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Office of the Superintendent of Financial Institutions Act (R.S.C., 1985, c. 18 (3rd Supp.), Part I)

Act current to 2020-09-09 and last amended on 2018-12-13. Previous Versions

Powers, Duties and Functions of the Superintendent

Marginal note:Duties, powers and functions of the Superintendent

  •  (1) The Superintendent has the powers, duties and functions assigned to the Superintendent by the Acts referred to in the schedule to this Part and shall examine into and report to the Minister from time to time on all matters connected with the administration of the provisions of those Acts except those that are consumer provisions as defined in section 2 of the Financial Consumer Agency of Canada Act.

  • Marginal note:Securities activities

    (2) Where, pursuant to the Act that applies to it, a financial institution or any of its officers or employees engages in

    • (a) underwriting securities,

    • (b) trading in securities, or

    • (c) providing advisory or management services in respect of securities,

    the Superintendent shall examine and inquire into the carrying out of those activities, and report to the Minister from time to time on all matters connected therewith.

  • Marginal note:Superintendent to administer regulations

    (3) The Superintendent is responsible for the administration of such regulations as the Governor in Council may make respecting the carrying out of the activities referred to in subsection (2) by financial institutions and their officers and employees, and every financial institution and every officer and employee thereof that carries out any such activity shall do so subject to those regulations.

  • Marginal note:Regulation may provide for discretion

    (4) A regulation made pursuant to subsection (3) may provide that the Superintendent may, by order, determine such matters or exercise such discretion as the regulation may specify in relation to the carrying out of the activities referred to in subsection (2) by a financial institution or any of its officers and employees.

  • Marginal note:Interpretation

    (5) For the purposes of subsection (2), the Act that applies to a financial institution is the Act set out in respect thereof in the definition “financial institution” in section 3.

  • R.S., 1985, c. 18 (3rd Supp.), s. 6
  • 1997, c. 15, s. 334
  • 2001, c. 9, s. 467

Marginal note:Duties and functions generally

  •  (1) The Superintendent shall engage exclusively in the duties and functions of the Superintendent under section 6 and the duties and functions of the Superintendent as the deputy head of the Office.

  • Marginal note:Other duties

    (2) Notwithstanding subsection (1), the Superintendent may hold any other office under Her Majesty or perform any other duties for Her Majesty, but not for reward.

  • R.S., 1985, c. 18 (3rd Supp.), s. 7
  • 1997, c. 15, s. 335

Agreements

Marginal note:Agreements with provinces

  •  (1) The Minister may, with the approval of the Governor in Council, enter into agreements with the appropriate authority of a province

    • (a) with respect to the administration, application and enforcement of provincial legislation in respect of trust, loan or insurance companies incorporated or regulated by or under an Act of the legislature of the province;

    • (b) in order to authorize the Superintendent to exercise or perform the powers, duties and functions on behalf of the appropriate authority of the province, that the Minister may determine, in respect of trust, loan or insurance companies incorporated or regulated by or under an Act of the legislature of the province; and

    • (c) in order to

      • (i) make applicable the Trust and Loan Companies Act, the Insurance Companies Act or this Act, or any provisions of these Acts, and the regulations made under any of these Acts, with the modifications that the Minister considers necessary, in respect of trust, loan or insurance companies that are incorporated or regulated by or under an Act of the legislature of the province, and

      • (ii) limit the application of provincial legislation in respect of trust, loan or insurance companies that are incorporated or regulated by an Act of the legislature of the province.

  • Marginal note:Notice of agreement

    (2) The Minister shall cause a notice of every agreement entered into under subsection (1) to be published in the Canada Gazette.

  • 1999, c. 28, s. 128

Deputy Superintendents

Marginal note:Appointment of Deputy Superintendents

 The Superintendent may appoint one or more officers each to be called a Deputy Superintendent of Financial Institutions.

  • R.S., 1985, c. 18 (3rd Supp.), s. 8
  • 1996, c. 6, s. 107

Marginal note:Deputy Superintendent to act under Superintendent

 Every Deputy Superintendent shall act under the instructions of the Superintendent.

Exercise of Powers, Duties and Functions

Marginal note:Exercise by personnel

 Except as otherwise provided by the Superintendent and subject to any terms and conditions that may be specified by the Superintendent, a person who is an officer or employee of the Office may exercise any of the powers and perform any of the duties and functions of the Superintendent under this Act if the person is appointed to serve in the Office in a capacity appropriate to the exercise of the power or performance of the duty or function.

  • R.S., 1985, c. 18 (3rd Supp.), s. 10
  • 1997, c. 15, s. 336
  • 2001, c. 9, s. 468

Staff of the Office

Marginal note:Officers, etc.

 Such employees as are necessary to enable the Superintendent to perform the duties of the Superintendent shall be appointed in accordance with the Public Service Employment Act.

Marginal note:Continuity of employment

 Every person who was an employee of the Department of Insurance or the office of the Inspector General of Banks immediately prior to the coming into force of this Part becomes an employee of the Office and is deemed to have been appointed pursuant to section 11.

Marginal note:Responsibility for human resources management

 In respect of persons appointed under section 11, the Superintendent is authorized to exercise the powers and perform the functions of the Treasury Board that relate to human resources management within the meaning of paragraphs 7(1)(b) and (e) and section 11.1 of the Financial Administration Act, and those of deputy heads under subsection 12(2) of that Act, as that subsection reads without regard to any terms and conditions that the Governor in Council may direct, including the determination of terms and conditions of employment and the responsibility for employer and employee relations.

  • R.S., 1985, c. 18 (3rd Supp.), s. 13
  • 2003, c. 22, s. 177

Marginal note:Collective agreements

 Any collective agreement affecting employees of the Department of Insurance or the office of the Inspector General of Banks that was entered into before the coming into force of this Act remains in force and binds the Superintendent as employer of those persons until the expiration of that agreement.

Marginal note:Classification standards

 Classification standards may be prepared by the Superintendent for positions to which persons are appointed under section 11.

Financial

Marginal note:Appropriation

 Subject to section 17, all expenses incurred in the administration of this Part shall be paid out of moneys appropriated by Parliament for the purpose.

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

  •  (1) The Minister may make expenditures out of the Consolidated Revenue Fund to defray the expenses arising out of the operations of the Office.

  • Marginal note:Authority to spend assessments and revenues

    (2) The Minister may spend, for the purpose mentioned in subsection (1), any assessment and interim assessment received under section 23 or 23.1 and any other revenue arising out of the operations of the Office.

  • Marginal note:Excess expenditures

    (3) The aggregate of expenditures made under subsection (1) shall not at any time exceed by more than $40,000,000, or such other amount as may be specified in an appropriation Act, the total of the assessments and revenues referred to in subsection (2).

  • Marginal note:Treasury Board approval

    (4) No expenditure may be made under subsection (1) without the approval of the Treasury Board if the aggregate of the expenditures actually made under that subsection at any time exceeds the aggregate of

    • (a) all assessments and revenues referred to in subsection (2), and

    • (b) moneys appropriated by Parliament pursuant to section 16.

  • R.S., 1985, c. 18 (3rd Supp.), s. 17
  • 1997, c. 15, s. 337
 
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