BILL C-67 - As passed by the House of Commons

Content of return	(2) The return shall show, in so far as is known to the authorized foreign bank,
	(a) the name of each person to whom or at whose request each instrument was issued, certified or accepted;
	(b) the recorded address of each of those persons;
	(c) the name of the payee of each instrument;
	(d) the amount and date of each instrument;
	(e) the name of the place where each instrument was payable; and
	(f) the branch of the authorized foreign bank at which each instrument was issued, certified or accepted.
Amounts under one hundred dollars	(3) Where the amount of an instrument is less than one hundred dollars, the authorized foreign bank may omit from the return the particulars required by subsection (2) in respect of the instrument.
Money orders	(4) An authorized foreign bank may omit from a return the particulars required by subsection (2) in respect of any money order in respect of which subsection (1) applies.
Total to be reported	604. Where an authorized foreign bank, pursuant to subsection 602(4) or 603(3) or (4), omits from a return required by subsection 602(1) or 603(1) the particulars of any deposit or instrument, the total of the amounts of all deposits or instruments that have been so omitted shall be reported in the return.
Production of information and documents	605. (1) The Superintendent may, by order, direct a person who controls an authorized foreign bank or any entity that is affiliated with an authorized foreign bank to provide the Superintendent with any information or documents that may be specified in the order if the Superintendent believes that the production of the information or documents is necessary in order to be satisfied that the provisions of this Act are being duly observed.
Time	(2) A person to whom an order is issued shall provide the information or documents specified in the order within the time specified in the order and, where the order does not specify a time, the person shall provide the information or documents within a reasonable time.
Exemption	(3) Subsection (1) does not apply in respect of an entity that is affiliated with an authorized foreign bank where that entity is a financial institution regulated
	(a) by or under an Act of Parliament; or
	(b) by or under an Act of the legislature of a province where the Superintendent has entered into an agreement with the appropriate official or public body responsible for the supervision of financial institutions in that province concerning the sharing of information on those financial institutions.
Confidential information	606. (1) Subject to sections 608 and 609, all information regarding the business or affairs of an authorized foreign bank or persons dealing with an authorized foreign bank that is obtained by the Superintendent, or by any person acting under the direction of the Superintendent, as a result of the administration or enforcement of any Act of Parliament is confidential and shall be treated accordingly.
Disclosure permitted	(2) Nothing in subsection (1) prevents the Superintendent from disclosing any information
	(a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision,
	(b) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision,
	(c) to the Canada Deposit Insurance Corporation for purposes related to its operation, and
	(d) 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 Governor of the Bank of Canada or any officer of the Bank of Canada authorized in writing by the Governor of the Bank of Canada, for the purposes of policy analysis related to the regulation of financial institutions,
	if the Superintendent is satisfied that the information will be treated as confidential by the agency, body or person to whom it is disclosed.
Regulations	607. The Governor in Council may make regulations prohibiting, limiting or restricting the disclosure by authorized foreign banks of prescribed supervisory information.
Publication	608. The Superintendent shall cause to be published in the Canada Gazette the information contained in each of the returns made under sections 602 and 603 within sixty days after the expiration of the time provided by this Act for providing the return.
Disclosure by Superinten- dent	609. (1) The Superintendent shall disclose, at the times and in the manner that the Minister may determine, any information obtained by the Superintendent under this Act that the Minister considers ought to be disclosed for the purposes of the analysis of the business in Canada of an authorized foreign bank and that
	(a) is contained in returns filed pursuant to the Superintendent's financial regulatory reporting requirements in respect of authorized foreign banks; or
	(b) has been obtained as a result of an industry-wide or sectoral survey conducted by the Superintendent in relation to an issue or circumstances that could have an impact on the business in Canada of authorized foreign banks.
Prior consultation required	(2) The Minister shall consult with the Superintendent before making any determination under subsection (1).
Disclosure by an authorized foreign bank	610. (1) An authorized foreign bank shall make available to the public any information concerning
	(a) the compensation of its executives, as that expression is defined by the regulations, and
	(b) its business and affairs for the purposes of the analysis of its business in Canada,
	in the form and manner and at the times that may be required by or under regulations that the Governor in Council may make for the purpose.
