Budget Implementation Act, 2017, No. 2 (S.C. 2017, c. 33)
Full Document:
- HTMLFull Document: Budget Implementation Act, 2017, No. 2 (Accessibility Buttons available) |
- PDFFull Document: Budget Implementation Act, 2017, No. 2 [3012 KB]
Assented to 2017-12-14
PART 5Various Measures (continued)
DIVISION 4R.S., c. C-3Canada Deposit Insurance Corporation Act (continued)
1996, c. 6, Sch.Consequential Amendments to the Payment Clearing and Settlement Act (continued)
184 Subsection 13.1(1.1) of the Act is replaced by the following:
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(7.1), (7.104), (7.11), (7.12) or (7.2) or section 39.152 of that Act.
DIVISION 5R.S., c. B-2Bank of Canada Act
Amendment to the Act
185 Paragraph 18(h) of the Bank of Canada Act is replaced by the following:
(h) make loans or advances for periods of not more than six months to any member of the Canadian Payments Association on taking
(i) security in any property, including in any real property or immovable situated in Canada, or
(ii) an assignment or transfer of the member’s right, title or interest in any real property or immovable situated in Canada, including any mortgage or hypothec on that real property or immovable;
R.S., c. C-3Related Amendments to the Canada Deposit Insurance Corporation Act
186 (1) The portion of subsection 39.15(6) of the Canada Deposit Insurance Corporation Act before paragraph (a) is replaced by the following:
Marginal note:Security agreements, assignments and transfers
(6) Paragraphs (1)(b) to (e) and subsection (2) do not apply in respect of a remedy under, or a stipulation of, a security agreement creating a security interest in assets of a federal member institution or an agreement assigning or transferring the institution’s right, title or interest in any real property or immovable situated in Canada, including any mortgage or hypothec on that real property or immovable, if
(2) Paragraph 39.15(6)(a) of the English version of the Act is replaced by the following:
(a) an obligation secured by the agreement is to the Bank of Canada or the Corporation; or
(3) The portion of paragraph 39.15(6)(b) of the English version of the Act before subparagraph (i) is replaced by the following:
(b) the Superintendent, on the application of the federal member institution, exempted the agreement from the application of those paragraphs and that subsection before the making of an order under subsection 39.13(1) and the Corporation does not undertake
(4) Subparagraphs 39.15(6)(b)(i) and (ii) of the Act are replaced by the following:
(i) to ensure that the obligations secured by the security interest or the assignment or transfer will be assumed by a bridge institution or a third party, or
(ii) to provide the federal member institution with the financial assistance that it needs to discharge the obligations secured by the security interest or the assignment or transfer as they become due.
Coordinating Amendment
Marginal note:2014, c. 39, s. 266
187 On the first day on which both section 266 of the Economic Action Plan 2014 Act, No. 2 and section 185 of this Act are in force, paragraph 18(h) of the Bank of Canada Act is replaced by the following:
(h) subject to section 19.1, make loans or advances for periods of not more than six months to any member of the Canadian Payments Association on taking
(i) security in any property, including in any real property or immovable situated in Canada, or
(ii) an assignment or transfer of the member’s right, title or interest in any real property or immovable situated in Canada, including any mortgage or hypothec on that real property or immovable;
DIVISION 61996, c. 6, Sch.Payment Clearing and Settlement Act
188 The definition participant in section 2 of the Payment Clearing and Settlement Act is replaced by the following:
- participant
participant means a party to an arrangement that establishes a clearing and settlement system; (établissement participant)
189 (1) Subsection 6(1) of the Act is replaced by the following:
Marginal note:Directive to clearing house
6 (1) The Governor of the Bank may issue a directive in writing to a clearing house of a designated clearing and settlement system that requires the clearing house, within any period that may be specified in the directive, to take — and to have the participants take — any corrective measures that the Governor considers necessary, if the Governor is of the opinion that systemic risk or payments system risk could be inadequately controlled because of
(a) the design or operation of the clearing and settlement system;
(b) the ownership or control of the clearing and settlement system;
(c) aspects of organizational structure or corporate governance of the clearing house that are related to risk management;
(d) the management or operation of the clearing house; or
(e) actual or anticipated acts or omissions of the clearing house or of a participant.
(2) The portion of subsection 6(2) of the Act before paragraph (a) is replaced by the following:
Marginal note:Directive to participants
(2) The Governor of the Bank may issue a directive in writing to a participant that requires the participant, within any period that may be specified in the directive, to take any corrective measures that the Governor considers necessary if the Governor has formed an opinion referred to in subsection (1) that systemic risk or payments system risk could be inadequately controlled and
(3) Paragraph 6(2)(c) of the Act is replaced by the following:
(c) in the opinion of the Governor,
(i) the risk could be inadequately controlled because of an actual or anticipated act or omission by a participant, and
(ii) the actual or anticipated act or omission is not subject to the by-laws, agreements, rules, procedures, guides or other documentation governing the designated clearing and settlement system.
(4) Section 6 of the Act is amended by adding the following after subsection (2):
Marginal note:Factors to be taken into account
(2.1) In determining the corrective measures that are necessary, the Governor of the Bank shall take into account the nature, severity and imminence of the risk and any other risk-related factors that the Governor considers appropriate.
