Budget Implementation Act, 2018, No. 1 (S.C. 2018, c. 12)
Full Document:
- HTMLFull Document: Budget Implementation Act, 2018, No. 1 (Accessibility Buttons available) |
- PDFFull Document: Budget Implementation Act, 2018, No. 1 [4781 KB]
Assented to 2018-06-21
PART 6Various Measures (continued)
DIVISION 7Payment Clearing and Settlement (continued)
SUBDIVISION AResolution (continued)
235 The Act is amended by adding the following after section 12:
Marginal note:Cooperation
12.01 If a clearing and settlement system is operated by a clearing house that is not located in Canada, the Bank may cooperate with the foreign resolution authority of that clearing house.
236 Section 19 of the Act and the heading before it are replaced by the following:
Statutory Instruments Act
Marginal note:Statutory Instruments Act
19 A designation under subsection 4(1), a directive issued under this Act, a declaration of non-viability made under subsection 11.06(1), a direction given under subsection 11.1(6) or an order made under subsection 11.09(1) or 11.11(1) is not a statutory instrument for the purposes of the Statutory Instruments Act.
237 Section 24 of the Act is replaced by the following:
Marginal note:Regulations
24 The Governor in Council may make regulations
(a) providing for rules concerning conflicts of interest for the purpose of subsection 11.04(6);
(b) respecting resolution plans and the requirement that the Bank develop and maintain them under subsection 11.05(1);
(c) respecting what constitutes a service that is critical to the operation of the clearing and settlement system or of the clearing house for the purposes of paragraph 11.07(1)(f);
(d) respecting what constitutes a limited clearing member for the purposes of subsection 11.11(4);
(e) for the purpose of section 11.18, respecting what constitutes costs of the resolution and the recovery of those costs, including to specify the persons or entities from which costs may be recovered;
(f) respecting the compensation for the purposes of sections 11.26 to 11.3, including to
(i) prescribe persons or entities referred to in subsection 11.26(1),
(ii) provide for the factors that the Bank shall or shall not consider in making a decision under subsection 11.26(1),
(iii) provide for the circumstances in which any shares or other right or interest received by another person or entity as a result of an order made under paragraph 11.09(1)(b) or retained by another person or entity may be taken into account in determining the amount of compensation to which a prescribed person or entity is entitled,
(iv) prescribe the circumstances in which an assessor must be appointed under section 11.28,
(v) provide for the factors that an assessor shall or shall not consider in making a decision, and
(vi) provide for procedural requirements; and
(g) prescribing collateral for the purpose of paragraph (e) of the definition financial collateral in subsection 13(2).
R.S., c. C-21Consequential Amendment to the Canadian Payments Act
238 Section 32 of the Canadian Payments Act is replaced by the following:
Marginal note:Insolvency
32 (1) No law relating to the insolvency of any body corporate, except Part I.1 of the Payment Clearing and Settlement Act, applies to the Association.
Marginal note:Winding-up
(2) No law relating to the winding-up of any body corporate applies to the Association and in no case shall its affairs be wound up unless Parliament so provides.
Coming into Force
Marginal note:Order in council
239 This Subdivision comes into force on a day to be fixed by order of the Governor in Council.
SUBDIVISION BOversight Information
1996, c. 6, Sch.Amendments to the Payment Clearing and Settlement Act
240 Section 2 of the Payment Clearing and Settlement Act is amended by adding the following in alphabetical order:
- oversight information
oversight information has the meaning assigned by the regulations. (renseignements relatifs à la surveillance)
241 The Act is amended by adding the following after section 18:
Marginal note:No disclosure
18.1 Subject to the regulations, a clearing house shall not disclose oversight information.
Marginal note:Evidentiary privilege
18.2 (1) Oversight 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 oversight information.
Marginal note:Exceptions to subsection (1)
(3) Despite subsection (1),
(a) the Minister, the Governor of the Bank, the Bank or the Attorney General of Canada may, subject to the regulations, use oversight information as evidence in any proceedings; and
(b) a clearing house may, subject to the regulations, use oversight information as evidence in any proceedings in relation to the administration or enforcement of this Act, the Bankruptcy and Insolvency Act, the Companies’ Creditors Arrangement Act or the Winding-up and Restructuring Act that are commenced by the Minister, the Bank or the Attorney General of Canada.
