Office of the Superintendent of Financial Institutions Act

Marginal note:Time limit

• 37 (1) No proceedings in respect of a violation may be commenced later than six months after the subject-matter of the proceedings became known to the Superintendent, in the case of a minor violation, or two years after the subject-matter of the proceedings became known to the Superintendent, in the case of a serious violation or a very serious violation.

• Marginal note:Certificate of Superintendent

  (2) A document appearing to have been issued by the Superintendent, certifying the day on which the subject-matter of any proceedings became known to the Superintendent, is admissible in evidence without proof of the signature or official character of the person appearing to have signed it and is, in the absence of evidence to the contrary, proof of the matter asserted in it.

• Marginal note:No use of privileged information

  (3) The Superintendent shall not use privileged information as evidence in a proceeding in respect of a violation if the privileged information was disclosed to the Superintendent by

  • (a) a financial institution, bank holding company or insurance holding company; or

  • (b) a person who controls, or an entity that is affiliated with, an entity referred to in paragraph (a).

• Marginal note:Definition of privileged information

  (4) In subsection (3), privileged information means information that is subject to a privilege under the law of evidence, solicitor-client privilege or the professional secrecy of advocates and notaries or to litigation privilege.