Financial System Review Act (S.C. 2012, c. 5)
Full Document:
Assented to 2012-03-29
Marginal note:2001, c. 9, s. 425
138. (1) Subsections 489.1(2) and (3) of the Act are replaced by the following:
Marginal note:Filing
(2) A company shall, at the prescribed time and place and in the prescribed form and manner, file a copy of the statement with the Commissioner.
Marginal note:Provision of statement to public
(3) A company shall, at the prescribed time and place and in the prescribed form and manner, disclose the statement to its customers and to the public.
Marginal note:2001, c. 9, s. 425
(2) Paragraph 489.1(4)(a) of the Act is replaced by the following:
(a) the name, contents and form of a statement referred to in subsection (1) and the time and place at which and the manner in which it must be prepared;
Marginal note:2001, c. 9, s. 425
(3) Paragraphs 489.1(4)(c) and (d) of the Act are replaced by the following:
(c) the time and place at which and the form and manner in which a statement must be filed under subsection (2); and
(d) the time and place at which and the form and manner in which a statement mentioned in subsection (3) is to be disclosed, respectively, to a company’s customers and to the public.
Marginal note:2001, c. 9, s. 425
139. Paragraph 489.2(b) of the Act is replaced by the following:
(b) the time and place at which, the form and manner in which and the persons to whom information is to be disclosed; and
Marginal note:2007, c. 6, s. 235(3)
140. (1) Subsection 495(3.1) of the Act is replaced by the following:
Marginal note:Exception
(3.1) Despite paragraph (3)(a), a life company may acquire control of, or acquire or increase a substantial investment in, any entity that acts as a trustee for a trust if the entity has been permitted under the laws of a province to act as a trustee for a trust and the following conditions are satisfied:
(a) the entity acts as a trustee only with respect to a closed-end fund or mutual fund entity; and
(b) if the entity engages in other business, that business is limited to engaging in one or more of the following:
(i) the activities of a mutual fund distribution entity,
(ii) any activity that a company is permitted to engage in under subsection 441(1.1), and
(iii) the provision of investment counselling services and portfolio management services.
Marginal note:2007, c. 6, s. 235(5)
(2) Subsection 495(5.1) of the Act is replaced by the following:
Marginal note:Exception
(5.1) Despite paragraph (5)(a), a property and casualty company, or a marine company, may acquire control of, or acquire or increase a substantial investment in, any entity that acts as a trustee for a trust if the entity has been permitted under the laws of a province to act as a trustee for a trust and the following conditions are satisfied:
(a) the entity acts as a trustee only with respect to a closed-end fund or mutual fund entity; and
(b) if the entity engages in other business, that business is limited to engaging in one or more of the following:
(i) the activities of a mutual fund distribution entity, and
(ii) the provision of investment counselling services and portfolio management services.
(3) Subsection 495(7) of the Act is amended by adding the following after paragraph (b):
(b.1) acquire control of an entity referred to in paragraph (1)(j) if the company is a company with equity of two billion dollars or more and
A + B > C
where
- A
- is the value of the entity’s consolidated assets, as it would have been reported in the entity’s annual financial statements if those statements had been prepared immediately before the acquisition,
- B
- is the aggregate of the values of the consolidated assets of all other entities referred to in paragraph (1)(j) that the company has acquired control of within the preceding 12 months, as the value for each entity would have been reported in its annual financial statements if those statements had been prepared immediately before the acquisition of control of that entity, and
- C
- is 10% of the value of the company’s consolidated assets, as shown in the company’s last annual statement that was prepared before its first acquisition of control of an entity referred to in paragraph (1)(j) within the preceding 12 months;
(4) Section 495 of the Act is amended by adding the following after subsection (7):
Marginal note:Matters for consideration
(7.1) In addition to any matters or conditions provided for in this Act that are relevant to the granting of an approval, the Minister may, in considering whether to grant the approval under paragraph (7)(b.1), take into account all matters that he or she considers relevant in the circumstances, including
(a) the stability of the financial system in Canada; and
(b) the best interests of the financial system in Canada.
Marginal note:2009, c. 2, s. 285
141. Paragraph 542.061(3)(b) of the English version of the Act is replaced by the following:
(b) the time and place at which, the form and manner in which and the persons to whom information is to be disclosed; and
142. The Act is amended by adding the following after section 549:
Marginal note:Sections 261, 262 and 266 to 270 apply
549.1 Sections 261, 262 and 266 to 270 apply to societies, with the modifications that the circumstances require.
Marginal note:1997, c. 15, s. 298
143. Subsection 570.07(2) of the Act is replaced by the following:
Marginal note:Conditional approval
(2) If the Minister is satisfied, on the basis of an application made under section 570.06, that the circumstances warrant the voluntary liquidation and dissolution of a society, the Minister may, by order, approve the application.
Marginal note:2007, c. 6, s. 265
144. Paragraph 581(1)(a) of the Act is replaced by the following:
(a) vested in trust assets of at least five million dollars or any greater amount that the Superintendent specifies;
Marginal note:2007, c. 6, s. 266(E)
145. Section 582 of the English version of the Act is replaced by the following:
Marginal note:Permissible securities
582. (1) The assets of a foreign entity to be vested in trust under paragraph 581(1)(a) are to consist of unencumbered securities of or guaranteed by Canada or a province.
Marginal note:Other permissible securities
(2) Those assets may also consist of other securities at the accepted value and on the conditions established by the Superintendent.
Marginal note:1997, c. 15, s. 307
146. Subsection 599(1) of the Act is replaced by the following:
Marginal note:Disclosing borrowing costs
599. (1) A foreign company shall not include in its assets in Canada any loan to a natural person that is repayable in Canada unless the cost of borrowing, as calculated and expressed in accordance with section 600, and other prescribed information have been disclosed by the foreign company to the borrower at the prescribed time and place and in the prescribed form and manner.
Marginal note:1997, c. 15, s. 308(3)
147. (1) Paragraph 601(1)(c) of the Act is replaced by the following:
(c) at the prescribed time and place and in the prescribed form and manner, any changes respecting the cost of borrowing or the loan agreement;
Marginal note:1997, c. 15, s. 308(3)
(2) Paragraph 601(1)(e) of the Act is replaced by the following:
(e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.
Marginal note:1997, c. 15, s. 308(4)
(3) Subsection 601(2) of the Act is replaced by the following:
Marginal note:Disclosure in credit card applications
(2) A foreign company shall, in accordance with the regulations, at the prescribed time and place and in the prescribed form and manner, provide prescribed information in any application forms or related documents that it prepares for the issuance of credit, payment or charge cards in Canada and provide prescribed information to any person applying to it in Canada for a credit, payment or charge card.
Marginal note:1997, c. 15, s. 308(4)
(4) Paragraphs 601(3)(d) and (e) of the Act are replaced by the following:
(d) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement; and
(e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.
Marginal note:1997, c. 15, s. 308(4)
(5) Paragraphs 601(4)(d) and (e) of the Act are replaced by the following:
(d) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement; and
(e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.
- Date modified: