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Budget Implementation Act, 2016, No. 1 (S.C. 2016, c. 7)

Assented to 2016-06-22

PART 4Various Measures (continued)

DIVISION 5Bank Recapitalization Regime (Bail-in) (continued)

Consequential Amendments (continued)

1996, c. 6, sch.Payment Clearing and Settlement Act

Marginal note:2012, c. 31, s. 169(2)

165 Subsection 8(3.1) of the Payment Clearing and Settlement Act is replaced by the following:

  • Marginal note:Sections 39.15 and 39.152 of Canada Deposit Insurance Corporation Act

    (3.1) Despite subsections (1) to (3) and the settlement rules,

    • (a) no action may be taken in respect of an eligible financial contract, as defined in subsection 39.15(9) of the Canada Deposit Insurance Corporation Act, if it is prevented by subsection 39.15(7.01), (7.1), (7.11), (7.12) or (7.2) or section 39.152 of that Act; and

    • (b) a clearing house, as defined in subsection 39.15(9) of the Canada Deposit Insurance Corporation Act, shall comply with subsection 39.15(3.3) of that Act, shall take any action required by subsection 39.15(7.12) of that Act and shall not take any action prevented by that subsection 39.15(7.12).

Marginal note:2012, c. 31, s. 170(3)

166 Subsection 13(1.2) of the Act is replaced by the following:

Marginal note:2012, c. 31, s. 171(2)

167 Subsection 13.1(1.1) of the Act is replaced by the following:

Coming into Force

Marginal note:Order in council

  • 168 (1) Sections 128, 158, 160 and 162 come into force on a day to be fixed by order of the Governor in Council.

  • Marginal note:Order in council

    (2) Subsections 131(6), 133(3) and 139(5) and (6), sections 140, 142 and 147 and subsection 148(2) come into force on a day to be fixed by order of the Governor in Council.

DIVISION 6Chief Executive Officer of the Canada Deposit Insurance Corporation

R.S., c. 18 (3rd Supp.), Part IOffice of the Superintendent of Financial Institutions Act

Marginal note:1996, c. 6, s. 108 (E)

169 Paragraph 18(1)(c) of the Office of the Superintendent of Financial Institutions Act is replaced by the following:

  • (c) the Chief Executive Officer of the Canada Deposit Insurance Corporation; and

R.S., c. C-21; 2001, c. 9, s. 218Canadian Payments Act

Marginal note:2001, c. 9, s. 244

170 Paragraph 43(2)(c) of the Canadian Payments Act is replaced by the following:

  • (c) the Chief Executive Officer of the Canada Deposit Insurance Corporation or any other officer of that Corporation authorized in writing by the Chief Executive Officer,

R.S., c. N-11National Housing Act

Marginal note:2012, c. 19, s. 351

171 The definition Chairperson of the Canada Deposit Insurance Corporation in section 7 of the National Housing Act is repealed.

Marginal note:2011, c. 15, s. 24; 2012, c. 19, s. 358

172 Subsection 21.1(3) of the Act is replaced by the following:

  • Marginal note:Power to disclose

    (3) The Minister of Finance may disclose to the Superintendent, the Governor of the Bank of Canada, the Chief Executive Officer of the Canada Deposit Insurance Corporation and the Commissioner of the Financial Consumer Agency of Canada any information or copies of any books or records received under subsection (2).

Marginal note:2011, c. 15, s. 24; 2012, c. 19, s. 358

173 Paragraph 21.2(7)(c) of the Act is replaced by the following:

  • (c) the Chief Executive Officer of the Canada Deposit Insurance Corporation; and

1991, c. 45Trust and Loan Companies Act

Marginal note:2009, c. 2, s. 292

174 Paragraph 527.9(2)(b) of the Trust and Loan Companies Act is replaced by the following:

  • (b) is of the opinion — after considering measures other than an order under that subsection and after consulting with the Superintendent, the Governor of the Bank of Canada and the Chief Executive Officer of the Canada Deposit Insurance Corporation — that the order will promote the stability of the financial system in Canada.

1991, c. 46Bank Act

Marginal note:2009, c. 2, s. 275

175 Paragraph 973.2(2)(b) of the Bank Act is replaced by the following:

  • (b) is of the opinion — after considering measures other than an order under that subsection and after consulting with the Superintendent, the Governor of the Bank of Canada and the Chief Executive Officer of the Canada Deposit Insurance Corporation — that the order will promote the stability of the financial system in Canada.

1991, c. 47Insurance Companies Act

Marginal note:2009, c. 2, s. 287

176 Paragraph 1016.7(2)(b) of the Insurance Companies Act is replaced by the following:

  • (b) is of the opinion — after considering measures other than an order under that subsection and after consulting with the Superintendent, the Governor of the Bank of Canada and the Chief Executive Officer of the Canada Deposit Insurance Corporation — that the order will promote the stability of the financial system in Canada.

1991, c. 48Cooperative Credit Associations Act

Marginal note:2009, c. 2, s. 279

177 Paragraph 459.9(2)(b) of the Cooperative Credit Associations Act is replaced by the following:

  • (b) is of the opinion — after considering measures other than an order under that subsection and after consulting with the Superintendent, the Governor of the Bank of Canada and the Chief Executive Officer of the Canada Deposit Insurance Corporation — that the order will promote the stability of the financial system in Canada.

1996, c. 6, sch.Payment Clearing and Settlement Act

Marginal note:2014, c. 39, s. 372(2)

178 Paragraph 18(2)(b) of the Payment Clearing and Settlement Act is replaced by the following:

  • (b) 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 Chief Executive Officer of the Canada Deposit Insurance Corporation or any other officer of that Corporation authorized in writing by the Chief Executive Officer.

2011, c. 15, s. 20Protection of Residential Mortgage or Hypothecary Insurance Act

179 Subsection 15(3) of the Protection of Residential Mortgage or Hypothecary Insurance Act is replaced by the following:

  • Marginal note:Disclosure of information

    (3) The Minister and the Superintendent may disclose to each other any information or copies of any books or records received under subsection (2) and may also disclose them to the Governor of the Bank of Canada, the Chief Executive Officer of the Canada Deposit Insurance Corporation and the Commissioner of the Financial Consumer Agency of Canada.

DIVISION 7R.S., c. F-8Federal-Provincial Fiscal Arrangements Act

Marginal note:2013, c. 33, s. 122(5)

  • 180 (1) Paragraph (a) of the definition gross expenditure base in subsection 4(1) of the Federal-Provincial Fiscal Arrangements Act is replaced by the following:

    • (a) for the fiscal year beginning on April 1, 2015, an amount equal to

      • (i) $1,065,524,388 in respect of Yukon,

      • (ii) $1,551,787,629 in respect of the Northwest Territories, and

      • (iii) $1,579,969,113 in respect of Nunavut; and

  • Marginal note:2007, c. 29, s. 62

    (2) Subsection 4(2) of the Act is replaced by the following:

    • Marginal note:Redetermination — gross expenditure base for 2016-2017

      (2) For the purposes of the definition gross expenditure base in subsection (1), the Minister may, at any time during the fiscal year beginning on April 1, 2016, recalculate the amount determined to be the gross expenditure base in respect of a territory for that fiscal year using the following population adjusted gross expenditure escalator:

      • (a) 1.02497 in respect of Yukon;

      • (b) 1.01377 in respect of the Northwest Territories; and

      • (c) 1.02833 in respect of Nunavut.

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