Canada Deposit Insurance Corporation Act

Marginal note:Disclosures prohibited

• 45.3 (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, for the purpose of carrying out the Bank of Canada’s objects under the Retail Payment Activities Act or, in relation to any provisions of that Act that are not in force, for the purpose of planning to carry out those objects;

  • (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.