Bank Act (S.C. 1991, c. 46)

AMENDMENTS NOT IN FORCE

• — 2012, c. 5, s. 54

  • • 54 (1) Section 507 of the Act is amended by adding the following after subsection (1):

      • Definition of foreign bank

        (1.1) For the purposes of this Part, foreign bank means a foreign bank as defined in section 2 but without regard to the portion of that definition after paragraph (g).

    • (2) Subsection 507(15) of the Act is amended by striking out “or” at the end of paragraph (c), by adding “or” at the end of paragraph (d) and by adding the following after paragraph (d):

      • (e) is a subsidiary of a federal financial institution.

    • (3) Subsection 507(16) of the Act is amended by striking out “or” at the end of paragraph (c), by adding “or” at the end of paragraph (d) and by adding the following after paragraph (d):

      • (e) is a subsidiary of a federal financial institution.

• — 2012, c. 5, s. 56

  • 56 Section 522.09 of the Act is amended by adding the following after subsection (3):

    • Exception — subsidiary of federal financial institution

      (4) Subsections (1) to (3) do not apply to a foreign bank — or an entity associated with a foreign bank — that is a subsidiary of a federal financial institution.

• — 2012, c. 5, s. 57

  • 57 Section 522.19 of the Act is amended by adding the following after subsection (2):

    • Exception — subsidiary of federal financial institution

      (3) Subsection (1) does not apply to a foreign bank — or an entity associated with a foreign bank — that is a subsidiary of a federal financial institution.

• — 2012, c. 5, s. 58

  • 58 Subsection 522.21(2) of the Act is amended by striking out “or” at the end of paragraph (c), by adding “or” at the end of paragraph (d) and by adding the following after paragraph (d):

    • (e) is a subsidiary of a federal financial institution.

• — 2012, c. 5, s. 59

  • 59 Subsection 522.211(2) of the Act is amended by striking out “or” at the end of paragraph (c), by adding “or” at the end of paragraph (d) and by adding the following after paragraph (d):

    • (e) is a subsidiary of a federal financial institution.

• — 2018, c. 12, s. 316(1), as amended by 2024, c. 15, s. 171(1)

  • • 316 (1) Paragraphs 410(1)(c) and (c.1) of the Bank Act are replaced by the following:

      • (b.1) subject to sections 416 and 417 and the regulations, engage in any activity that relates to the provision of financial services by the bank or any of its affiliates;

      • (c) subject to the regulations, engage in any of the following activities:

        • (i) collecting, manipulating and transmitting information, and

        • (ii) designing, developing, manufacturing, selling and otherwise dealing with information technology, if those activities relate to

          • (A) an activity referred to in this subsection that is engaged in by the bank or any of its affiliates, or

          • (B) the provision of financial services by any other entity,

• — 2018, c. 12, ss. 316(3) to (5), as amended by 2024, c. 15, s. 171(2)(F)

  • • 316 (3) Paragraph 410(3)(a) of the Act is replaced by the following:

      • (a) respecting what a bank may or may not do with respect to the carrying on of the activities referred to in paragraphs (1)(b.1), (c) and (c.2);

    • (4) Subparagraph 410(3)(b)(iii) of the English version of the Act is replaced by the following:

      • (iii) the carrying on of the activities referred to in paragraphs (1)(b.1), (c) and (c.2); and

    • (5) Paragraph 410(3)(c) of the Act is replaced by the following:

      • (c) respecting the circumstances in which a bank may engage in the activities referred to in paragraphs (1)(b.1) and (c), including the circumstances in which banks may collect, manipulate and transmit information under subparagraph (1)(c)(i).

• — 2018, c. 12, s. 317

  • 317 Section 411 of the Act is replaced by the following:

    • Networking

      • 411 (1) Subject to section 416 and the regulations, a bank may

        • (a) act as agent for any person in respect of

          • (i) the carrying on of any activity referred to in subsection 410(1) that is engaged in by a financial institution, by a permitted entity as defined in subsection 464(1), if that definition were read without reference to the requirements of subsections 468(4) to (6), or by a prescribed entity, or

          • (ii) the provision of any service that relates to financial services and that is provided by an institution or entity referred to in subparagraph (i);

        • (a.1) enter into an arrangement with any person in respect of the carrying on of an activity referred to in subparagraph (a)(i) or the provision of a service referred to in subparagraph (a)(ii); and

        • (b) refer any person to another person.

