Budget Implementation Act, 2018, No. 2 (S.C. 2018, c. 27)

Marginal note:Exceptions to disclosure

641 Subject to any regulations made under paragraph 627.998(n), no information obtained by a bank regarding any of its customers shall be disclosed or made available under subsection 639(1) or section 640.

Marginal note:Commissioner’s directions

• 661.1 (1) If, in the opinion of the Commissioner, a bank, authorized foreign bank or person, in conducting the business of the bank or authorized foreign bank, fails to comply, or there are reasonable grounds to believe that the bank, authorized foreign bank or person will fail to comply, with a compliance agreement, a consumer provision or this Part, the Commissioner may direct the bank, authorized foreign bank or person to comply with them and to perform any act that in the opinion of the Commissioner is necessary to do so.

• Marginal note:Opportunity for representations

  (2) Subject to subsection (3), no direction shall be issued to a bank, authorized foreign bank or person under subsection (1) unless the bank, authorized foreign bank or person is provided with a reasonable opportunity to make representations in respect of the matter.

• Marginal note:Temporary direction

  (3) If, in the opinion of the Commissioner, the length of time required for representations to be made under subsection (2) might be prejudicial to the public interest, the Commissioner may make a temporary direction with respect to the matters referred to in subsection (1) that has effect for a period of not more than 15 days.

• Marginal note:Continued effect

  (4) A temporary direction under subsection (3) continues to have effect after the expiration of the 15-day period referred to in that subsection if no representations are made to the Commissioner within that period or, if representations have been made, the Commissioner notifies the bank, authorized foreign bank or person that the Commissioner is not satisfied that there are sufficient grounds for revoking the direction.

Marginal note:Court enforcement

• 661.2 (1) If a bank, authorized foreign bank or person, in conducting the business of the bank or authorized foreign bank, contravenes or fails to comply with a compliance agreement or a direction made under subsection 661.1(1) or (3), contravenes this Act or omits to do any thing that is required to be done under this Act by or on the part of the bank, authorized foreign bank or person, the Commissioner may, in addition to any other action that may be taken under this Act, apply to a court for an order requiring the bank, authorized foreign bank or person to comply with the compliance agreement or the direction, cease the contravention or do any thing that is required to be done, and on the application the court may so order and make any other order it thinks fit.

• Marginal note:Appeal

  (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.

Marginal note:Not statutory instruments

974 An instrument issued or made under this Act and directed to a single bank, bank holding company, authorized foreign bank or person, other than a regulation made under paragraph 627.998(o) or (p) or an order referred to in section 499, is not a statutory instrument for the purposes of the Statutory Instruments Act.

PART XVI.1Whistleblowing

Marginal note:Definition of wrongdoing

979.1 In this Part, wrongdoing includes a contravention of

• (a) any provision of this Act or the regulations;

• (b) a voluntary code of conduct that a bank or authorized foreign bank has adopted or a public commitment that it has made; and

• (c) a policy or procedure established by a bank or authorized foreign bank.

Marginal note:Whistleblowing

• 979.2 (1) Any employee of a bank or authorized foreign bank who has reasonable grounds to believe that the bank, authorized foreign bank or any person has committed or intends to commit a wrongdoing may report the particulars of the matter to the bank or authorized foreign bank or to the Commissioner, the Superintendent, a government agency or body that regulates or supervises financial institutions or a law enforcement agency.

• Marginal note:Confidentiality

  (2) The bank, authorized foreign bank, Commissioner, Superintendent, government agency or body or law enforcement agency shall keep confidential the identity of the employee and any information that could reasonably be expected to reveal their identity.

• Marginal note:Exception — bank or authorized foreign bank

  (3) Despite subsection (2), the bank or authorized foreign bank may disclose the identity of the employee and information that could reasonably be expected to reveal their identity to the Commissioner, Superintendent, government agency or body or law enforcement agency if the Commissioner, Superintendent, government agency or body or law enforcement agency considers the disclosure necessary for purposes related to an investigation.

• Marginal note:Exception — Commissioner, Superintendent, agency and body

  (4) Despite subsection (2), the Commissioner, Superintendent, government agency or body or law enforcement agency may disclose to each other the identity of the employee and information that could reasonably be expected to reveal their identity for purposes related to an investigation.

• Marginal note:Informing of disclosure

  (5) If the bank, authorized foreign bank, Commissioner, Superintendent, government agency or body or law enforcement agency has disclosed, under subsection (3) or (4), the identity of the employee or any information that could reasonably be expected to reveal their identity, the bank, authorized foreign bank, Commissioner, Superintendent, government agency or body or law enforcement agency shall make every reasonable effort to inform the employee of the disclosure.

Marginal note:Procedures — wrongdoing

979.3 A bank or authorized foreign bank shall establish and implement procedures for dealing with matters the particulars of which have been reported to it by employees under subsection 979.2(1).

Marginal note:Prohibition

• 979.4 (1) No bank or authorized foreign bank shall dismiss, suspend, demote, discipline, harass or otherwise disadvantage an employee, or deny an employee a benefit of employment, by reason that

  • (a) the employee, acting on the basis of reasonable belief, has reported particulars under subsection 979.2(1);

  • (b) the employee, acting on the basis of reasonable belief, has refused or stated an intention of refusing to do anything that is a wrongdoing;

  • (c) the employee, acting on the basis of reasonable belief, has done or stated an intention of doing anything that is required to be done in order to prevent a wrongdoing from being committed; or

  • (d) the bank or authorized foreign bank believes that the employee will do anything referred to in paragraphs (a) to (c).

• Marginal note:Saving

  (2) Nothing in this section impairs any right of an employee either at law or under an employment contract or collective agreement.