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Canada Deposit Insurance Corporation Act (R.S.C., 1985, c. C-3)

Act current to 2019-06-20 and last amended on 2019-05-10. Previous Versions

No Liability (continued)

Marginal note:Foreign relief — no recognition or enforcement

  •  (1) Except with the consent of the Attorney General of Canada, no judgment, order or other relief given in a proceeding outside Canada in respect of an order made under subsection 39.13(1) shall be recognized or enforceable in any manner in Canada.

  • Marginal note:No proceedings

    (2) Except with the consent of the Attorney General of Canada, no proceedings shall be commenced in any court in Canada in respect of the judgment, order or other relief given outside Canada.

  • 2016, c. 7, s. 149

Confidentiality

Marginal note:Confidentiality

  •  (1) All information regarding the affairs of a federal institution, provincial institution or local cooperative credit society, or of any person dealing with one, that is obtained or produced by or for the Corporation is confidential and shall be treated accordingly.

  • Marginal note:Information from the Superintendent

    (2) The Corporation may, if it is satisfied that the information will be treated as confidential by the recipient and after consultation with the Superintendent, disclose any information obtained from the Superintendent regarding the affairs of a federal member institution

    • (a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision;

    • (b) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision; or

    • (c) to any deposit insurer or any compensation association for purposes related to its operation.

  • R.S., 1985, c. 18 (3rd Supp.), s. 68
  • 1996, c. 6, s. 43
  • 2001, c. 9, s. 214
  • 2010, c. 12, s. 2104
  • 2012, c. 5, ss. 203, 223

Marginal note:Disclosures prohibited

  •  (1) Subject to subsection 12(1) of the Privacy Act, any information with respect to the affairs of a federal member institution in respect of which an order is made under paragraph 39.13(1)(a) or (b), a bridge institution, a subsidiary of either of those institutions or any person dealing with such an institution or subsidiary is confidential, shall be treated accordingly and shall not be disclosed.

  • Marginal note:Duration of prohibition

    (2) The prohibition applies only during the period set out in subsection 45.11(3).

  • Marginal note:Exception — entity or person

    (3) The prohibition does not apply if the information is disclosed

    • (a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision;

    • (b) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision;

    • (c) to the Financial Transactions and Reports Analysis Centre of Canada established by section 41 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, for the purpose of complying with that Act;

    • (d) to the Corporation for the purposes of fulfilling its functions under this Act or as a shareholder of the federal member institution or the bridge institution;

    • (e) to the Minister of Finance, the Deputy Minister of Finance or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance;

    • (f) to the Governor of the Bank of Canada or any officer of the Bank of Canada authorized in writing by the Governor of the Bank of Canada, for the purposes of policy analysis related to the regulation of financial institutions;

    • (g) to the Canada Revenue Agency solely for the purpose of the Income Tax Act or the Excise Tax Act; or

    • (h) to any other entity or person that is prescribed by regulation, in any circumstance or condition prescribed by regulation.

  • Marginal note:Other exceptions

    (4) The prohibition does not apply if the information is disclosed

    • (a) in the normal conduct of the business of the federal member institution, the bridge institution or a subsidiary of either of those institutions;

    • (b) for the purposes of selling the shares or assets of the federal member institution, the bridge institution or a subsidiary of either of those institutions;

    • (c) for the purpose of any legal proceedings;

    • (d) for the purpose of preparing the Corporation’s annual report and its corporate plan or if the information is disclosed in those documents;

    • (e) in any circumstance that is prescribed by regulation; or

    • (f) in any other circumstance that the board of directors of the federal member institution, the bridge institution or a subsidiary of either of those institutions considers necessary.

  • Marginal note:Regulations

    (5) The Governor in Council may make regulations

    • (a) specifying the circumstances in which the prohibition does not apply; or

    • (b) specifying, for the purpose of paragraph (3)(h), the entity to which or person to whom information may be disclosed and the circumstances and conditions under which the information may be disclosed to that entity or person.

  • 2009, c. 2, s. 253
  • 2016, c. 7, s. 150

Winding-up

Marginal note:Insolvency and winding-up

 No statute relating to the insolvency or winding-up of any corporation applies to the Corporation and in no case shall the affairs of the Corporation be wound up unless Parliament so provides.

  • R.S., 1985, c. C-3, s. 46
  • 2007, c. 6, s. 420(E)

Enforcement Provisions

Marginal note:False statements

 A person is guilty of an offence if the person prepares, signs, approves or concurs in any account, statement, return, report or other document required to be submitted to the Corporation under the provisions of this Act, the regulations or the by-laws or under an application to become a member institution or a policy of deposit insurance that

  • (a) contains any false or deceptive information; or

  • (b) fails to present fairly information required to be submitted to the Corporation.

  • R.S., 1985, c. C-3, s. 47
  • 1996, c. 6, s. 45
  • 2001, c. 9, s. 215
  • 2016, c. 7, s. 151

Marginal note:Failure to make report known

 A person who, being a chief executive officer or chairperson of the board of directors of a member institution, fails or neglects to present, as required by section 30, a report of the Corporation made under that section is guilty of an offence and, if the directors fail or neglect to incorporate that report in the minutes of a meeting of the directors as required by that section, each director present at that meeting who directed, authorized, assented to, acquiesced in or participated in the failure or neglect, is guilty of an offence.

  • R.S., 1985, c. C-3, s. 48
  • R.S., 1985, c. 18 (3rd Supp.), s. 69
  • 1996, c. 6, s. 45

Marginal note:Failure to provide information, etc.

 A member institution is guilty of an offence if it fails or neglects

  • (a) within the time limited for so doing, to provide the Corporation with any account, statement, return, report or other document respecting the affairs of the member institution that is required to be submitted to the Corporation under the provisions of this Act, the regulations or the by-laws or under the policy of deposit insurance of the member institution; or

  • (b) to respond, within a reasonable time, to a request for information or explanations respecting the member institution made by or on behalf of the Corporation under the provisions of this Act, the regulations or the by-laws or under the policy of deposit insurance of the member institution.

  • R.S., 1985, c. C-3, s. 49
  • 1996, c. 6, s. 45
  • 2016, c. 7, s. 152

Marginal note:General offence

 A member institution or other person is guilty of an offence if they, without reasonable cause, contravene a provision of this Act, other than section 47, 48 or 49, or a provision of the regulations or the by-laws.

  • R.S., 1985, c. C-3, s. 50
  • R.S., 1985, c. 18 (3rd Supp.), s. 70
  • 1996, c. 6, s. 45
  • 2016, c. 7, s. 153
 
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