      • Regulations

        (2) The Governor in Council may make regulations

        • (a) respecting the disclosure of the name of the person for whom a bank is acting as agent under subsection (1);

        • (b) respecting the disclosure of any commission being earned by a bank when acting as agent under subsection (1);

        • (c) respecting the circumstances in which a bank may act as an agent, enter into an arrangement or refer a person under subsection (1); and

        • (d) imposing terms and conditions in respect of the carrying on of activities under that subsection.

    • Regulations

      411.1 The Governor in Council may, for the purposes of section 409 and subsection 411(1), make regulations respecting what a bank is prohibited from doing when acting as an agent or when making referrals.

• — 2018, c. 12, s. 318, as amended by 2024, c. 15, s. 172(F)

  • • 318 (1) Section 468 of the Act is amended by adding the following after subsection (2):

      • Permitted investments

        (2.1) Subject to subsections (3) to (6), Part XI and the regulations made under paragraphs (2.2)(b) and (c), a bank may acquire control of, or acquire or increase a substantial investment in, an entity, other than an entity referred to in any of paragraphs (1)(a) to (j), if a majority, as defined in the regulations, of the entity’s business consists of financial service activities that a bank is permitted to engage in under any of paragraphs 409(2)(a) to (d).

      • Regulations

        (2.2) The Governor in Council may make regulations

        • (a) defining, for the purposes of subsection (2.1), the word “majority”;

        • (b) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity that a bank may acquire control of, or acquire or increase a substantial investment in, under subsection (2.1); and

        • (c) respecting the circumstances in which a bank may acquire control of, or acquire or increase a substantial investment in, an entity under subsection (2.1).

    • (2) Subparagraph 468(3)(d)(ii) of the Act is replaced by the following:

      • (ii) in the case of an entity that is not controlled by the bank, the bank itself would be permitted to acquire a substantial investment in the other entity under subsection (1), (2) or (2.1) or 466(2), paragraph 466(3)(b) or (c) or subsection 466(4); or

    • (3) Subsection 468(5) of the Act is amended by adding “or” at the end of paragraph (c) and by repealing paragraphs (d) and (d.1).

    • (4) Paragraph 468(7)(a) of the Act is replaced by the following:

      • (a) the bank is acquiring control of an entity, other than a specialized financing entity, under subsection (2) or (2.1) and the only reason for which the bank would, but for this subsection, require approval for the acquisition is that the entity carries on activities referred to in paragraph (2)(b);

• — 2018, c. 12, s. 319, as amended by 2024, c. 15, s. 173(F)

  • 319 The Act is amended by adding the following after section 468:

    • Regulations

      468.1 The Governor in Council may make regulations

      • (a) respecting the circumstances in which a bank may acquire control of, or acquire or increase a substantial investment in, an entity that engages in activities that a bank is permitted to engage in under paragraph 410(1)(b.1) or (c), including the circumstances in which a bank is prohibited from doing so; and

      • (b) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity referred to in paragraph (a).

• — 2018, c. 12, s. 320

  • 320 Paragraph 495(1)(c) of the Act is replaced by the following:

    • (c) consists of a written contract with the related party for the purpose of having either one of them act as an agent or make referrals;

• — 2018, c. 12, s. 321, as amended by 2024, c. 15, s. 174(F)

  • 321 Section 522.08 of the Act is amended by adding the following after subsection (1):

    • Permitted investments

      (1.1) Subject to subsection (2) and the regulations made under paragraphs (1.2)(a) and (b), a foreign bank or an entity associated with a foreign bank may acquire or hold control of, or acquire or hold a substantial investment in, a Canadian entity that a bank may acquire control of, or acquire or increase a substantial investment in, under subsection 468(2.1).

