Economic Action Plan 2014 Act, No. 1 (S.C. 2014, c. 20)
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Assented to 2014-06-19
Division 131991, c. 46Bank Act
210. The Bank Act is amended by adding the following after section 415.1:
Marginal note:Derivatives — regulations
415.2 (1) The Governor in Council may make regulations respecting a bank’s activities in relation to derivatives.
Definition of “derivative”
(2) In this section, “derivative” means an option, swap, futures contract, forward contract or other financial or commodity contract or instrument whose market price, value, delivery obligations, payment obligations or settlement obligations are derived from, referenced to or based on an underlying interest, including a price, rate, index, value, variable, event, probability or thing.
Marginal note:Benchmarks — regulations
415.3 (1) The Governor in Council may make regulations respecting a bank’s activities in relation to benchmarks.
Definition of “benchmark”
(2) In this section, “benchmark” means a price, estimate, rate, index or value that is
(a) determined from time to time by reference to an assessment of one or more underlying interests;
(b) made available to the public, either free of charge or on payment; and
(c) used for reference for any purpose, including
(i) determining the interest payable, or other sums that are due, under loan agreements or other financial contracts or instruments,
(ii) determining the value of financial instruments or the price at which they may be bought or sold, and
(iii) measuring the performance of financial instruments.
Division 141991, c. 47Insurance Companies Act
211. (1) Subsection 237(2) of the Insurance Companies Act is amended by adding the following after paragraph (a):
(a.01) respecting the process that precedes the calling of a special meeting under subsection (1.1), including the development of a conversion proposal, and respecting the calling of that meeting;
(2) Paragraph 237(2)(c) of the Act is replaced by the following:
(c) governing the ownership of shares issued by a mutual company that has been converted into a company with common shares, including limiting the circumstances in which the Minister may give approval under subsection 407(1);
(3) Section 237 of the Act is amended by adding the following after subsection (2):
Marginal note:Regulations made under paragraph (2)(a.01)
(2.1) Regulations made under paragraph (2)(a.01) may provide for court intervention in the process referred to in that paragraph, including the circumstances in which the court is to be seized of any matter in relation to that process, and may govern the court’s powers and procedures in that regard. They may also govern authorizations by the Superintendent in respect of notices to be sent in the context of that process.
Division 15Regulatory Cooperation
1993, c. 16Motor Vehicle Safety Act
212. The long title of the French version of the Motor Vehicle Safety Act is replaced by the following:
Marginal note:1999, c. 33, s. 350
213. (1) The definitions “national safety mark”, “standard” and “vehicle” in section 2 of the Act are replaced by the following:
“national safety mark”
« marque nationale de sécurité »
“national safety mark” means a prescribed expression, symbol or abbreviation or any combination of them;
“standard”
« norme »
“standard” means a standard that governs the design, manufacture, functioning or marking of vehicles or equipment for the purpose of reducing, directly or indirectly, the risk of death, injury or property damage from vehicle use, including a standard aimed at increasing the use of safety features by the public or facilitating the creation, recording or retrieval of information;
“vehicle”
« véhicule »
“vehicle” means any vehicle that is designed to be, or is capable of being, driven or drawn on roads by any means other than muscular power exclusively, but does not include any vehicle that is designed to run exclusively on rails.
(2) The definition fabrication ou construction in section 2 of the French version of the Act is replaced by the following:
« fabrication » ou « construction »
“manufacture”
fabrication ou construction S’agissant d’un véhicule, ensemble des opérations de réalisation de celui-ci y compris les modifications qui y sont apportées, jusqu’à sa vente au premier usager.
214. Subsection 3(2) of the Act is replaced by the following:
Marginal note:Use of marks
(2) A company authorized by the Minister, as provided for in the regulations, may apply a national safety mark to a vehicle or equipment, as provided for in the regulations.
Marginal note:Provision of address
(2.1) The company shall provide the Minister with the address of the premises at which the national safety mark is to be applied.
215. The heading before section 5 of the Act is replaced by the following:
VEHICLE AND EQUIPMENT REQUIREMENTS
216. (1) Paragraph 5(1)(b) of the Act is replaced by the following:
(b) evidence of that conformity has been obtained and produced as provided for in the regulations or, if the regulations so provide, to the Minister’s satisfaction;
(2) Paragraphs 5(1)(d) to (h) of the Act are replaced by the following:
(d) prescribed information is marked on the vehicle or equipment as provided for in the regulations;
(e) prescribed documentation or prescribed accessories accompany the vehicle or equipment as provided for in the regulations;
(f) prescribed information relating to the operation of the vehicle or equipment is disseminated as provided for in the regulations;
(g) records are maintained and furnished, as provided for in the regulations, in relation to the design, manufacture, testing and field performance of the vehicle or equipment, for the purpose of
(i) enabling an inspector to determine whether the vehicle or equipment conforms to all requirements applicable to it, and
(ii) facilitating the identification and analysis of defects referred to in subsection 10(1); and
(h) in the case of equipment, the company maintains, as provided for in the regulations, a registration system by which any person who has purchased equipment manufactured, imported or sold by the company and who wishes to be identified may be so identified.
(3) Subsection 5(2) of the Act is repealed.
217. (1) Paragraph 7(1)(a) of the Act is replaced by the following:
(a) before the importation, the person importing the vehicle or equipment makes a declaration, as provided for in the regulations, that the vehicle or equipment
(i) will be used in Canada solely for a prescribed purpose,
(ii) will remain in Canada for a period of not more than one year or any other period that is specified by the Minister, and
(iii) meets or will meet any other prescribed requirement; or
(2) Paragraph 7(1)(b) of the Act is replaced by the following:
(b) the vehicle or equipment is passing through Canada to another country or is exclusively for use by a visitor to Canada.
(3) Section 7 of the Act is amended by adding the following after subsection (1):
Marginal note:Export or destruction
(1.01) A person who imports a vehicle or equipment under paragraph (1)(a) shall, as provided for in the regulations, export or destroy the vehicle or equipment before the end of the period referred to in subparagraph (1)(a)(ii).
Marginal note:Exception — donation
(1.02) Despite subsection (1.01), a person who imports a vehicle under paragraph (1)(a) may, with the Minister’s approval, donate it as provided for in the regulations.
(4) Subsection 7(2) of the Act is replaced by the following:
Marginal note:Vehicles from the United States or Mexico
(2) Sections 5 and 6 do not apply to the importation of a vehicle that has been sold at the retail level in the United States or that is a prescribed vehicle from Mexico if
(a) the vehicle meets any prescribed requirements; and
(b) the person importing the vehicle makes a declaration, as provided for in the regulations, that the vehicle will be, before being presented for registration by a province and within the prescribed period,
(i) brought into compliance with any prescribed requirements, and
(ii) certified, as provided for in the regulations, as compliant with the requirements referred to in subparagraph (i) by the person designated in the regulations.
Marginal note:Importation for components
(2.1) Sections 5 and 6 do not apply to the importation of a vehicle that has been sold at the retail level in the United States or that is a prescribed vehicle from Mexico if the person importing the vehicle makes a declaration, as provided for in the regulations, that the vehicle
(a) will not be presented for registration by a province;
(b) will be registered, as provided for in the regulations, by the person designated in the regulations; and
(c) will be dismantled for its components.
(5) Subsection 7(4) of the Act is repealed.
(6) Subsection 7(5) of the Act is replaced by the following:
Marginal note:Declarations binding
(5) A person who makes a declaration under this section shall comply with the declaration.
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