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Financial Consumer Agency of Canada Act (S.C. 2001, c. 9)

Act current to 2019-08-28 and last amended on 2019-04-10. Previous Versions

Staff of Agency (continued)

Marginal note:Official Languages Act

 For greater certainty, the Official Languages Act applies to the Agency.

Appropriation

Marginal note:Expenditures out of C.R.F.

  •  (1) Subject to subsection (2), the Minister may, in any fiscal year on terms and conditions — including the rate of interest, if any — that are determined by the Minister, advance amounts out of the Consolidated Revenue Fund to the Agency to permit it to defray its costs of operation.

  • Marginal note:Spending authority

    (2) In carrying out its responsibilities, the Agency may spend assessments and other revenues received through the conduct of its operations in the fiscal year in which they are received or, unless an appropriation Act provides otherwise, in the next fiscal year. The amount of those assessments or other revenues shall be paid out of the Consolidated Revenue Fund.

  • Marginal note:Payment for activity

    (3) If the Agency carries on any activity in furtherance of an object described in paragraph 3(2)(d), (e) or (g) on the Minister’s recommendation, the Minister may on terms and conditions approved by the Treasury Board, in any fiscal year, make a payment out of the Consolidated Revenue Fund to the Agency for the purposes of the activity.

  • 2001, c. 9, s. 13
  • 2007, c. 29, s. 154
  • 2013, c. 1, s. 11

Conflict of Interest

Marginal note:Ownership

  •  (1) No Commissioner, person appointed under subsection 4(4) or Deputy Commissioner shall beneficially own, directly or indirectly, any shares of any financial institution, bank holding company, insurance holding company, external complaints body or of any other body corporate, however created, carrying on any business in Canada that is substantially similar to any business carried on by any financial institution or external complaints body.

  • Marginal note:Prohibitions — federal credit union

    (2) No Commissioner, person appointed under subsection 4(4) or Deputy Commissioner shall

    • (a) directly or indirectly hold any interest or right in membership shares of a federal credit union, within the meaning of section 2 of the Bank Act, in excess of the minimum number of membership shares of the federal credit union that is required for membership; or

    • (b) exercise any right he or she has as a member of such a federal credit union, except any right that he or she has as a customer of the federal credit union.

  • 2001, c. 9, s. 14
  • 2010, c. 12, s. 2116, c. 25, ss. 158, 164

Marginal note:Ownership — payment card network operators

 The Commissioner, a person appointed under subsection 4(4) or a Deputy Commissioner shall not hold, directly or indirectly, any interest or right in any shares of a payment card network operator.

  • 2010, c. 12, s. 1839

 [Repealed, 2013, c. 40, s. 166]

Marginal note:No grant or gratuity to be made

  •  (1) The Commissioner, a person appointed under subsection 4(4), a Deputy Commissioner and any person appointed under section 10 shall not accept or receive, directly or indirectly, any grant or gratuity from a financial institution, bank holding company, insurance holding company, external complaints body, or from a director, officer or employee of any of them, and no such financial institution, bank holding company, insurance holding company, external complaints body, director, officer or employee shall make or give any such grant or gratuity.

  • Marginal note:No grant or gratuity — payment card network operators

    (1.1) The Commissioner, a person appointed under subsection 4(4), a Deputy Commissioner and any person appointed under section 10 shall not accept or receive, directly or indirectly, any grant or gratuity from a payment card network operator, or any of its directors, officers or employees, and no payment card network operator, or any of its directors, officers or employees shall make or give any such grant or gratuity.

  • Marginal note:Offence and punishment

    (2) Every person, financial institution, bank holding company, insurance holding company or payment card network operator that contravenes subsection (1) or (1.1) is guilty of an offence and liable

    • (a) on summary conviction, to a fine of not more than $2000 or to imprisonment for a term of not more than six months or to both; or

    • (b) on conviction on indictment, to a fine of not more than $10,000 or to imprisonment for a term of not more than five years or to both.

  • 2001, c. 9, s. 16
  • 2010, c. 12, s. 1840, c. 25, s. 159

Confidentiality

Marginal note:Confidential information

  •  (1) Subject to subsection (2) and except as otherwise provided in this Act, information regarding the business or affairs of a financial institution or external complaints body or regarding persons dealing with one that is obtained by the Commissioner or by any person acting under the Commissioner’s direction, in the course of the exercise or performance of powers, duties and functions referred to in subsections 5(1) and (2) and 5.1(2), and any information prepared from that information, is confidential and shall be treated accordingly.