    • Regulations

      (1.2) The Governor in Council may make regulations

      • (a) imposing terms and conditions in respect of the acquisition or holding of control of, or acquisition or holding of a substantial investment in, a Canadian entity that a foreign bank or an entity associated with a foreign bank may acquire or hold control of, or acquire or hold a substantial investment in, under subsection (1.1); and

      • (b) respecting the circumstances in which a foreign bank or an entity associated with a foreign bank may acquire or hold control of, or acquire or hold a substantial investment in, a Canadian entity under subsection (1.1).

• — 2018, c. 12, s. 322, as amended by 2024, c. 15, s. 175(F)

  • 322 The Act is amended by adding the following after section 522.08:

    • Regulations

      522.081 The Governor in Council may make regulations

      • (a) respecting the circumstances in which a foreign bank or an entity associated with a foreign bank may acquire or hold control of, or acquire or hold a substantial investment in, a Canadian entity that engages in activities that a bank is permitted to engage in under paragraph 410(1)(b.1) or (c); and

      • (b) imposing terms and conditions in respect of the acquisition or holding of control of, or acquisition or holding of a substantial investment in, an entity referred to in paragraph (a).

• — 2018, c. 12, s. 323

  • 323 Paragraphs 522.22(1)(d) and (d.1) of the Act are repealed.

• — 2018, c. 12, s. 324(1), as amended by 2024, c. 15, s. 176(1)

  • • 324 (1) Paragraphs 539(1)(b.1) and (b.2) of the Act are replaced by the following:

      • (b.1) subject to sections 549 and 550 and the regulations, engage in any activity that relates to the provision of financial services by the authorized foreign bank or any of its affiliates;

      • (b.2) subject to the regulations, engage in any of the following activities:

        • (i) collecting, manipulating and transmitting information, and

        • (ii) designing, developing, manufacturing, selling and otherwise dealing with information technology, if those activities relate to

          • (A) an activity referred to in this subsection that is engaged in by the authorized foreign bank or any of its affiliates, or

          • (B) the provision of financial services by any other entity,

• — 2018, c. 12, s. 324(3), as amended by 2024, c. 15, s. 176(2)

  • • 324 (3) Paragraph 539(3)(c) of the Act is replaced by the following:

      • (c) respecting the circumstances in which an authorized foreign bank may engage in the activities referred to in paragraphs (1)(b.1) and (b.2), including the circumstances in which it may collect, manipulate and transmit information under subparagraph (1)(b.2)(i).

• — 2018, c. 12, s. 325

  • 325 Section 543 of the Act is replaced by the following:

    • Networking

      • 543 (1) Subject to sections 540, 546 and 549 and the regulations, an authorized foreign bank may, in Canada,

        • (a) act as agent for any person in respect of

          • (i) the carrying on of any activity referred to in subsection 410(1) or 539(1) that is engaged in by a financial institution, by an entity in which a bank is permitted to acquire a substantial investment under section 468, if that section were read without reference to the requirements of subsections 468(4) to (6), or by a Canadian entity acquired or held under section 522.08, or

          • (ii) the provision of any service that relates to financial services and that is provided by an institution or entity referred to in subparagraph (i);

        • (a.1) enter into an arrangement with any person in respect of the carrying on of an activity referred to in subparagraph (a)(i) or the provision of a service referred to in subparagraph (a)(ii); and

        • (b) refer any person to another person.

      • Regulations

        (2) The Governor in Council may make regulations

        • (a) respecting the disclosure of the name of the person for whom an authorized foreign bank is acting as agent under subsection (1);

        • (b) respecting the disclosure of any commission being earned by an authorized foreign bank when acting as agent under subsection (1);

        • (c) respecting the circumstances in which an authorized foreign bank may act as an agent, enter into an arrangement or refer a person under subsection (1); and

        • (d) imposing terms and conditions in respect of the carrying on of activities under that subsection.

    • Regulations

      543.1 The Governor in Council may, for the purposes of section 538 and subsection 543(1), make regulations respecting what an authorized foreign bank is prohibited from doing when acting as an agent or when making referrals.

