Budget Implementation Act, 2023, No. 1 (S.C. 2023, c. 26)
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Assented to 2023-06-22
PART 4Various Measures (continued)
DIVISION 30R.S., c. C-10Canada Post Corporation Act
509 Subsection 41(1) of the Canada Post Corporation Act is replaced by the following:
Marginal note:Inspection of mail
41 (1) The Corporation may open any mail, other than a letter, if it has reasonable grounds to suspect that
(a) the conditions prescribed by regulations made under paragraph 19(1)(c) have not been complied with;
(b) the manner prescribed by regulations made under paragraph 19(1)(e) has not been adhered to; or
(c) the mail is non-mailable matter.
DIVISION 31Royal Style and Titles Act, 2023
Marginal note:Enactment of Act
510 The Royal Style and Titles Act, 2023 is enacted as follows:
An Act respecting the Royal Style and Titles, 2023
Preamble
Whereas it is desirable that the Parliament of Canada should assent to the issue of a Royal Proclamation establishing the Royal Style and Titles for Canada;
Now, therefore, His Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
Marginal note:Short title
1 This Act may be cited as the Royal Style and Titles Act, 2023.
Marginal note:Assent to Royal Style and Titles
2 The Parliament of Canada assents to the issue by His Majesty of His Royal Proclamation under the Great Seal of Canada establishing for Canada the following Royal Style and Titles:
Charles the Third, by the Grace of God King of Canada and His other Realms and Territories, Head of the Commonwealth.
DIVISION 32Canada Growth Fund
1999, c. 34Public Sector Pension Investment Board Act
511 The Public Sector Pension Investment Board Act is amended by adding the following after section 5:
Marginal note:Investment management services
5.1 (1) Without limiting the generality of subsection 5(1) and despite subsection 5(2), the Board may incorporate a subsidiary for the purpose of providing investment management services to the Canada Growth Fund Inc. in accordance with any terms agreed to by the subsidiary and the Canada Growth Fund Inc.
Marginal note:Costs
(2) Despite subsection 4(2), the costs associated with the establishment and operation of the subsidiary and with the provision of investment management services are to be paid by the Canada Growth Fund Inc.
512 The Act is amended by adding the following after section 32:
Marginal note:Non-application — investment management services
32.1 The investment policies, standards and procedures established under section 32 do not apply in respect of a subsidiary incorporated for the purpose of providing investment management services to the Canada Growth Fund Inc.
513 The Act is amended by adding the following after section 50:
Marginal note:Non-application of regulations — investment management services
50.1 Regulations made under section 50 do not apply in respect of a subsidiary incorporated for the purpose of providing investment management services to the Canada Growth Fund Inc.
2022, c. 19Fall Economic Statement Implementation Act, 2022
Amendments to the Act
514 Subsection 118(2) of the Fall Economic Statement Implementation Act, 2022 is replaced by the following:
Marginal note:Consolidated Revenue Fund
(2) On the requisition of the Minister of Finance, there may be paid out of the Consolidated Revenue Fund amounts not exceeding $15,000,000,000 in the aggregate, or any greater amount that is specified in an appropriation Act, for the acquisition of shares under subsection (1).
515 Section 119 of the Act is replaced by the following:
Marginal note:Not agent of His Majesty
119 The subsidiary referred to in section 118 is not an agent of His Majesty in right of Canada.
Coming into Force
Marginal note:December 15, 2022
516 Section 515 is deemed to have come into force on December 15, 2022.
DIVISION 33Legislation Related to Financial Institutions
R.S., c. 18 (3rd Supp.), Part IOffice of the Superintendent of Financial Institutions Act
517 (1) Subsection 4(2) of the Office of the Superintendent of Financial Institutions Act is amended by adding the following after paragraph (a):
(a.1) to supervise financial institutions in order to determine whether they have adequate policies and procedures to protect themselves against threats to their integrity or security, including foreign interference;
(2) Paragraph 4(2)(b) of the Act is replaced by the following:
(b) to promptly advise the management and board of directors of a financial institution in the event the institution is not in sound financial condition or is not complying with its governing statute law or supervisory requirements under that law and, in such a case, to take, or require the management or board to take, the necessary corrective measures or series of measures to deal with the situation without delay;
(b.1) to promptly advise the management and board of directors of a financial institution in the event the institution does not have adequate policies and procedures to protect itself against threats to its integrity or security and, in such a case, to take, or require the management or board to take, the necessary corrective measures or series of measures to deal with the situation without delay;
1991, c. 45Trust and Loan Companies Act
518 The Trust and Loan Companies Act is amended by adding the following after section 14:
Marginal note:Policies and procedures — integrity or security
14.1 A company shall establish and adhere to policies and procedures to protect itself against threats to its integrity or security, including foreign interference.
