisheries waters, whether subject to any exclusive right of fishery or not; or
(b) obstructs more than two thirds of the width of any river or stream or more than one third of the width of the main channel at low tide of any tidal stream.
Marginal note:Removal
(2) The Minister or a fishery officer may order the removal of or remove any seine, net, weir or other fishing appliance that, in the opinion of the Minister or fishery officer, results in an obstruction referred to in paragraph (1)(a) or (b).
Marginal note:Tidal streams
(3) For the purposes of paragraph (1)(b), if a tidal stream has no main channel at low tide, then the tidal stream’s width is considered to be the width of its main channel.
174. Section 40 of the Act is amended by adding the following after subsection (5):
Marginal note:Application of fines
(6) All fines received by the Receiver General in respect of the commission of an offence under this section are to be credited to the Environmental Damages Fund, an account in the accounts of Canada, and used for purposes related to the conservation and protection of fish or fish habitat or the restoration of fish habitat, or for administering that Fund.
Marginal note:Recommendations of court
(7) The court imposing the fine may recommend to the Minister that all or a portion of the fine credited to the Environmental Damages Fund be paid to a person or an organization specified by the court for a purpose referred to in subsection (6).
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