• — 2018, c. 12, s. 326, as amended by 2024, c. 15, s. 177(F)

  • • 326 (1) Section 930 of the Act is amended by adding the following after subsection (2):

      • Permitted investments

        (2.1) Subject to subsections (3) to (6) and the regulations made under paragraphs (2.2)(a) and (b), a bank holding company may acquire control of, or acquire or increase a substantial investment in, an entity that a bank may acquire control of, or acquire or increase a substantial investment in, under subsection 468(2.1).

      • Regulations

        (2.2) The Governor in Council may make regulations

        • (a) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity that a bank holding company may acquire control of, or acquire or increase a substantial investment in, under subsection (2.1); and

        • (b) respecting the circumstances in which a bank holding company may acquire control of, or acquire or increase a substantial investment in, an entity under subsection (2.1).

    • (2) Subparagraph 930(3)(d)(ii) of the Act is replaced by the following:

      • (ii) in the case of an entity that is not controlled by the bank holding company, a bank would be permitted to acquire a substantial investment in the other entity under subsection 466(2), paragraph 466(3)(b) or (c) or subsection 466(4) or 468(1), (2) or (2.1); or

    • (3) Subsection 930(5) of the Act is amended by adding “or” at the end of paragraph (c) and by repealing paragraphs (5)(d) and (d.1).

    • (4) Paragraph 930(7)(a) of the Act is replaced by the following:

      • (a) the bank holding company is acquiring control of an entity, other than a specialized financing entity, under subsection (2) or (2.1) and the only reason for which the bank holding company would, but for this subsection, require approval for the acquisition is that the entity carries on activities referred to in paragraph (2)(b);

• — 2018, c. 12, s. 327, as amended by 2024, c. 15, s. 178(F)

  • 327 The Act is amended by adding the following after section 930:

    • Regulations

      930.1 The Governor in Council may make regulations

      • (a) respecting the circumstances in which a bank holding company may acquire control of, or acquire or increase a substantial investment in, an entity that engages in activities that a bank is permitted to engage in under paragraph 410(1)(b.1) or (c), including the circumstances in which a bank holding company is prohibited from doing so; and

      • (b) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity referred to in paragraph (a).

• — 2018, c. 12, s. 328

  • 328 Subsection 976.1(1) of the Act is replaced by the following:

    • Application for certain approvals

      • 976.1 (1) An application for the prior written approval of the Minister in respect of any of paragraphs 468(5)(b.1) or (c), 522.22(1)(c) or 930(5)(b.1) or (c) must be filed with the Superintendent and contain the information, material and evidence that the Superintendent may require.

• — 2024, c. 15, s. 188

  • • 188 (1) Subsection 136(1) of the French version of the Bank Act is replaced by the following:

      • Lieu des assemblées

        • 136 (1) Les assemblées des actionnaires ou des membres se tiennent au Canada, au lieu que prévoient les règlements administratifs ou, à défaut, que choisissent les administrateurs.

    • (2) Subsection 136(2) of the Act is replaced by the following:

      • Participation by electronic means

        (2) Unless the by-laws provide otherwise and in accordance with any regulations, any person who is entitled to attend a meeting of shareholders or members may participate in the meeting by means of a telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other during the meeting if the bank makes one available. A person who is participating in a meeting by one of those means is deemed for the purposes of this Act to be present at the meeting.

      • Meeting held by electronic means

        (2.1) If the directors, shareholders or members of a bank call a meeting of shareholders or members under this Act, those directors, shareholders or members may determine that the meeting shall be held, in accordance with any regulations, entirely by means of a telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other during the meeting, if the by-laws so provide.

• — 2024, c. 15, s. 189

  • 189 Subsection 151(4) of the Act is replaced by the following:

    • Voting while participating electronically

      (4) Unless the by-laws provide otherwise and in accordance with any regulations, any person who is participating in a meeting under subsection 136(2) or (2.1) and entitled to vote at that meeting may vote by means of the telephonic, electronic or other communication facility that the bank has made available for that purpose.

• — 2024, c. 15, s. 190

  • • 190 (1) Subsection 725(1) of the French version of the Act is replaced by the following:

      • Lieu des assemblées

        • 725 (1) Les assemblées des actionnaires se tiennent au Canada, au lieu que prévoient les règlements administratifs ou, à défaut, que choisissent les administrateurs.