Exemption by regulation	(2) Paragraph (1)(a) does not apply to an authorized foreign bank that is within any class or classes of authorized foreign banks that may be prescribed.
Exceptions to disclosure	611. Subject to any regulations made under section 576, information obtained by an authorized foreign bank regarding any of its customers shall not be disclosed or made available under subsection 609(1) or section 610.
Report respecting disclosure	612. The Superintendent shall prepare a report respecting the disclosure of information by authorized foreign banks and describing the state of progress made in enhancing the disclosure of information in the financial services industry. The report is to be included in the report referred to in section 25 of the Office of the Superintendent of Financial Institutions Act.
	Inspection of Authorized Foreign Banks
Examination of authorized foreign banks	613. (1) The Superintendent, from time to time, but, in the case of an authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2), at least once in each calendar year, shall make or cause to be made any examination and inquiry into the business and affairs of each authorized foreign bank that the Superintendent may deem to be necessary or expedient for the purposes of satisfying the Superintendent that the provisions of this Act are being duly observed and, after the conclusion of each examination and inquiry, shall report on it to the Minister.
Access to records of authorized foreign bank	(2) The Superintendent or a person acting under the Superintendent's direction
	(a) has a right of access to any records, cash, assets and security held by an authorized foreign bank; and
	(b) may require the directors, officers and the auditor of an authorized foreign bank to provide information and explanations, to the extent that they are reasonably able to do so, in respect of the condition and affairs of the authorized foreign bank or any entity in which it has a substantial investment under Part XII.
Power of Superinten- dent on inquiry	614. The Superintendent has all the powers of a person appointed as a commissioner under Part II of the Inquiries Act for the purpose of obtaining evidence under oath, and may delegate those powers to any person acting under the Superintendent's direction.
	Remedial Powers
	Directions of Compliance
Superinten- dent's directions to authorized foreign bank	615. (1) Where, in the opinion of the Superintendent, an authorized foreign bank, or a person with respect to an authorized foreign bank, is committing, or is about to commit, an act that is an unsafe or unsound practice in relation to the business in Canada of the authorized foreign bank, or is pursuing or is about to pursue any course of conduct that is an unsafe or unsound practice in relation to that business, the Superintendent may direct the authorized foreign bank or person to
	(a) cease or refrain from committing the act or pursuing the course of conduct; and
	(b) perform any acts that in the opinion of the Superintendent are necessary to remedy the situation.
Opportunity for representa- tions	(2) Subject to subsection (3), no direction shall be issued to an authorized foreign bank or person unless the authorized foreign bank or person is provided with a reasonable opportunity to make representations in respect of the matter.
Temporary direction	(3) Where, in the opinion of the Superintendent, the length of time required for representations to be made might be prejudicial to the public interest, the Superintendent may make a temporary direction with respect to the matters referred to in paragraphs (1)(a) and (b) having effect for a period of not more than fifteen days.
Continuing effect	(4) A temporary direction continues to have effect after the expiration of the fifteen day period referred to in subsection (3) if no representations are made to the Superintendent within that period or, if representations have been made, the Superintendent notifies the authorized foreign bank or person that the Superintendent is not satisfied that there are sufficient grounds for revoking the direction.
Court enforcement	616. (1) Where an authorized foreign bank or person
	(a) is contravening or has failed to comply with a direction of the Superintendent issued to the authorized foreign bank or person pursuant to subsection 615(1) or (3),
	(b) is contravening this Act, or
	(c) has omitted to do any thing under this Act that is required to be done by or on the part of the authorized foreign bank or person,
	the Superintendent may, in addition to any other action that may be taken under this Act, apply to a court for an order requiring the authorized foreign bank or person to comply with 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.
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.
	Asset Maintenance
Order re: asset maintenance	617. Where, in the opinion of the Superintendent, it is necessary for the protection of rights of depositors and creditors of the authorized foreign bank in respect of its business in Canada, the Superintendent may, by order,
	(a) subject to any terms and conditions that the Superintendent considers necessary, direct an authorized foreign bank to maintain in Canada assets of any type and in any amount that the Superintendent may specify; and
	(b) require that the assets referred to in paragraph (a) be deposited with a Canadian financial institution approved by the Superintendent under a deposit agreement approved by the Superintendent.
