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Financial Consumer Protection Framework Regulations (SOR/2021-181)

Regulations are current to 2024-10-30 and last amended on 2023-06-22. Previous Versions

PART 2Disclosure and Transparency for Informed Decisions (continued)

Public Notices (continued)

Notice of Branch Closure (continued)

Marginal note:Non-application — section 627.993 of Act

92 Section 627.993 of the Act does not apply in any of the following circumstances:

  • (a) the closure or cessation is temporary and is caused by events beyond the control of the member bank;

  • (b) the member bank does not expect the closure or cessation to continue for more than 15 business days;

  • (c) the closure or cessation results from the sale by the member bank of the branch’s assets and liabilities to another financial institution, that other financial institution proposes to operate a retail deposit-taking branch at the same site and the financial services that have been provided to the public from that site are not expected to be interrupted as a result of the sale for more than 15 business days;

  • (d) the closure or cessation results from a relocation of the branch or a consolidation of the branch with one or more branches into another branch and the travelling distance from the site of the relocated or consolidated branch to the site of the closed branch is less than 500 m;

  • (e) the closure or cessation is required in order to comply with

    • (i) a prudential agreement entered into between the member bank and the Superintendent under section 644.1 of the Act,

    • (ii) a direction of the Superintendent under subsection 645(1) of the Act, or

    • (iii) an order of a court under section 646 of the Act;

  • (f) the closure or cessation results from a decision of the Superintendent under subsection 649(2) of the Act after the Superintendent has taken control of the member bank under subparagraph 648(1)(b)(iii) of the Act;

  • (g) the closure or cessation results from actions directed towards the voluntary liquidation of the member bank

    • (i) after the Minister has approved an application under section 344 of the Act for letters patent dissolving the member bank, or

    • (ii) under the supervision of a court under an order made by the court under subsection 347(1) of the Act;

  • (h) the closure or cessation results from a winding-up order in respect of the member bank made under section 10 or 10.1 of the Winding-up and Restructuring Act;

  • (i) the closure or cessation results from the termination or cancellation of the policy of deposit insurance of the member bank under the Canada Deposit Insurance Corporation Act;

  • (j) the closure or cessation results from the making of an order under subsection 39.13(1) of the Canada Deposit Insurance Corporation Act in respect of the member bank;

  • (k) the closure or cessation is part of a restructuring transaction carried out under subsection 39.2(1) of the Canada Deposit Insurance Corporation Act; and

  • (l) the branch was acquired within the preceding year by a purchaser in a restructuring transaction carried out under subsection 39.2(1) of the Canada Deposit Insurance Corporation Act.

Marginal note:Exemptions

93 For the purposes of section 627.994 of the Act, the following circumstances are the prescribed circumstances:

  • (a) the closure or cessation is in response to a risk to the safety of the branch personnel or the safety of the public;

  • (b) the closure or cessation is caused by the member bank’s right to use the premises as a retail deposit-taking branch being terminated by a person other than the member bank or an affiliate of the member bank and that person has not given the member bank enough notice of the termination to allow the member bank to comply with section 627.993 of the Act;

  • (c) the closure or cessation results from a relocation of the branch, and the travelling distance from the new location to the former location is more than 500 m but not great enough to substantially affect either the customers served by the branch or the nature of the business of the branch; and

  • (d) the giving of notice in the manner and time set out in section 627.993 of the Act would cause undue prejudice to the member bank.

Public Accountability Statements

Marginal note:Prescribed affiliates

94 For the purposes of subparagraph 627.996(1)(a)(i) of the Act, the following affiliates of a bank are the prescribed affiliates:

  • (a) an affiliate that is a finance entity as defined in section 1 of the Finance Entity Regulations but is not a finance entity that makes or refinances loans to, or enters into any other similar arrangements for advancing funds or credit with, only entities that are its affiliates; and

  • (b) an affiliate that is a financial institution with equity of less than $1 billion but is not a foreign institution that carries on business exclusively outside of Canada.

Marginal note:Content of statement

  • 95 (1) For the purposes of subparagraph 627.996(1)(a)(i) of the Act and subject to sections 96 to 98 of these Regulations, the following information is prescribed information:

    • (a) a list of the bank’s prescribed affiliates;

    • (b) a list of the bank’s prescribed affiliates in respect of which a statement of another bank is filed under paragraph 627.996(1)(a) of the Act for the financial year and the name of the other bank;

    • (c) detailed examples, in relation to the bank and its prescribed affiliates, of

      • (i) their goals in the area of community development and of their participation during the financial year in activities for the purpose of community development, including the making of financial contributions for that purpose,

      • (ii) activities undertaken on their behalf during the financial year by their employees on a voluntary basis for the purpose of community development,