    • (2) Subsection 725(2) of the Act is replaced by the following:

      • Participation by electronic means

        (2) Unless the by-laws provide otherwise and in accordance with any regulations, any person who is entitled to attend a meeting of shareholders may participate in the meeting by means of a telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other during the meeting if the bank holding company makes one available. A person who is participating in a meeting by one of those means is deemed for the purposes of this Part to be present at the meeting.

      • Meeting held by electronic means

        (2.1) If the directors or shareholders of a bank holding company call a meeting of shareholders under this Act, those directors or shareholders may determine that the meeting shall be held, in accordance with any regulations, entirely by means of a telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other during the meeting, if the by-laws so provide.

• — 2024, c. 15, s. 191

  • 191 Subsection 740(4) of the Act is replaced by the following:

    • Voting while participating electronically

      (4) Unless the by-laws provide otherwise and in accordance with any regulations, any person who is participating in a meeting of shareholders under subsection 725(2) or (2.1) and entitled to vote at that meeting may vote by means of the telephonic, electronic or other communication facility that the bank holding company has made available for that purpose.

• — 2024, c. 17, s. 398

  • 398 The Bank Act is amended by adding the following after section 214:

    Disclosure Relating to Diversity

    • Diversity

      • 214.1 (1) The directors of a bank of a prescribed class must make available, in accordance with regulations made under subsection (2), information respecting diversity among directors and members of senior management, as defined by regulation, at the same time that a notice of annual meeting is sent under subsection 138(1) to shareholders or members entitled to receive that notice and to the Superintendent.

      • Regulations

        (2) For the purposes of subsection (1), the Governor in Council may make regulations respecting the disclosure of information related to diversity among the directors and members of senior management of a bank of a prescribed class.

• — 2024, c. 17, s. 399

  • 399 The Act is amended by adding the following after section 801:

    Disclosure Relating to Diversity

    • Diversity

      • 801.1 (1) The directors of a bank holding company of a prescribed class must make available, in accordance with regulations made under subsection (2), information respecting diversity among directors and members of senior management, as defined by regulation, at the same time that a notice of annual meeting is sent under subsection 727(1) to shareholders entitled to receive that notice and to the Superintendent.

      • Regulations

        (2) For the purposes of subsection (1), the Governor in Council may make regulations respecting the disclosure of information related to diversity among the directors and members of senior management of a bank holding company of a prescribed class.

• — 2026, c. 3, s. 257

  • 257 The heading before section 475 and sections 475 to 478 of the Bank Act are repealed.

• — 2026, c. 3, s. 258

  • 258 Section 479 of the Act is amended by adding “or” at the end of paragraph (a), by striking out “or” at the end of paragraph (b) and by repealing paragraph (c).

• — 2026, c. 3, s. 259

  • 259 Section 480 of the Act is amended by adding the following after subsection (1):

    • Divestment order — portfolios of interests

      (1.1) Subject to subsection (1.2), the Superintendent may, by order, direct a bank to reduce, within any period that the Superintendent considers reasonable, the aggregate value of one or more of the following categories of interests by way of a disposition of a portion of that value:

      • (a) the interests of the bank and its subsidiaries in real property; and

      • (b) the following interests of the bank and its subsidiaries:

        • (i) the participating shares of a body corporate that are beneficially owned by the bank and its subsidiaries, other than participating shares of a permitted entity in which the bank has a substantial investment, and

        • (ii) the ownership interests in an unincorporated entity that are beneficially owned by the bank and its subsidiaries, other than ownership interests in a permitted entity in which the bank has a substantial investment.

    • Prudential considerations

      (1.2) The Superintendent may make an order under subsection (1.1) only on the basis of prudential considerations that the Superintendent considers relevant with respect to the aggregate value of the category or categories of interests in question.

• — 2026, c. 3, s. 260

  • 260 The heading before section 937 and sections 937 to 940 of the Act are repealed.

• — 2026, c. 3, s. 261

  • 261 Section 941 of the Act is amended by adding “or” at the end of paragraph (a), by striking out “or” at the end of paragraph (b) and by repealing paragraph (c).

• — 2026, c. 3, s. 262

  • 262 Section 942 of the Act is amended by adding the following after subsection (1):

    • Divestment order — portfolios of interests

      (1.1) Subject to subsection (1.2), the Superintendent may, by order, direct a bank holding company to reduce, within any period that the Superintendent considers reasonable, the aggregate value of one or more of the following categories of interests by way of a disposition of a portion of that value:

      • (a) the interests of the bank holding company and its subsidiaries in real property; and

      • (b) the following interests of the bank holding company and its subsidiaries:

        • (i) the participating shares of a body corporate that are beneficially owned by the bank holding company and its subsidiaries, other than participating shares of a permitted entity in which the bank holding company has a substantial investment, and

        • (ii) the ownership interests in an unincorporated entity that are beneficially owned by the bank holding company and its subsidiaries, other than ownership interests in a permitted entity in which the bank holding company has a substantial investment.

    • Prudential considerations

      (1.2) The Superintendent may make an order under subsection (1.1) only on the basis of prudential considerations that the Superintendent considers relevant with respect to the aggregate value of the category or categories of interests in question.

• — 2026, c. 3, s. 331

  • 331 Section 627.22 of the Bank Act is replaced by the following:

    • First amount available

      627.22 An institution shall make the prescribed amount of all funds deposited by a cheque or other instrument into a retail deposit account available for withdrawal immediately or, if there is no prescribed amount, the first $250.

• — 2026, c. 3, s. 333

  • 333 Subsection 627.01(1) of the Bank Act is amended by adding the following in alphabetical order:

    consumer-targeted fraud

    consumer-targeted fraud, in relation to a product or service in Canada that is offered, sold or provided by an institution to a natural person other than for business purposes, includes a transaction that is unauthorized or that is authorized as a result of coercion or deception. (fraude ciblant les consommateurs)

• — 2026, c. 3, s. 334

  • 334 The Act is amended by adding the following after section 627.13:

    • Activation of prescribed capability

      • 627.131 (1) An institution shall not activate a prescribed capability for a personal deposit account in Canada without first obtaining, in accordance with the regulations, the express consent of the natural person who requested the opening of the account or in whose name it is kept.

      • Deactivation of prescribed capability

        (2) An institution shall permit a natural person in whose name a personal deposit account in Canada is kept to deactivate a prescribed account capability.

    • Limits on withdrawals or transfers

      • 627.132 (1) An institution shall permit a natural person in whose name a personal deposit account in Canada is kept to adjust the following limits for each class of withdrawal or transfer of funds that can be made from the account:

        • (a) the maximum amount of a withdrawal or transfer;

        • (b) the number of withdrawals or transfers that can be made in a given period;

        • (c) the maximum amount of all withdrawals or transfers that can be made in a given period; and

        • (d) any prescribed limit.

      • Limits set by institution

        (2) An adjusted limit may not, however, exceed any limit set by the institution.

      • Prescribed period

        (3) The institution shall ensure that an adjusted limit takes effect within the prescribed period.

    • Notice

      • 627.133 (1) An institution shall, without delay and by electronic means, notify a natural person in whose name a personal deposit account in Canada is kept if

        • (a) an account capability referred to in subsection 627.131(1) is activated;

        • (b) an account capability referred to in subsection 627.131(2) is deactivated; or

        • (c) a limit referred to in subsection 627.132(1) is adjusted.

      • Exception

        (2) Subsection (1) does not apply if the natural person has opted out, in writing, of receiving the notice or does not provide the institution with the contact information required to receive it.

    • Consumer-targeted fraud

      • 627.134 (1) An institution shall establish and adhere to policies and procedures to detect and prevent consumer-targeted fraud and to mitigate its impacts.