519 Paragraphs 164(e) and (f) of the Act are replaced by the following:
(e) a person who is prohibited by section 386 or 399 from exercising voting rights attached to shares of the company or whose voting rights attached to the shares are suspended under section 401.1 or subsection 527.5(4);
(f) a person who is an officer, director or full time employee of an entity that is prohibited by section 386 or 399 from exercising voting rights attached to shares of the company or whose voting rights attached to the shares are suspended under section 401.1 or subsection 527.5(4);
520 The Act is amended by adding the following after section 401:
Marginal note:Disposition — threat to integrity or security
401.1 (1) If the Minister is of the opinion that a person’s holding or beneficial ownership of shares of a company poses a threat to the integrity or security of the company or the financial system in Canada or a threat to national security, the Minister may, by order, direct that person and any person controlled by that person to dispose of any number of shares of the company held or beneficially owned by any of the persons that the Minister specifies in the order, within the time specified in the order and in the proportion, if any, as between the person and the persons controlled by the person that is specified in the order.
Marginal note:Suspension of rights
(2) A direction made under subsection (1) may also suspend any of the rights under Part VI attached to the shares referred to in that subsection until the shares are disposed of in accordance with the direction.
Marginal note:Representations
(3) No direction shall be made under subsection (1) unless the Minister has provided each person to whom the direction relates and the company concerned with a reasonable opportunity to make representations.
Marginal note:Temporary direction
(4) If, in the Minister’s opinion, the length of time required for representations to be made under subsection (3) might be prejudicial to the public interest, the Minister may make a temporary direction to suspend any of the rights under Part VI attached to any of the shares referred to in subsection (1).
Marginal note:Cessation of effect
(5) A temporary direction ceases to have effect on the earlier of
(a) the expiry of 30 days after the day on which it takes effect or of a shorter period that is specified in the temporary direction, and
(b) if a direction is made under subsection (1) in respect of the shares, the day on which that direction takes effect.
Marginal note:Appeal
(6) Any person with respect to whom a direction has been made under subsection (1) may, within 30 days after the day on which the direction was made, appeal the matter in accordance with section 530.
Marginal note:Notice — Committee and Review Agency
(7) If a direction has been made under subsection (1) or (4) for reasons related to national security, the Minister shall, within 30 days after the day on which the direction was made, notify
(a) the Committee, as defined in section 2 of the National Security and Intelligence Committee of Parliamentarians Act; and
(b) the Review Agency, as defined in section 2 of the National Security and Intelligence Review Agency Act.
521 Subsection 402(1) of the Act is replaced by the following:
Marginal note:Application to court
402 (1) If a person fails to comply with a direction made under subsection 396(7), 401(1) or 401.1(1), an application on behalf of the Minister may be made to a court for an order to enforce the direction.
522 Subsection 502(1) of the Act is replaced by the following:
Marginal note:Production of information and documents
502 (1) The Superintendent may, by order, direct a person who controls a company or any entity that is affiliated with a company to provide the Superintendent with any information or documents that may be specified in the order if the Superintendent believes that the production of the information or documents is necessary in order to be satisfied that
(a) the provisions of this Act are being duly observed and that the company is in a sound financial condition; or
(b) the company has adequate policies and procedures to protect itself against threats to its integrity or security.
523 (1) Subsection 505(1) of the Act is replaced by the following:
Marginal note:Examination of companies
505 (1) The Superintendent, from time to time, but at least once in each calendar year, shall make or cause to be made any examination and inquiry into the business and affairs of each company that the Superintendent considers to be necessary or expedient to determine whether the company is complying with the provisions of this Act, whether the company is in a sound financial condition and whether the company has adequate policies and procedures to protect itself against threats to its integrity or security. After the conclusion of each examination and inquiry, the Superintendent shall report on it to the Minister.
(2) Section 505 of the Act is amended by adding the following after subsection (1):
Marginal note:Integrity or security
(1.1) The Superintendent, from time to time, shall make or cause to be made any examination and inquiry into the business and affairs of any company that the Superintendent considers to be necessary or expedient to determine whether the company has adequate policies and procedures to protect itself against threats to its integrity or security. After the conclusion of each examination and inquiry, the Superintendent shall report on it to the Minister.
(3) Subsection 505(1.1) of the Act is repealed.
524 Section 506.1 of the Act is replaced by the following:
Marginal note:Prudential agreement
506.1 The Superintendent may enter into an agreement, called a “prudential agreement”, with a company for the purposes of implementing any measure designed to maintain or improve its safety and soundness or establishing adequate policies and procedures to protect it against threats to its integrity or security.
525 Subsections 507(2) and (3) of the Act are replaced by the following:
Marginal note:Directions — policies and procedures
(1.1) If, in the opinion of the Superintendent, a company does not have adequate policies and procedures to protect itself against threats to its integrity or security, the Superintendent may direct the company to take any measures that in the opinion of the Superintendent are necessary to remedy the situation.
Marginal note:Opportunity for representations
(2) Subject to subsection (3), no direction shall be issued to a company or person under subsection (1) or (1.1) unless the company or person is provided with a reasonable opportunity to make representations in respect of the matter.
Marginal note:Temporary direction
(3) If, in the opinion of the Superintendent, the length of time required for representations to be made under subsection (2) might be prejudicial to the public interest, the Superintendent may make a temporary direction with respect to the matters referred to in paragraphs (1)(a) and (b) or subsection (1.1) having effect for a period of not more than 15 days.
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