Marginal note:Exceptions to subsections (1) and (2)
(4) Despite subsections (1) and (2), a court, tribunal or other body may, by order, require the Minister, the Governor of the Bank, the Bank or a clearing house to give oral testimony or to produce any document relating to any oversight information in any civil proceedings in relation to the administration or enforcement of this Act that are commenced by the Minister, the Governor of the Bank, the Bank or the Attorney General of Canada.
Marginal note:No waiver
(5) The disclosure of any oversight information, other than under subsection (3) or (4), does not constitute a waiver of the privilege referred to in subsection (1).
242 Section 24 of the Act is replaced by the following:
Marginal note:Regulations
24 The Governor in Council may make regulations
(a) prescribing collateral for the purpose of paragraph (e) of the definition financial collateral in subsection 13(2);
(b) respecting what constitutes oversight information for the purposes of sections 18.1 and 18.2;
(c) respecting the disclosure of oversight information for the purposes of section 18.1; and
(d) respecting the circumstances in which oversight information may be used as evidence for the purposes of subsection 18.2(3).
Coordinating Amendment
243 On the first day on which both sections 237 and 242 of this Act are in force, section 24 of the Payment Clearing and Settlement Act is replaced by the following:
Marginal note:Regulations
24 The Governor in Council may make regulations
(a) providing for rules concerning conflicts of interest for the purpose of subsection 11.04(6);
(b) respecting resolution plans and the requirement that the Bank develop and maintain them under subsection 11.05(1);
(c) respecting what constitutes a service that is critical to the operation of the clearing and settlement system or of the clearing house for the purposes of paragraph 11.07(1)(f);
(d) respecting what constitutes a limited clearing member for the purposes of subsection 11.11(4);
(e) for the purpose of section 11.18, respecting what constitutes costs of the resolution and the recovery of those costs, including to specify the persons or entities from which costs may be recovered;
(f) respecting the compensation for the purposes of sections 11.26 to 11.3, including to
(i) prescribe persons or entities referred to in subsection 11.26(1),
(ii) provide for the factors that the Bank shall or shall not consider in making a decision under subsection 11.26(1),
(iii) provide for the circumstances in which any shares or other right or interest received by another person or entity as a result of an order made under paragraph 11.09(1)(b) or retained by another person or entity may be taken into account in determining the amount of compensation to which a prescribed person or entity is entitled,
(iv) prescribe the circumstances in which an assessor must be appointed under section 11.28,
(v) provide for the factors that an assessor shall or shall not consider in making a decision, and
(vi) provide for procedural requirements;
(g) prescribing collateral for the purpose of paragraph (e) of the definition financial collateral in subsection 13(2);
(h) respecting what constitutes oversight information for the purposes of sections 18.1 and 18.2;
(i) respecting the disclosure of oversight information for the purposes of section 18.1; and
(j) respecting the circumstances in which oversight information may be used as evidence for the purposes of subsection 18.2(3).
Coming into Force
Marginal note:Order in council
244 This Subdivision, other than section 243, comes into force on a day to be fixed by order of the Governor in Council.
DIVISION 8R.S., c. 47 (4th Supp.)Canadian International Trade Tribunal Act
245 (1) Subsection 3(1) of the Canadian International Trade Tribunal Act is replaced by the following:
Marginal note:Tribunal established
3 (1) There is established a tribunal, to be known as the Canadian International Trade Tribunal, consisting of up to seven permanent members, including a Chairperson and a Vice-chairperson, to be appointed by the Governor in Council.
(2) Subsection 3(5) of the Act is replaced by the following:
Marginal note:Re-appointment of permanent members
(5) A permanent member or former permanent member is eligible to be re-appointed as a permanent member for one further term in the same capacity as in the previous term or in another capacity, but may hold office as a permanent member for no more than ten years.
Marginal note:Clarification
(5.1) For greater certainty, a change during a permanent member’s term of office in the capacity to which the member is appointed — whether as Chairperson, Vice-chairperson or one of the other permanent members — is not a re-appointment to a further term of office for the purposes of subsection (5).
246 Section 8 of the Act is replaced by the following:
Marginal note:Absence, etc. — Chairperson
8 (1) In the event of the absence or incapacity of the Chairperson or if the office of Chairperson is vacant, the Vice-chairperson shall act as Chairperson and may exercise all the powers and perform all the duties and functions of the Chairperson.