190 The Act is amended by adding the following after section 6:
Marginal note:Representations
6.1 (1) Before issuing a directive to a clearing house or a participant, the Governor of the Bank shall provide the clearing house or participant, as the case may be, with an opportunity to make representations.
Marginal note:Exception
(2) If, in the opinion of the Governor of the Bank, providing the clearing house or participant with an opportunity to make representations would undermine the effectiveness of the directive, the Governor of the Bank may, without providing that opportunity, issue a directive under section 6 to the clearing house or participant that has effect for a period of not more than 15 days and may extend the directive once, in writing, for a further period of not more than 15 days.
191 Section 9 of the Act and the heading before it are replaced by the following:
Notice and Approvals
Marginal note:Significant change
9 (1) For the purposes of this section, a change is significant if it could reasonably be expected to have a material impact on the efficiency, safety or soundness of the designated clearing and settlement system.
Marginal note:Notice required
(2) A clearing house shall provide the Bank with reasonable notice before making
(a) any significant change in relation to the designated clearing and settlement system;
(b) any change in relation to the design or operation of the system or to the by-laws, agreements, rules, procedures, guides or other documentation governing the system; or
(c) any change to the constating documents and by-laws of the clearing house.
Marginal note:Approval required
(3) If the Governor of the Bank is of the opinion that a significant change that the clearing house intends to make in relation to the designated clearing and settlement system would have an effect on the control of risk for the system, the clearing house, the participants or the financial system in Canada, that change shall not take effect unless it is approved in writing by the Governor, subject to any conditions that the Governor considers appropriate.
Marginal note:Notice required of other changes
(4) A clearing house shall, without delay after it makes any change in relation to the designated clearing and settlement system, other than a change referred to in subsection (2), provide the Bank with written notice of the change, including any change affecting
(a) the composition of a board of directors of the clearing house due to resignation or otherwise; or
(b) the appointed auditor of the clearing house.
192 Section 13.2 of the Act is amended by striking out “and” at the end of paragraph (e) and by adding the following after that paragraph:
(e.1) the exercise of the Bank’s powers and the performance of its duties and functions; and
193 Subsection 22.1(2) of the Act is replaced by the following:
Marginal note:Prohibition or conditions
(2) The Governor of the Bank may prohibit the authorized foreign bank or foreign institution from being a participant in the designated clearing and settlement system or may require it to comply with any conditions with respect to its participation that the Governor considers necessary if the Governor is of the opinion, on the basis of the information provided under subsection (1) or of any other information that the Governor considers relevant, that its participation could pose a systemic risk or a payments system risk or could pose an unacceptable risk to the Bank in guaranteeing settlement of the authorized foreign bank’s or foreign institution’s obligations.
DIVISION 7R.S., c. N-26Northern Pipeline Act
194 Section 29 of the Northern Pipeline Act is replaced by the following:
Marginal note:Costs of Agency to be recovered
29 (1) Every certificate of public convenience and necessity declared to be issued by subsection 21(1) to a company is subject to the condition that the company shall annually pay to the Receiver General an amount equal to the costs that are attributable to the Agency’s responsibilities under this Act and that are incurred by the Agency in the previous fiscal year with respect to that company.
Marginal note:Invoicing
(2) The Agency shall, no later than November 15 in each year, issue to each company an invoice for the amount payable under subsection (1).
Marginal note:Payment period
(3) Any amount that is payable under subsection (1) shall be paid no later than the 30th day after the date of the invoice.
Marginal note:Interest
(4) If a company fails to pay any amount invoiced within the required period, the company shall pay interest on the outstanding amount at a rate of 1.5% per month, compounded monthly, beginning on the 31st day after the date of the invoice.
DIVISION 8R.S., c. L-2Canada Labour Code
Amendments to the Act
195 (1) The portion of subsection 170(1) of the Canada Labour Code before paragraph (a) is replaced by the following:
Marginal note:Modified work schedule — collective agreement
170 (1) An employer may, in respect of one or more employees subject to a collective agreement, establish, modify or cancel a work schedule under which the hours exceed the standard hours of work set out in paragraph 169(1)(a) if
(2) The portion of subsection 170(2) of the Act before paragraph (a) is replaced by the following:
Marginal note:Modified work schedule
(2) Subject to subsection (3), an employer may, in respect of one or more employees not subject to a collective agreement, establish, modify or cancel a work schedule under which the hours exceed the standard hours of work set out in paragraph 169(1)(a) if
(3) Paragraph 170(2)(b) of the Act is replaced by the following:
(b) the schedule, or its modification or cancellation, has been approved
(i) in the case of one employee’s schedule, in writing by that employee, or
(ii) in the case of more than one employee’s schedule, by at least 70% of the affected employees.
(4) Section 170 of the Act is amended by adding the following after subsection (3):
Marginal note:Exception
(4) Subsection (3) does not apply to the establishment, modification or cancellation of one employee’s work schedule that results from a request made under subsection 177.1(1).
196 (1) The portion of subsection 172(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Maximum hours of work — collective agreement
172 (1) An employer may, in respect of one or more employees subject to a collective agreement, establish, modify or cancel a work schedule under which the hours exceed the maximum set out in section 171 or in regulations made under section 175 if
(2) The portion of subsection 172(2) of the Act before paragraph (a) is replaced by the following:
Marginal note:Maximum hours of work
(2) Subject to subsection (3), an employer may, in respect of one or more employees not subject to a collective agreement, establish, modify or cancel a work schedule under which the hours exceed the maximum set out in section 171 or in regulations made under section 175 if
(3) Paragraph 172(2)(b) of the Act is replaced by the following:
(b) the schedule, or its modification or cancellation, has been approved
(i) in the case of one employee’s schedule, in writing by that employee, or
(ii) in the case of more than one employee’s schedule, by at least 70% of the affected employees.
(4) Section 172 of the Act is amended by adding the following after subsection (3):
Marginal note:Exception
(4) Subsection (3) does not apply to the establishment, modification or cancellation of one employee’s work schedule following a request made under subsection 177.1(1).
197 Section 174 of the Act is replaced by the following:
Marginal note:Shift changes
173.1 (1) If an employer changes a period or shift during which an employee is due to work or adds another work period or shift to the employee’s schedule, the employer shall give the employee written notice of the change or addition at least 24 hours before
(a) in the case of a change, the employee’s original work period or shift is to begin or, if the work period or shift that results from the change is to begin earlier than the original work period or shift, before the period or shift that results from the change is to begin; and
(b) in the case of an addition, the work period or shift that was added is to begin.
Marginal note:Exceptions — threat
(2) Subsection (1) does not apply if the change to or addition of a work period or shift is necessary to deal with a situation that the employer could not have reasonably foreseen and that presents or could reasonably be expected to present an imminent or serious
(a) threat to the life, health or safety of any person;
(b) threat of damage to or loss of property; or
(c) threat of serious interference with the ordinary working of the employer’s industrial establishment.
Marginal note:Exception — subsection 177.1(1)
(3) Subsection (1) does not apply to a change to or addition of a work period or shift following a request made under subsection 177.1(1).
Marginal note:Overtime pay or time off
174 (1) Subject to any regulations made under section 175, when an employee is required or permitted to work overtime, they are entitled to
(a) be paid for the overtime at a rate of wages not less than one and one-half times their regular rate of wages; or
(b) be granted not less than one and one-half hours of time off with pay for each hour of overtime worked, subject to subsections (2) to (5).
Marginal note:Conditions
(2) An employee is entitled to time off for overtime worked only if,
(a) at their request, they and the employer enter into an agreement in writing providing for the taking of time off, subject to paragraph (b) and subsections (3) to (5), on a date or dates agreed on by them and the employer; and
(b) the time off is taken within a period of three months after the end of the pay period in which the overtime was worked, or within any longer period set out in
(i) if the employee is subject to a collective agreement, the collective agreement, or
(ii) if the employee is not subject to a collective agreement, the agreement referred to in paragraph (a) or any other agreement in writing entered into by them and the employer.
Marginal note:Maximum period
(3) The longer period referred to in paragraph (2)(b) shall not be more than 12 months for an employee who is not subject to a collective agreement.
Marginal note:Time off not taken within specified period
(4) If the employee does not take all or part of the time off within the applicable period referred to in paragraph (2)(b), the employer shall, within 30 days after the day on which that period ends, pay the employee’s wages for the overtime for which the time off was not taken, at a rate of wages not less than one and one-half times the employee’s regular rate of wages on the day on which they worked the overtime.
Marginal note:Termination of employment
(5) If an employee ceases to be employed before the employee takes all or part of the time off referred to in paragraph (1)(b), the employer shall, within 30 days after the day on which the employee ceases to be employed, pay the employee’s wages for the overtime for which the time off was not taken, at a rate of wages not less than one and one-half times the employee’s regular rate of wages on the day on which the employee worked the overtime.
Marginal note:Application of section 189
(6) Section 189 applies for the purposes of this section.
Marginal note:Right to refuse
174.1 (1) Subject to subsections (2) and (3), an employee may refuse to work the overtime requested by the employer in order to fulfil any family responsibility set out in subsection 206.6(1).
Marginal note:Reasonable steps
(2) An employee may refuse to work overtime only if
(a) they have taken reasonable steps to carry out their family responsibility by other means, so as to enable them to work overtime; and
(b) even though the steps referred to in paragraph (a) have been taken, they are still required to carry out that responsibility during the period of the overtime.
Marginal note:Exceptions
(3) An employee is not to refuse to work overtime if it is necessary for them to work overtime to deal with a situation that the employer could not have reasonably foreseen and that presents or could reasonably be expected to present an imminent or serious
(a) threat to the life, health or safety of any person;
(b) threat of damage to or loss of property; or
(c) threat of serious interference with the ordinary working of the employer’s industrial establishment.
Marginal note:Prohibition
(4) An employer shall not dismiss, suspend, lay off, demote or discipline an employee because the employee has refused to work overtime under subsection (1) or take such a refusal into account in any decision to promote or train the employee.
Page Details
- Date modified: