Stablecoin Act (S.C. 2026, c. 3, s. 600)

Marginal note:Data security policy

42 An issuer must, in accordance with the regulations, if any, establish, implement and maintain a data security policy that describes the measures that it has put in place to protect

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  (a) personal information, in a manner that is appropriate to the sensitivity of the information, against loss or theft or unauthorized access, disclosure, copying, use or modification;

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  (b) the data that the issuer collects, retains or reports under this Act against loss or theft or unauthorized access, disclosure, copying, use or modification; and

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  (c) any other data provided for in the regulations.

Marginal note:Recovery and resolution policy

43 An issuer must, in accordance with the regulations, if any, establish, implement and maintain a recovery and resolution policy that describes the measures that it has put in place to

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  (a) ensure an orderly resolution or winding down of the issuer’s activities in relation to the stablecoin that it issues, including with respect to the redemption of outstanding stablecoins and the protection of stablecoin holders’ claims to the reserve of assets; and

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  (b) address any other matter provided for in the regulations.

Marginal note:Policies available

44 An issuer must provide the Bank with the policies referred to in sections 40 to 43 and make them publicly available in accordance with the regulations, if any.

Marginal note:Information publicly available

45 An issuer must, in accordance with the regulations, if any, make any information that is provided for in the regulations publicly available.

Marginal note:Report

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  46 (1) An issuer must provide the Bank with a report that contains

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    (a) a statement from a certified accountant of

    • (i) the issuer’s financial condition,

    • (ii) the number of outstanding stablecoins,

    • (iii) the composition of the issuer’s reserve of assets and the fair market value of the assets in the reserve, and

    • (iv) whether, in the certified accountant’s opinion, the reserve of assets satisfies the requirements of subsections 37(1) and (3);

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    (b) a statement from a lawyer of whether, in the lawyer’s opinion, the issuer is in compliance with sections 38 and 39; and

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    (c) any information provided for in the regulations.

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  Marginal note:Time and manner

  (2) Subject to subsection (3), an issuer must provide the Bank with the report within the time and in the manner provided for in the regulations or, if no regulations are made, within the time and in the manner determined by the Bank.

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  Marginal note:Monthly statement

  (3) An issuer must provide the Bank with the information referred to in subparagraphs (1)(a)(i) to (iii) at least once every month.

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  Marginal note:Report publicly available

  (4) An issuer must, in accordance with the regulations, if any, make the report publicly available, except for the information provided for in the regulations.

Marginal note:Statement of lawyer

47 At the Bank’s request and within the time and in the manner determined by the Bank, an issuer must provide the Bank with a statement from a lawyer of whether, in the lawyer’s opinion, the issuer is in compliance with sections 38 and 39.

Marginal note:Certified accountant

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  48 (1) The statement referred to in paragraph 46(1)(a) must be prepared by a certified accountant who, within the meaning of the regulations, is independent of the issuer and any related party of the issuer and meets any other requirements provided for in the regulations.

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  Marginal note:Lawyer

  (2) The statements referred to in paragraph 46(1)(b) and section 47 must be prepared by a lawyer who, within the meaning of the regulations, is independent of the issuer and any related party of the issuer and meets any other requirements provided for in the regulations.

Marginal note:Notice of incident

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  49 (1) If an issuer becomes aware of an incident, the issuer must, without delay, notify the Bank and the Bank must then notify the Minister and any designated person or government authority.

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  Marginal note:Notice

  (2) The notice must be given in accordance with the regulations, if any, and contain any information provided for in the regulations.

Marginal note:Notice of significant change

50 An issuer must, in accordance with the regulations, if any, notify the Bank of any significant change to any information that was provided to the Bank. The Bank must then notify the Minister and any designated person or government authority, in accordance with the regulations, if any.

Marginal note:Retention, use and disposal

51 An issuer must retain, use and dispose of personal information, and any other information provided for in the regulations, in accordance with the regulations, if any.

Marginal note:False or misleading information

52 A person must not provide false or misleading information to the Bank, the Minister or any designated person or government authority.

Marginal note:Bank to ascertain expenses

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  53 (1) The Bank must, before September 30 in each year, ascertain the total amount of expenses incurred by it during the immediately preceding calendar year for or in connection with the administration of this Act and deduct from that amount any fees paid to it under subsection 17(5) in that preceding calendar year.

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  Marginal note:Amount conclusive

  (2) The amount ascertained is final and conclusive for the purposes of this section.

