Bank Act (S.C. 1991, c. 46)

Orders and Directives

Marginal note:Not statutory instruments

974 An instrument issued or made under this Act and directed to a single bank, bank holding company, authorized foreign bank or person, other than a regulation made under paragraph 627.998(o) or an order referred to in section 499, is not a statutory instrument for the purposes of the Statutory Instruments Act.

Marginal note:Form

975 The Superintendent may, by order, establish the form of any application to be made to the Minister or the Superintendent under this Act.

Applications to Superintendent

Marginal note:Content of applications

• 976 (1) The following applications to the Superintendent must contain the information, material and evidence that the Superintendent may require:

  • (a) applications for approval under subsection 65(1), 72(2), 75(4), 79(5), 79.1(2), 80(1), 170(1), 192.03(6), 217(3), 421(1), 468(6) or (11), 471(1) or (2) or 482(1), subparagraph 487(2)(a)(vi), section 490 or subsection 494(3) or (4), 495.3(1), 553.1(1), 709(1), 716(2), 718(4), 723(1), 758(1), 924(1), 930(6) or (11), 933(1) or 944(1);

  • (b) applications for consent under subsection 71(1) or 715(1);

  • (c) applications for exemptions under subsection 156.05(3); and

  • (d) applications for extensions of time under subsection 471(3) or (5), 472(4), 473(4), 933(2) or (4), 934(3) or 935(3).

• Marginal note:Receipt

  (2) Without delay after receiving the application, the Superintendent shall send a receipt to the applicant certifying the date on which it was received.

• Marginal note:Notice of decision to applicant

  (3) Subject to subsection (4), the Superintendent shall, within a period of thirty days after the receipt of the application, send to the applicant

  • (a) a notice approving the application, subject to any terms and conditions that the Superintendent considers appropriate; or

  • (b) if the Superintendent is not satisfied that it should be approved, a notice to that effect.

• Marginal note:Extension of period

  (4) If the Superintendent is unable to complete the consideration of the application within the period referred to in subsection (3), the Superintendent shall, within that period, send a notice to the applicant informing the applicant that the Superintendent has extended the period for a further period set out in the notice.

• Marginal note:Deemed approval

  (5) If the applicant does not receive the notice required by subsection (3) and, where applicable, subsection (4), within the required period, the Superintendent is deemed to have approved the application and granted the approval, consent, extension or exemption to which the application relates, regardless of whether the approval, consent, extension or exemption is to be in writing or not.

Applications for Certain Approvals

Marginal note:Application for certain approvals

• 976.1 (1) An application for the prior written approval of the Minister in respect of any of the following provisions must be filed with the Superintendent and contain the information, material and evidence that the Superintendent may require:

  • (a) paragraphs 410(1)(c) and (c.1);

  • (b) paragraphs 468(5)(b.1), (c), (d) and (d.1);

  • (c) paragraphs 522.22(1)(c), (d) and (d.1);

  • (d) paragraphs 539(1)(b.1) and (b.2); and

  • (e) paragraphs 930(5)(b.1), (c), (d) and (d.1).

• Marginal note:Certification of receipt of application

  (2) If, in the opinion of the Superintendent, the application contains all the required information, the Superintendent must refer it to the Minister, together with his or her analysis in relation to the application, and send a receipt to the applicant certifying the date on which the application was referred to the Minister.

• Marginal note:Incomplete application

  (3) If, in the opinion of the Superintendent, the application is incomplete, the Superintendent must send a notice to the applicant specifying the information required by the Superintendent to complete it.

• Marginal note:Notice of decision

  (4) Subject to subsection (5), the Minister must, within 30 days after the certified date referred to in subsection (2), send to the applicant

  • (a) a notice approving the application; or

  • (b) if the Minister is not satisfied that the application should be approved, a notice to that effect.

• Marginal note:Extension of period

  (5) If the Minister is unable to complete the consideration of an application within the 30-day period, the Minister must, within that period, send a notice to the applicant informing the applicant that the Minister has extended the period for a further period set out in the notice.

• Marginal note:Deemed approval

  (6) If the Minister does not send the notice referred to in subsection (4) or, where applicable, subsection (5), within the required period, the Minister is deemed to have approved the application.

Appeals

Marginal note:Appeal to Federal Court

• 977 (1) An appeal lies to the Federal Court from any direction of the Minister made under subsection 401.2(7), 402(1), 402.2(1), 913(7) or 915(1).