      • Contents

        (2) The policies and procedures shall, together, set out

        • (a) the criteria that the institution uses to decide whether a transaction is suspicious;

        • (b) the criteria that the institution uses to decide whether to suspend or cancel, or take other measures in relation to, a suspicious transaction;

        • (c) how the institution communicates a decision referred to in paragraph (b) to persons affected by a suspension, cancellation or other measure;

        • (d) the criteria that the institution uses to decide whether a natural person is a victim of consumer-targeted fraud and, if so, whether a remedy is available to them;

        • (e) the criteria that the institution uses to decide what types of remedies are available to a natural person who is a victim of consumer-targeted fraud;

        • (f) how the institution communicates a decision referred to in paragraph (e) to a natural person who is a victim of consumer-targeted fraud; and

        • (g) any prescribed criteria.

      • Training

        (3) The institution shall provide its employees, representatives, agents or mandataries and other intermediaries who deal with customers who are in Canada with initial and recurrent training on the detection and prevention of consumer-targeted fraud and on the institution’s policies and procedures.

      • Annual report — institution

        (4) The institution shall, in accordance with the regulations, prepare an annual report on consumer-targeted fraud in Canada and provide it to the Commissioner.

    • Annual report — Commissioner

      • 627.135 (1) The Commissioner shall, in accordance with the regulations, prepare an annual report on the reports provided under subsection 627.134(4) and provide it to the Minister.

      • Confidentiality

        (2) Any information in a report referred to in subsection 627.134(4) that could reasonably be expected to reveal the identity of an institution or of a victim of consumer-targeted fraud is confidential and shall be treated accordingly.

• — 2026, c. 3, s. 335

  • 335 Section 627.998 of the Act is amended by striking out “and” at the end of paragraph (n) and by adding the following after paragraph (o):

    • (p) prescribing account capabilities for the purposes of subsection 627.131(1) or (2);

    • (q) respecting the manner in which express consent is to be obtained for the purposes of subsection 627.131(1);

    • (r) prescribing limits for the purposes of subsection 627.132(1);

    • (s) prescribing periods for the purposes of subsection 627.132(3);

    • (t) prescribing criteria that are to be set out in the policies and procedures referred to in subsection 627.134(2);

    • (u) respecting the reports that are to be prepared under subsection 627.134(4), including their contents and the time limit for providing them to the Commissioner; and

    • (v) respecting the reports that are to be prepared under subsection 627.135(1), including their contents and the time limit for providing them to the Minister.

• — 2026, c. 3, s. 345

  • 345 The Act is amended by adding the following after section 227:

    • Simplified amalgamation into federal credit union

      • 227.1 (1) A federal credit union may, without complying with sections 224 to 226, amalgamate with one or more local cooperative credit societies that have applied, under subsection 33(3), to be continued as a federal credit union if

        • (a) the total assets of the local cooperative credit societies do not exceed 25% of the assets of the federal credit union;

        • (b) the amalgamation is approved by a resolution of the directors of the federal credit union and by separate special resolutions of the members and shareholders, if any, of each local cooperative credit society;

        • (c) the resolutions provide that

          • (i) the by-laws of the resulting federal credit union, including any by-laws respecting shares, will be the same as those of the federal credit union before the amalgamation, and

          • (ii) the head office of the resulting federal credit union will be in the same province as the head office of the federal credit union before the amalgamation;

        • (d) the amalgamation does not add, change or remove any rights or privileges of any members or shareholders of the federal credit union prior to amalgamation; and

        • (e) a request has not been made under subsection (3).

      • Disclosure

        (2) The federal credit union must, in accordance with the regulations, disclose to all its members

        • (a) that the federal credit union has entered into an amalgamation agreement and identify the local cooperative credit societies that are parties to that agreement;

        • (b) that the amalgamation is subject to this section;

        • (c) that the amalgamation is subject to the approval of

          • (i) the members and shareholders, if any, if a request is made under subsection (3),

          • (ii) the members and shareholders, if any, of each local cooperative credit society,

          • (iii) the Minister, and

          • (iv) the applicable provincial regulatory authorities; and

        • (d) any other prescribed information.

      • Members’ approval

        (3) The amalgamation is not required to be approved by the members of the federal credit union or its shareholders, if any, unless a request that a meeting be held to vote on the amalgamation is made, within the prescribed time, by at least two members entitled to vote at such a meeting, or at least one per cent of the total number of members entitled to vote at such a meeting, whichever is greater.

