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Public Accountability Statements (Banks, Insurance Companies, Trust and Loan Companies) Regulations (SOR/2002-133)

Regulations are current to 2020-09-09 and last amended on 2009-02-12. Previous Versions

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

SOR/2002-133

BANK ACT

INSURANCE COMPANIES ACT

TRUST AND LOAN COMPANIES ACT

Registration 2002-03-21

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

P.C. 2002-402 2002-03-21

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsections 459.3(4)Footnote a of the Bank ActFootnote b, 489.1(4)Footnote c of the Insurance Companies ActFootnote d and 444.2(4)Footnote e of the Trust and Loan Companies ActFootnote f, hereby makes the annexed Public Accountability Statements (Banks, Insurance Companies, Trust and Loan Companies) Regulations.

Interpretation

Marginal note:Definitions

 The following definitions apply in these Regulations.

community development

community development means the social, cultural, economic or environmental enrichment of a community. (développement communautaire)

declarant

declarant means

  • (a) a bank referred to in subsection 459.3(1) of the Bank Act;

  • (b) a company referred to in subsection 489.1(1) of the Insurance Companies Act; or

  • (c) a company referred to in section 444.2(1) of the Trust and Loan Company Act. (déclarant)

period

period means, in relation to a declarant,

  • (a) for the first public accountability statement,

    • (i) all full quarters of the financial year of the declarant that begin after the date of coming into force of these Regulations, or

    • (ii) the financial year of the declarant; and

  • (b) for all subsequent public accountability statements, the financial year of the declarant. (période)

public accountability statement

public accountability statement means the statement that is required to be published

Affiliates of Declarant

Marginal note:Affiliates of declarant

  •  (1) For the purpose of subsection 459.3(1) of the Bank Act, subsection 489.1(1) of the Insurance Companies Act, subsection 444.2(1) of the Trust and Loan Companies Act, the affiliates of a declarant in respect of which a public accountability statement is required to be published are

    • (a) the affiliates of the declarant that are finance entities as defined in the Finance Entity Regulations except for an affiliate that is 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; or

    • (b) the affiliates of the declarant that are financial institutions with equity of less than one billion dollars, other than foreign institutions that carry on business exclusively outside of Canada.

  • Marginal note:Exception

    (2) For the purpose of subsection 459.3(1) of the Bank Act, subsection 489.1(1) of the Insurance Companies Act, subsection 444.2(1) of the Trust and Loan Companies Act, the affiliates of a declarant in respect of which a public accountability statement is not required to be published in a given period are the entities referred to in paragraphs (1)(a) and (b) in respect of which a public accountability statement is published by another declarant for that period.

Content of Public Accountability Statement

Marginal note:What statement must contain

  •  (1) Subject to subsections (2) to (4), the public accountability statement must contain

    • (a) a list of affiliates of the declarant in respect of which the statement is published;

    • (b) a list of affiliates of the declarant in respect of which the public accountability statement of another declarant is published for the period and the name of the other declarant;

    • (c) detailed examples, in relation to the declarant and the affiliates in respect of which the statement is published,

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

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

      • (iii) of charitable donations that they made during the period,

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

      • (v) of any new initiatives or technical assistance programs that they undertook during the period in relation to

        • (A) financing for small businesses, and

        • (B) investments or partnerships in micro-credit programs;

    • (d) the total value in money of either

      • (i) the charitable donations made during the period by the declarant and the affiliates in respect of which the statement is published, or

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

    • (e) a report, in respect of the declarant and the affiliates in respect of which the statement is published, setting out the total amount of money that they authorized to be made available during the period 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, namely,

      • (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) an overview of initiatives undertaken during the period, by the declarant and by the affiliates in respect of which the statement is published, to improve access to financial services for low-income individuals, senior citizens and disabled persons;

    • (g) in the case of a declarant that is a bank referred to in subsection 459.3(1) of the Bank Act or a company referred to in subsection 444.2(1) of the Trust and Loan Companies Act, 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 declarant 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 declarant has accepted deposits from customers or disbursed cash to customers;

    • (h) the number of individuals employed in each province at financial year-end by the declarant and by the affiliates in respect of which the statement is published, including

      • (i) the number of full-time positions held by those individuals, and

      • (ii) the number of part-time positions held by those individuals; and

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

  • Marginal note:Non-application

    (2) Subparagraph (1)(c)(v) and paragraph 1(e) do not apply to insurance companies if they did not participate in the activities described in those provisions over the course of the period.

  • Marginal note:Refusal

    (3) A declarant may refuse to report the information required under paragraph (1)(e) for the ranges set out in subparagraphs (vi) and (vii) if, by providing that information, a firm could be identified.

  • Marginal note:Exception

    (4) If a firm could be identified by the declarant reporting, for a province, the information required under paragraph (1)(e) for the ranges set out in subparagraphs (1)(e)(i) to (v), the declarant may report that information together with the information reported for another province, provided that the declarant indicates that fact in the report and identifies the provinces concerned.

  • SOR/2009-40, s. 1

Time and Manner Requirements for Disclosure

Marginal note:Time requirement

 A declarant must prepare a public accountability statement and file a written copy of it with the Commissioner within 135 days after the end of each period.

Marginal note:Manner of disclosure

 The declarant must disclose the public accountability statements to its customers and to the public by

  • (a) informing its customers and the public within 135 days after the end of each period, through advertising, making public announcements, posting notices, mailing information or otherwise, about any means by which the statement is available to the customers and the public;

  • (b) making copies of the statement available on request to customers and the public at no charge; and

  • (c) posting the statement on its websites through which products or services are offered in Canada.

  • SOR/2009-40, s. 2

Coming into Force

Marginal note:Coming into force

 These Regulations come into force on the day on which they are registered.

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