      • (iii) charitable donations that they made during the financial year,

      • (iv) their philanthropic activities, other than charitable donations, during the financial year, including their total value in money to the extent that the value of those activities can be expressed in money, and

      • (v) any new initiatives or technical assistance programs that they undertook during the financial year in relation to financing for small businesses and in relation to investments or partnerships in micro-credit programs;

    • (d) the total value in money of either

      • (i) the charitable donations made during the financial year by the bank and its prescribed affiliates, or

      • (ii) the charitable donations made during the financial year by the financial group of which the bank is a member;

    • (e) a report, in respect of the bank and its prescribed affiliates, setting out the total amount of money that they authorized to be made available during the financial year by way of debt financing to firms in Canada, and then setting out that amount broken down, by province, in accordance with the amount of debt financing that was authorized, and the number of firms to which it was authorized, within each of the following ranges:

      • (i) $0 to $24,999,

      • (ii) $25,000 to $99,999,

      • (iii) $100,000 to $249,999,

      • (iv) $250,000 to $499,999,

      • (v) $500,000 to $999,999,

      • (vi) $1,000,000 to $4,999,999, and

      • (vii) $5,000,000 and greater;

    • (f) a listing of the street addresses — including, if the address is shared, the precise location — of the facilities that were opened or closed by the bank in each province during the period, if those facilities are or were

      • (i) branches that are open to the public and at which a product or service is offered, or

      • (ii) facilities, other than branches, at which the bank has accepted deposits from customers or disbursed cash to customers;

    • (g) the number of individuals employed in each province at financial year-end by the bank and by its prescribed affiliates, including the number of full-time and part-time positions held by those individuals; and

    • (h) the total amount of income and capital taxes paid or payable by the financial group of which the bank is a member in respect of the financial year, broken down by total amounts paid or payable to federal and provincial governments.

  • Marginal note:Definition of community development

    (2) For the purposes of subparagraphs (1)(c)(i) and (ii), community development means the social, cultural, economic or environmental enrichment of a community.

Marginal note:Exception — new initiatives and technical assistance programs

  • 96 (1) The information referred to in subparagraph 95(1)(c)(v) of these Regulations is not prescribed information for the purposes of subparagraph 627.996(1)(a)(i) of the Act in respect of a prescribed affiliate that is an insurance company that did not undertake any new initiatives or technical assistance programs referred to in subparagraph 95(1)(c)(v) of these Regulations during the financial year.

  • Marginal note:Exception — debt financing

    (2) The information referred to in paragraph 95(1)(e) of these Regulations is not prescribed information for the purposes of subparagraph 627.996(1)(a)(i) of the Act in respect of a prescribed affiliate that is an insurance company that did not authorize money to be made available by way of debt financing to firms in Canada during the financial year.

Marginal note:Exception — identification of firm

97 If a firm could be identified by breaking down the amount referred to in paragraph 95(1)(e) within the ranges referred to in subparagraphs 95(1)(e)(vi) and (vii), then the report referred to in paragraph 95(1)(e) is not required to include that information.

Marginal note:Exception — identification of firm by province

98 If a firm could be identified by breaking down the amount referred to in paragraph 95(1)(e) within the ranges referred to in subparagraphs 95(1)(e)(i) to (v) for a province, then the report referred to in paragraph 95(1)(e) may set out that information with the information set out for another province provided that the report indicates that there is a change in the breakdown for the purposes of this section and identifies the provinces in question.

PART 3Consequential Amendments, Repeals and Coming into Force

Consequential Amendments

Public Accountability Statements (Banks, Insurance Companies, Trust and Loan Companies) Regulations

99 [Amendments]

100 [Amendments]

101 [Amendments]

Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

102 [Amendments]

103 [Amendments]

Principal Protected Notes Regulations

104 [Amendments]

Credit Business Practices (Banks, Authorized Foreign Banks, Trust and Loan Companies, Retail Associations, Canadian Insurance Companies and Foreign Insurance Companies) Regulations

105 [Amendments]

106 [Amendments]

107 [Amendments]

Mortgage Insurance Disclosure (Banks, Authorized Foreign Banks, Trust and Loan Companies, Retail Associations, Canadian Insurance Companies and Canadian Societies) Regulations

108 [Amendments]

109 [Amendments]

Deposit Type Instruments Regulations

110 [Amendments]

111 [Amendments]

Registered Products Regulations

112 [Amendments]

113 [Amendments]

114 [Amendments]

Prescribed Products Regulations

115 [Amendments]

Negative Option Billing Regulations

116 [Amendments]

Access to Funds Regulations

117 [Amendments]

Prepaid Payment Products Regulations

118 [Amendments]

119 [Amendments]

120 [Amendments]

121 [Amendments]

Repeals

122 The following Regulations are repealed:

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