• Marginal note:Powers

  (2) The Federal Court may, in an appeal under subsection (1),

  • (a) dismiss the appeal;

  • (b) set aside the direction or decision; or

  • (c) set aside the direction or decision and refer the matter back for re-determination.

• Marginal note:Certificate

  (3) For the purposes of an appeal under subsection (1), the Minister shall, at the request of the bank, bank holding company or person making the appeal, provide the bank, bank holding company or person with a certificate in writing setting out the direction or decision appealed from and the reasons why the direction or decision was made.

Regulations

Marginal note:Power to make regulations

• 978 (1) The Governor in Council may make regulations

  • (a) prescribing anything that is required or authorized by this Act to be prescribed;

  • (b) prescribing the way in which anything that is required or authorized by this Act to be prescribed is to be determined;

  • (c) respecting, for any purpose of any provision of the Act, the determination of the equity of a bank or a bank holding company;

  • (d) defining words and expressions to be defined for the purposes of this Act;

  • (e) requiring the payment of a fee in respect of the filing, examining or issuing of any document or in respect of any action that the Superintendent is required or authorized to take under this Act, and fixing the amount of the fee or the manner of determining its amount;

  • (f) respecting the regulatory capital and total assets of a bank or a bank holding company;

  • (g) respecting the retention, in Canada, of assets of a bank or a bank holding company;

  • (h) respecting the value of assets of a bank or a bank holding company to be held in Canada and the manner in which those assets are to be held;

  • (i) respecting the protection and maintenance of assets of a bank or a bank holding company, including regulations respecting the bonding of directors, officers and employees of a bank or a bank holding company;

  • (j) respecting the holding of shares, membership shares and ownership interests for the purposes of sections 70, 74 and 714;

  • (k) respecting information, in addition to the information required by section 634 or 953, to be maintained in the register referred to in that section; and

  • (l) generally for carrying out the purposes and provisions of this Act.

• Marginal note:Incorporation by reference

  (2) The regulations may incorporate any material by reference regardless of its source and either as it exists on a particular date or as amended from time to time.

• Marginal note:Incorporated material is not a regulation

  (3) Material does not become a regulation for the purposes of the Statutory Instruments Act because it is incorporated by reference.

Delegation

Marginal note:Delegation

979 The Minister may delegate any of the Minister’s powers, duties and functions under this Act to any Minister of State appointed under the Ministries and Ministers of State Act to assist the Minister.

PART XVI.1Whistleblowing

Marginal note:Definition of wrongdoing

979.1 In this Part, wrongdoing includes a contravention of

• (a) any provision of this Act or the regulations;

• (b) a voluntary code of conduct that a bank or authorized foreign bank has adopted or a public commitment that it has made; and

• (c) a policy or procedure established by a bank or authorized foreign bank.

Marginal note:Whistleblowing

• 979.2 (1) Any employee of a bank or authorized foreign bank who has reasonable grounds to believe that the bank, authorized foreign bank or any person has committed or intends to commit a wrongdoing may report the particulars of the matter to the bank or authorized foreign bank or to the Commissioner, the Superintendent, a government agency or body that regulates or supervises financial institutions or a law enforcement agency.

• Marginal note:Confidentiality

  (2) The bank, authorized foreign bank, Commissioner, Superintendent, government agency or body or law enforcement agency shall keep confidential the identity of the employee and any information that could reasonably be expected to reveal their identity.

• Marginal note:Exception — bank or authorized foreign bank

  (3) Despite subsection (2), the bank or authorized foreign bank may disclose the identity of the employee and information that could reasonably be expected to reveal their identity to the Commissioner, Superintendent, government agency or body or law enforcement agency if the Commissioner, Superintendent, government agency or body or law enforcement agency considers the disclosure necessary for purposes related to an investigation.

• Marginal note:Exception — Commissioner, Superintendent, agency and body

  (4) Despite subsection (2), the Commissioner, Superintendent, government agency or body or law enforcement agency may disclose to each other the identity of the employee and information that could reasonably be expected to reveal their identity for purposes related to an investigation.

• Marginal note:Informing of disclosure

  (5) If the bank, authorized foreign bank, Commissioner, Superintendent, government agency or body or law enforcement agency has disclosed, under subsection (3) or (4), the identity of the employee or any information that could reasonably be expected to reveal their identity, the bank, authorized foreign bank, Commissioner, Superintendent, government agency or body or law enforcement agency shall make every reasonable effort to inform the employee of the disclosure.

Marginal note:Procedures — wrongdoing

979.3 A bank or authorized foreign bank shall establish and implement procedures for dealing with matters the particulars of which have been reported to it by employees under subsection 979.2(1).