Marginal note:Absence, etc. — Chairperson and Vice-chairperson
(1.1) If subsection (1) does not apply owing to the absence or incapacity of the Vice-chairperson or to the office of Vice-chairperson being vacant, the Minister may authorize another permanent member to act as Chairperson, and that member may exercise all the powers and perform all the duties and functions of the Chairperson.
Marginal note:Absence, etc. — Vice-chairperson
(1.2) In the event of the absence or incapacity of the Vice-chairperson or if the office of Vice-chairperson is vacant, the Minister may authorize another permanent member to act as Vice-chairperson, and that member may exercise all the powers and perform all the duties and functions of the Vice-chairperson.
Marginal note:Approval of Governor in Council
(1.3) No permanent member may be authorized by the Minister to act under subsection (1.1) or (1.2) for a period exceeding 60 days without the approval of the Governor in Council.
Marginal note:Absence, etc. — other members
(2) In the event of the absence or incapacity of a temporary member or a permanent member other than the Chairperson or Vice-chairperson, the Governor in Council may appoint a person, on any terms and conditions that the Governor in Council specifies, to act as a substitute member for the time being.
DIVISION 9Canadian High Arctic Research Station and Application of an Order in Nunavut
2014, c. 39, s. 145Canadian High Arctic Research Station Act
247 Section 2 of the Canadian High Arctic Research Station Act is amended by adding the following in alphabetical order:
- immovable
immovable has the same meaning as in section 2 of the Federal Real Property and Federal Immovables Act. (immeuble)
- real property
real property has the same meaning as in section 2 of the Federal Real Property and Federal Immovables Act. (biens réels)
248 (1) Paragraph 6(2)(h) of the Act is replaced by the following:
(h) acquire real property or immovables, have the administration of the real property or immovables or acquire a licence as defined in section 2 of the Federal Real Property and Federal Immovables Act;
(2) Subsection 6(3) of the Act is replaced by the following:
Marginal note:Approval of Governor in Council
(3) Despite paragraphs (2)(h) and (j), CHARS may acquire or dispose of real property or immovables only with the approval of the Governor in Council.
(3) Paragraphs 6(4)(a) to (c) of the Act are replaced by the following:
(a) lease of real property or of an immovable; or
(b) disposition to a public utility or municipality of an easement or any other interest in real property, other than a fee simple, or of a servitude or any other immovable real right, other than the ownership of an immovable, if the disposition is necessary for the utility or municipality to carry out its activities, including the construction or maintenance of a public work.
(4) Section 6 of the Act is amended by adding the following after subsection (4):
Marginal note:Property of Her Majesty
(5) Property acquired by CHARS is property of Her Majesty in right of Canada and title to it may be held in the name of Her Majesty in right of Canada or of CHARS.
Marginal note:Transfer of administration
(6) Paragraph 16(1)(g) of the Federal Real Property and Federal Immovables Act applies to CHARS as if it were an agent corporation as defined in that Act.
Application of an Order in Nunavut
Marginal note:Deemed application
249 Despite section 68 of the Northwest Territories Devolution Act, the Order entitled Game Declared in Danger of Becoming Extinct, C.R.C., c. 1236, is deemed to have continued in force and to have continued to apply in Nunavut, as of April 1, 2014.
DIVISION 102000, c. 6Canadian Institutes of Health Research Act
250 Subsections 7(1) to (3) of the Canadian Institutes of Health Research Act are replaced by the following:
Marginal note:Governing Council
7 (1) The Governing Council of the CIHR shall consist of not more than 18 members, including the Chairperson appointed under subsection (3.1).
Marginal note:Appointment and tenure of members
(2) Subject to section 8, each initial member of the Governing Council shall be appointed by the Governor in Council to hold office for any term of not more than three years that will ensure, as far as possible, the expiry in any one year of the terms of office of not more than one third of the members. Subsequently appointed members shall be appointed by the Governor in Council for a three-year term.
Marginal note:Removal and reappointment
(3) Except for the Chairperson appointed under subsection (3.1), the members shall be appointed to hold office during pleasure and may be appointed to no more than two consecutive terms.
Marginal note:Chairperson
(3.1) Subject to subsection (3.2), the Governor in Council shall appoint a Chairperson to hold office during pleasure for a term of not more than five years. The Chairperson is eligible for reappointment.
Marginal note:Ineligibility for appointment
(3.2) The President is not eligible to be appointed as the Chairperson.
Page Details
- Date modified: