PART XIIIRegulation of Associations — Superintendent (continued)
Marginal note:Evidentiary privilege
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 association 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 association, 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 association 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 association.
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).
(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.
- 2001, c. 9, s. 327
- 2007, c. 6, s. 181
- 2015, c. 36, s. 238
Marginal note:Disclosure by Superintendent
436 (1) The Superintendent shall disclose at such times and in such manner as the Minister may determine, such information obtained by the Superintendent under this Act as the Minister considers ought to be disclosed for the purposes of the analysis of the financial condition of an association and that
(a) is contained in returns filed pursuant to the Superintendent’s financial regulatory reporting requirements in respect of associations; or
(b) has been obtained as a result of an industry-wide or sectoral survey conducted by the Superintendent in relation to an issue or circumstances that could have an impact on the financial condition of associations.
Marginal note:Prior consultation required
(2) The Minister shall consult with the Superintendent before making any determination under subsection (1).
- 1991, c. 48, s. 436
- 1994, c. 26, s. 28
- 1996, c. 6, s. 57
Marginal note:Disclosure by an association
436.1 An association shall make available to the public such information concerning
(a) the compensation of its executives, as that expression is defined by the regulations, and
(b) its business and affairs for the purpose of the analysis of its financial condition,
in such form and manner and at such times as may be required by or pursuant to such regulations as the Governor in Council may make for the purpose.
- 1996, c. 6, s. 57
Marginal note:Exceptions to disclosure
436.2 No information obtained by an association regarding any of its customers shall be disclosed or made available under subsection 436(1) or section 436.1.
- 1996, c. 6, s. 57
Marginal note:Report respecting disclosure
436.3 The Superintendent shall prepare a report, to be included in the report referred to in section 40 of the Office of the Superintendent of Financial Institutions Act, respecting the disclosure of information by associations and describing the state of progress made in enhancing the disclosure of information in the financial services industry.
- 1996, c. 6, s. 57
- 2001, c. 9, s. 328
Inspection of Associations
Marginal note:Examination of associations
437 (1) The Superintendent, from time to time, but at least once in each calendar year, shall make or cause to be made any examination and inquiry into the business and affairs of each association that the Superintendent considers to be necessary or expedient to determine whether the association is complying with the provisions of this Act and whether the association is in a sound financial condition and, after the conclusion of each examination and inquiry, shall report on it to the Minister.
Marginal note:Access to records of association
(2) The Superintendent or a person acting under the Superintendent’s direction
(a) has a right of access to any records, cash, assets and security held by or on behalf of an association; and
(b) may require the directors, officers and auditor of an association to provide information and explanations, to the extent that they are reasonably able to do so, in respect of the condition and affairs of the association or any entity in which the association has a substantial investment.
- 1991, c. 48, s. 437
- 2001, c. 9, s. 329
- 2012, c. 5, s. 119
Marginal note:Power of Superintendent on inquiry
438 The Superintendent has all the powers of a person appointed as a commissioner under Part II of the Inquiries Act for the purpose of obtaining evidence under oath, and may delegate those powers to any person acting under the Superintendent’s direction.
Marginal note:Prudential agreement
438.1 The Superintendent may enter into an agreement, called a “prudential agreement”, with an association for the purposes of implementing any measure designed to maintain or improve its safety and soundness.
- 2001, c. 9, s. 330
Directions of Compliance
Marginal note:Superintendent’s directions to association
439 (1) Where, in the opinion of the Superintendent, an association, or a person with respect to an association, is committing, or is about to commit, an act that is an unsafe or unsound practice in conducting the business of the association, or is pursuing or is about to pursue any course of conduct that is an unsafe or unsound practice in conducting the business of the association, the Superintendent may direct the association or person to
Marginal note:Opportunity for representations
(2) Subject to subsection (3), no direction shall be issued to an association or person under subsection (1) unless the association or person is provided with a reasonable opportunity to make representations in respect of the matter.
Marginal note:Temporary direction
(3) Where, in the opinion of the Superintendent, the length of time required for representations to be made under subsection (2) might be prejudicial to the public interest, the Superintendent may make a temporary direction with respect to the matters referred to in paragraphs (1)(a) and (b) having effect for a period of not more than fifteen days.
(4) Subject to section 440, a temporary direction under subsection (3) continues to have effect after the expiration of the fifteen day period referred to in that subsection if no representations are made to the Superintendent within that period or, if representations have been made, the Superintendent notifies the association or person that the Superintendent is not satisfied that there are sufficient grounds for revoking the direction.
440 [Repealed, 1996, c. 6, s. 58]
Marginal note:Court enforcement
(a) is contravening or has failed to comply with a prudential agreement entered into under section 438.1 or a direction of the Superintendent issued to the association or person pursuant to subsection 439(1) or (3),
(b) is contravening this Act, or
(c) has omitted to do any thing under this Act that is required to be done by or on the part of the association or person,
the Superintendent may, in addition to any other action that may be taken under this Act, apply to a court for an order requiring the association or person to comply with the prudential agreement or the direction, cease the contravention or do any thing that is required to be done, and on such application the court may so order and make any other order it thinks fit.
(2) An appeal from a decision of a court under subsection (1) lies in the same manner, and to the same court, as an appeal from any other order of the court.
- 1991, c. 48, s. 441
- 2001, c. 9, s. 331
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