      • Procedure

        (4) A meeting requested under subsection (3) must be called as nearly as possible in the manner in which meetings are to be called under the by-laws and this Act.

      • Regulations — disclosure

        (5) The Governor in Council may make regulations respecting

        • (a) the timing, form and content of the disclosure to be provided to members under subsection (2); and

        • (b) the timing of a meeting request under subsection (3).

      • Definition of resulting federal credit union

        (6) In this section, resulting federal credit union means the federal credit union resulting from the issuance of letters patent under subsection 223(1.2).

• — 2026, c. 3, s. 346

  • 346 Subsection 228(1) of the Act is replaced by the following:

    • Joint application to Minister

      • 228 (1) Subject to subsection (2), unless an amalgamation agreement is terminated in accordance with subsection 226(5), the applicants must, within three months after the approval of the agreement in accordance with subsection 226(4), the approval of the directors in accordance with subsection 227(1) or (2) or the latest of the approvals referred to in paragraph 227.1(1)(b), jointly apply to the Minister for letters patent of amalgamation continuing the applicants as one bank.

• — 2026, c. 3, s. 347

  • 347 The Act is amended by adding the following after section 236:

    • Asset purchase by federal credit union

      • 236.1 (1) A federal credit union may acquire all or substantially all of the assets of a local cooperative credit society only if the federal credit union also assumes all or substantially all of the liabilities of the local cooperative credit society.

      • Purchase agreement

        (2) An agreement of purchase and sale (referred to in this section as a “purchase agreement”) must set out the terms of, and the means of effecting, the acquisition of assets referred to in subsection (1).

      • Consideration

        (3) Despite anything in this Act, the consideration for the acquisition of assets referred to in subsection (1) may be cash or fully paid securities of the federal credit union or in part cash and in part fully paid securities of the federal credit union or any other consideration that is provided for in the purchase agreement.

      • Agreement to Superintendent

        (4) A purchase agreement must be sent to the Superintendent before it is submitted to the members or shareholders, as applicable, of the local cooperative credit society for their approval under the laws of the relevant province.

      • Application to Minister

        (5) An application for the Minister’s approval of a purchase agreement must be filed with the Superintendent by the federal credit union or the local cooperative credit society and must contain the information, material and evidence that the Superintendent may require.

      • Receipt

        (6) If the Superintendent is of the opinion that the application includes all the required information, material and evidence, the Superintendent must certify receipt of the application.

      • Approval by Minister

        (7) The Minister may approve a purchase agreement if the Minister is of the opinion that

        • (a) the local cooperative credit society has complied with the applicable requirements set out in regulations made under subsection (12);

        • (b) the purchase agreement has been approved by separate special resolutions of the members and shareholders, if any, of the local cooperative credit society; and

        • (c) the local cooperative credit society has obtained all of the approvals required for the sale under the laws of the relevant province.

      • Minister’s decision

        (8) The Minister must make a decision in respect of the application within 45 days of the day on which the Superintendent certifies receipt of it, but the Minister may extend this period for an additional 45 days if the Minister considers it appropriate to do so.

      • Effect of approval by Minister

        (9) A purchase agreement has no force or effect until it has been approved by the Minister.

      • Transitional relief

        (10) The Minister may, by order, grant to the federal credit union the transitional relief set out under section 39.011 or 231, subject to the same conditions set out in those sections.

      • Additional directors

        (11) When a federal credit union enters into a purchase agreement with a local cooperative credit society, the federal credit union may appoint one or more directors of the local cooperative credit society to serve as additional directors for a term expiring not later than the close of the federal credit union’s next annual meeting.

      • Regulations

        (12) The Governor in Council may make regulations respecting notice and disclosure requirements in respect of a purchase agreement under this section, including regulations that authorize the Minister to grant exemptions from those requirements.

• — 2026, c. 3, s. 350

  • 350 Paragraph 482(2)(g) of the Act is replaced by the following:

    • (g) assets purchased or sold under a sale agreement that is approved by the Minister under section 236 or a purchase agreement that is approved by the Minister under section 236.1;