  • Marginal note:Disclosure permitted

    (2) If the Commissioner is satisfied that the information will be treated as confidential by the agency, body or person to whom it is disclosed, subsection (1) does not prevent the Commissioner from disclosing it

    • (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 Canada Deposit Insurance Corporation or any compensation association designated by order of the Minister pursuant to subsection 449(1) or 591(1) of the Insurance Companies Act, for purposes related to its operation; and

    • (d) to the Deputy Minister of Finance or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance or 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.

  • Marginal note:Confidential information — payment card network operators

    (3) Subject to subsection (4) and except as otherwise provided in this Act, information regarding the business or affairs of a payment card network operator, or regarding persons dealing with one, that is obtained by the Commissioner or by a person acting under the direction of the Commissioner, in the course of the exercise or performance of powers, duties and functions under subsection 5(1.1) or (2.1), and any information prepared from that information, is confidential and shall be treated accordingly.

  • Marginal note:Disclosure permitted

    (4) If the Commissioner is satisfied that the information will be treated as confidential by the person to whom it is disclosed, the Commissioner may disclose it to the Deputy Minister of Finance, or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance, for the purpose of policy analysis related to the regulation of payment card network operators.

  • 2001, c. 9, s. 17
  • 2010, c. 12, ss. 1841, 1854, c. 25, s. 160
  • 2012, c. 5, ss. 218(F), 224(F)

Assessments

Marginal note:Commissioner to ascertain expenses

  •  (1) The Commissioner shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year for or in connection with the administration of this Act and the consumer provisions — excluding the expenses incurred in connection with the objects described in subsection 3(3) — and the amounts of any prescribed categories of those expenses in relation to any prescribed group of financial institutions and external complaints bodies.

  • Marginal note:Commissioner to ascertain expenses — direction

    (1.1) After the publication of a notice under subsection 5.1(5), the Commissioner shall ascertain the amount of expenses that the Agency incurred in complying with the direction.

  • Marginal note:Amount conclusive

    (2) The amounts ascertained under subsections (1) and (1.1) are final and conclusive for the purposes of this section.

  • Marginal note:Assessment

    (3) As soon as possible after ascertaining the amounts under subsections (1) and (1.1), the Commissioner shall assess a portion of the total amount of expenses against each financial institution and external complaints body to the extent and in the manner that the Governor in Council may, by regulation, prescribe.

  • Marginal note:Exception

    (3.1) No assessment is to be made in respect of

    • (a) a company to which the Insurance Companies Act applies that was exempt from the application of paragraphs 165(2)(f) and (g) and sections 479 to 489.2 of that Act during the entire fiscal year to which the assessment relates; or

    • (b) a foreign company to which that Act applies that was exempt from the application of sections 598 to 607.1 of that Act during the entire fiscal year to which the assessment relates.

  • Marginal note:Interim assessment

    (4) The Commissioner may, during each fiscal year, prepare an interim assessment against any financial institution or external complaints body.

  • Marginal note:Assessment for financial literacy

    (4.1) The Commissioner may, during a fiscal year, impose an assessment against any financial institution to cover some or all of the expenses related to initiatives to strengthen the financial literacy of Canadians.

  • Marginal note:Assessment is binding

    (5) Every assessment and interim assessment is final and conclusive and binding on the financial institution or external complaints body against which it is made.

  • Marginal note:Commissioner to ascertain expenses — payment card network operators

    (5.1) The Commissioner shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year in connection with the objects described in paragraphs 3(3)(a), (b) and (d).

  • Marginal note:Amount conclusive

    (5.2) The amount ascertained under subsection (5.1) is final and conclusive for the purposes of this section.

  • Marginal note:Assessment

    (5.3) As soon as possible after ascertaining the amount under subsection (5.1), the Commissioner shall assess a portion of the total amount of expenses against each payment card network operator to the extent and in the manner that may be prescribed.

  • Marginal note:Interim assessment

    (5.4) The Commissioner may, during each fiscal year, prepare an interim assessment against any payment card network operator.

  • Marginal note:Assessment is binding

    (5.5) Every assessment and interim assessment is final and conclusive and binding on the payment card network operator against which it is made.

  • Marginal note:Recovery

    (6) Every assessment and interim assessment constitutes a debt due to Her Majesty, is immediately payable and may be recovered as a debt in any court of competent jurisdiction.

  • Marginal note:Interest

    (7) Interest may be charged on the unpaid amount of an assessment or interim assessment at a rate equal to the rate prescribed under the Income Tax Act for amounts payable by the Minister of National Revenue as refunds of overpayments of tax under that Act in effect from time to time plus 2%.

  • 2001, c. 9, s. 18
  • 2007, c. 6, s. 435
  • 2010, c. 12, ss. 1842, 1855, c. 25, s. 161
  • 2013, c. 1, s. 12
 
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