	Supervisory Intervention
Meaning of ``assets''	618. For the purposes of sections 619 to 627, ``assets'', in relation to an authorized foreign bank, means
	(a) any asset in respect of its business in Canada, including the assets referred to in subsection 582(1) and section 617 and the assets under its administration; and
	(b) any other asset in Canada of the authorized foreign bank.
Superinten- dent may take control	619. (1) Subject to this Act, where any of the circumstances described in subsection (2) exist in respect of an authorized foreign bank or the business in Canada of an authorized foreign bank, the Superintendent may
	(a) take control, for a period not exceeding sixteen days, of the assets of the authorized foreign bank; or
	(b) unless the Minister advises the Superintendent that the Minister is of the opinion that it is not in the public interest to do so,
	(i) take control, for a period exceeding sixteen days, of the assets of the authorized foreign bank, or
	(ii) where control of assets has been taken under paragraph (a), continue the control beyond the sixteen days referred to in that paragraph.
Circumstan- ces for taking control	(2) Control by the Superintendent under subsection (1) may be taken in respect of an authorized foreign bank where
	(a) the authorized foreign bank has failed to pay its liabilities or, in the opinion of the Superintendent, will not be able to pay its liabilities as they become due and payable;
	(b) the authorized foreign bank in respect of its business in Canada has failed to pay its liabilities or, in the opinion of the Superintendent, will not be able to pay its liabilities as they become due and payable;
	(c) in the opinion of the Superintendent, a practice or state of affairs exists in respect of the authorized foreign bank or in respect of its business in Canada that may be materially prejudicial to
	(i) the interests of the depositors or creditors of the authorized foreign bank in respect of its business in Canada, or
	(ii) the owners of any assets under the administration of the authorized foreign bank in respect of its business in Canada;
	(d) the assets of the authorized foreign bank in relation to its business in Canada are not, in the opinion of the Superintendent, sufficient to give adequate protection to the depositors and creditors of the authorized foreign bank in respect of its business in Canada;
	(e) an asset appearing on the books or records of the authorized foreign bank in respect of its business in Canada or held under its administration is not, in the opinion of the Superintendent, satisfactorily accounted for; or
	(f) the authorized foreign bank has failed to comply with an order of the Superintendent under section 617.
Notice of proposed action	(3) The Superintendent shall notify an authorized foreign bank of any action proposed to be taken in respect of it under paragraph (1)(b) and of its right to make written representations to the Superintendent within the time specified in the notice, not exceeding ten days after it receives the notice.
Objectives of Superinten- dent	(4) Where, pursuant to subsection (1), the Superintendent has control of the assets of an authorized foreign bank, the Superintendent may do all things necessary or expedient to protect the rights and interests of the depositors and creditors of the authorized foreign bank in respect of its business in Canada.
Powers of Superinten- dent	(5) Where, pursuant to subsection (1), the Superintendent has control of the assets of an authorized foreign bank,
	(a) neither the authorized foreign bank nor any person acting on its behalf shall deal in any way with any of the assets without the prior approval of the Superintendent or a representative designated by the Superintendent; and
	(b) no person acting on behalf of the authorized foreign bank shall have access to any cash or securities held in Canada by the authorized foreign bank without the prior approval of the Superintendent or a representative designated by the Superintendent.
Persons to assist	(6) Where the Superintendent takes control of the assets of an authorized foreign bank under subparagraph (1)(b)(i) or (ii), the Superintendent may appoint one or more persons to assist in the control of the assets.
Expiration of control	620. Control by the Superintendent under subsection 619(1) of the assets of an authorized foreign bank expires on the day on which a notice by the Superintendent is sent to the principal officer of the authorized foreign bank stating that the Superintendent is of the opinion that the circumstances leading to the taking of control of the assets by the Superintendent have been substantially rectified and that the authorized foreign bank can resume control of its assets.
Superinten- dent may request winding-up	621. The Superintendent may, at any time before the receipt of a request under section 622 to relinquish control of the assets of an authorized foreign bank, request the Attorney General of Canada to apply for a winding-up order under section 10.1 of the Winding-up and Restructuring Act in respect of the authorized foreign bank, where the assets of the authorized foreign bank are under the control of the Superintendent pursuant to subparagraph 619(1)(b)(i) or (ii).

Remedial Powers