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  Marginal note:Assessment

  (3) As soon as feasible after ascertaining the amount, the Bank must assess a portion of the total amount of expenses against each issuer.

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  Marginal note:Interim assessment

  (4) The Bank may, during each calendar year, prepare an interim assessment against any issuer.

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  Marginal note:Assessment is binding

  (5) Every assessment and interim assessment is final and conclusive and binding on the issuer against which it is made.

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  Marginal note:Recovery

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

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  Marginal note:Interest

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

Marginal note:Information request

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  54 (1) The Bank may request in writing that an issuer provide the Bank, within the time provided for in the regulations, if any, with any information that the Bank considers necessary for the purposes of subsection 53(3) or (4).

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  Marginal note:Compliance with request

  (2) The issuer must comply with the request.

Marginal note:Information obtained by Bank

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  55 (1) Subject to subsections (2) and (3), information that is obtained under this Act by the Bank and any information prepared from that information is confidential and the Bank must treat it accordingly.

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  Marginal note:Disclosure permitted — this Act

  (2) The Bank may disclose information that is obtained under this Act if it does so in accordance with section 16 or 92.

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  Marginal note:Disclosure permitted

  (3) The Bank may disclose information that is obtained under this Act to the Minister, any designated person or government authority or the Centre or to any government authority or regulatory body that agrees to treat the information as confidential.

Marginal note:Information obtained by Minister

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  56 (1) Subject to subsection (2), information that is obtained under this Act by the Minister or any designated person or government authority, and any information prepared from that information, is confidential and the Minister or the designated person or government authority must treat it accordingly.

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  Marginal note:Disclosure permitted

  (2) The Minister or the designated person or government authority may disclose information that is obtained under this Act to a government authority or regulatory body that agrees to treat the information as confidential.

Marginal note:Evidentiary privilege

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  57 (1) Information provided for in the regulations in relation to the supervision of issuers must not be used as evidence in any civil proceedings and is privileged for that purpose.

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  Marginal note:No testimony or production

  (2) A person must not by an order of any court, tribunal or other body be required in any civil proceedings to give oral testimony or to produce any document relating to any information referred to in subsection (1).

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  Marginal note:Exception to subsection (1)

  (3) Despite subsection (1), the Minister, the Governor, the Bank or the Attorney General of Canada may, in accordance with the regulations, if any, use information referred to in that subsection as evidence in any proceedings.

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  Marginal note:Exception to subsection (1)

  (4) Despite subsection (1), an issuer may, in accordance with the regulations, if any, use information referred to in that subsection as evidence in any proceedings in relation to the administration or enforcement of this Act, the Bankruptcy and Insolvency Act or the Companies’ Creditors Arrangement Act that are commenced by the issuer, the Minister, the Governor, the Bank or the Attorney General of Canada.

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  Marginal note:Exceptions to subsections (1) and (2)

  (5) Despite subsections (1) and (2), a court, tribunal or other body may, by order, require the Minister, the Governor, the Bank or an issuer to give oral testimony or to produce any document relating to any information referred to in subsection (1) in any civil proceedings in relation to the administration or enforcement of this Act that are commenced by the Minister, the Governor, the Bank, the Attorney General of Canada or an issuer.

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  Marginal note:No waiver

  (6) The disclosure of any information referred to in subsection (1), other than under subsection (3), (4) or (5), does not constitute a waiver of the privilege referred to in subsection (1).

Marginal note:No liability if good faith — Bank

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  58 (1) No action lies against His Majesty in right of Canada, any officer, employee or director of the Bank or any person acting under the direction of the Governor for anything done or omitted to be done in good faith in the administration or discharge of any powers or duties that under this Act are intended or authorized to be executed or performed.

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  Marginal note:No liability if good faith — Minister

  (2) No action lies against His Majesty in right of Canada, the Minister or any person or government authority acting under the direction of the Minister for anything done or omitted to be done in good faith in the administration or discharge of any powers or duties that under this Act are intended or authorized to be executed or performed.

Marginal note:Information request

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  59 (1) The Bank may request in writing that a person, within the time and in the manner provided for in the regulations, if any, provide the Bank with any information that the Bank considers necessary for a purpose related to verifying compliance with this Act or carrying out the Bank’s objects under this Act.

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  Marginal note:Compliance with request

  (2) The person must comply with the request.

Marginal note:Undertakings

60 The Bank may, by order, require an applicant or an issuer, or any director, officer or agent or mandatary of an applicant or issuer, to provide an undertaking if the Bank is of the opinion that it is necessary to do so to ensure compliance with this Act.