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Bank Act (S.C. 1991, c. 46)

Full Document:  

Act current to 2019-06-20 and last amended on 2019-06-17. Previous Versions

PART XII.1Authorized Foreign Banks (continued)

Records (continued)

Marginal note:Application of sections 244 to 247

 Sections 244 to 247 apply, with any modifications that the circumstances require, to an authorized foreign bank as if

  • (a) the reference in subsection 245(1) to “records referred to in section 238” were a reference to “records referred to in subsection 597(1)”; and

  • (b) the reference in paragraph 246(1)(a) to “records of the bank referred to in subsection 238(1)” were a reference to “records of the authorized foreign bank referred to in subsection 597(1)”.

  • 1991, c. 46, s. 598
  • 1999, c. 28, s. 35
  • 2007, c. 6, s. 95

Termination of Business in Canada

Marginal note:Release of assets in Canada

  •  (1) An authorized foreign bank that discontinues its business in Canada may apply in writing to the Superintendent for the release of its assets maintained on deposit under paragraph 534(3)(a) or subsection 582(1).

  • Marginal note:Conditions of release

    (2) Except as otherwise provided in this Act, the assets may not be released unless

    • (a) the authorized foreign bank discharges, provides for the discharge of, or transfers, all its liabilities in respect of its business in Canada to a bank, to another authorized foreign bank in respect of its business in Canada or to a body corporate to which the Trust and Loan Companies Act applies; and

    • (b) the authorized foreign bank provides the Superintendent with proof of the publication, for four consecutive weeks, in at least one newspaper of general circulation at or near the place where the principal office of the authorized foreign bank is situated and the Canada Gazette of a notice that it will apply to the Superintendent for the release of its assets on a day specified in the notice, which must be at least six weeks after the date of the notice, and calling on any of its depositors or creditors opposing that release to file their opposition with the Superintendent on or before the day.

  • Marginal note:Superintendent may release assets

    (3) After the day specified in the notice, the Superintendent may authorize the release of the assets if the Superintendent is satisfied that the authorized foreign bank has discharged, provided for the discharge of, or transferred, all of its liabilities in respect of its business in Canada.

  • Marginal note:Release of assets to liquidator

    (4) Notwithstanding subsections (1) to (3), the assets on deposit of an authorized foreign bank that is in liquidation may, on the order of any court having jurisdiction under the Winding-up and Restructuring Act, be released to the liquidator.

  • Marginal note:Order deemed to be revoked

    (5) An order made under subsection 524(1), 528(1) or (1.1) or 534(1) in respect of an authorized foreign bank is deemed to be revoked when the Superintendent authorizes the release of the assets of the authorized foreign bank under subsection (3).

  • 1991, c. 46, s. 599
  • 1999, c. 28, s. 35
  • 2007, c. 6, s. 96

Supervision

Returns

Marginal note:Required information

 An authorized foreign bank shall provide the Superintendent with any information, at the times and in the form, that the Superintendent may require.

  • 1991, c. 46, s. 600
  • 1999, c. 28, s. 35

Marginal note:Annual return

  •  (1) An authorized foreign bank, in respect of its business in Canada, shall prepare annually a return of the condition and affairs of the authorized foreign bank as at the end of each financial year, showing its assets and liabilities and its income and expenditures during that financial year together with any other information that the Superintendent considers appropriate.

  • (2) [Repealed, 2007, c. 6, s. 97]

  • Marginal note:Accounting principles

    (3) The annual return shall be prepared in accordance with the accounting principles referred to in subsection 308(4).

  • 1991, c. 46, s. 601
  • 1999, c. 28, s. 35
  • 2007, c. 6, s. 97

 [Repealed, 2007, c. 6, s. 98]

 [Repealed, 2007, c. 6, s. 98]

 [Repealed, 2007, c. 6, s. 98]

Marginal note:Production of information and documents

  •  (1) The Superintendent may, by order, direct a person who controls an authorized foreign bank or any entity that is affiliated with an authorized foreign bank to provide the Superintendent with any information or documents that may be specified in the order if the Superintendent believes that the production of the information or documents is necessary in order to be satisfied that the provisions of this Act are being duly observed.

  • Marginal note:Time

    (2) A person to whom an order is issued shall provide the information or documents specified in the order within the time specified in the order and, where the order does not specify a time, the person shall provide the information or documents within a reasonable time.

  • Marginal note:Exemption

    (3) Subsection (1) does not apply in respect of an entity that is affiliated with an authorized foreign bank where that entity is a financial institution regulated

    • (a) by or under an Act of Parliament; or

    • (b) by or under an Act of the legislature of a province where the Superintendent has entered into an agreement with the appropriate official or public body responsible for the supervision of financial institutions in that province concerning the sharing of information on those financial institutions.

  • 1991, c. 46, s. 605
  • 1999, c. 28, s. 35

Marginal note:Confidential information

  •  (1) Subject to section 609, all information regarding the business or affairs of an authorized foreign bank, or regarding a person dealing with an authorized foreign bank, that is obtained by the Superintendent, or by any person acting under the direction of the Superintendent, as a result of the administration or enforcement of any Act of Parliament, and all information prepared from that information, is confidential and shall be treated accordingly.

  • Marginal note:Disclosure permitted

    (2) Nothing in subsection (1) prevents the Superintendent from disclosing any information

    • (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 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,

    if the Superintendent is satisfied that the information will be treated as confidential by the agency, body or person to whom it is disclosed.

  • 1999, c. 28, s. 35
  • 2001, c. 9, s. 164
  • 2007, c. 6, s. 99

Marginal note:Regulations

 The Governor in Council may make regulations prohibiting, limiting or restricting the disclosure by authorized foreign banks of prescribed supervisory information.

  • 1999, c. 28, s. 35

Marginal note:Evidentiary privilege

  •  (1) Prescribed supervisory information shall not be used as evidence in any civil proceedings and is privileged for that purpose.

  • Marginal note:No testimony or production

    (2) No person shall 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 prescribed supervisory information.

  • Marginal note:Exceptions to subsection (1)

    (3) Despite subsection (1),

    • (a) the Minister, the Superintendent or the Attorney General of Canada may, in accordance with the regulations, if any, use prescribed supervisory information as evidence in any proceedings; and

    • (b) an authorized foreign bank may, in accordance with the regulations, if any, use prescribed supervisory information as evidence in any proceedings in relation to the administration or enforcement of this Act or the Winding-up and Restructuring Act that are commenced by the authorized foreign bank, the Minister, the Superintendent or the Attorney General of Canada.

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

    (4) Despite subsections (1) and (2) and section 39.1 of the Office of the Superintendent of Financial Institutions Act, a court, tribunal or other body may, by order, require the Minister, the Superintendent or an authorized foreign bank to give oral testimony or to produce any document relating to any prescribed supervisory information in any civil proceedings in relation to the administration or enforcement of this Act that are commenced by the Minister, the Superintendent, the Attorney General of Canada or the authorized foreign bank.

  • Marginal note:No waiver

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

  • Marginal note:Regulations

    (6) The Governor in Council may, for the purposes of subsection (3), make regulations respecting the circumstances in which prescribed supervisory information may be used as evidence.

  • 1999, c. 28, s. 35
  • 2007, c. 6, s. 100
  • 2015, c. 36, s. 233
 
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