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This enactment amends a number of Acts governing financial
institutions and the agencies which regulate them. Notable among the
amendments are the following:
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(a) similar amendments to the Bank Act, the Cooperative Credit
Associations Act, the Insurance Companies Act and the Trust and
Loan Companies Act dealing with
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(i) the self-dealing regime,
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(ii) in-house information services,
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(iii) corporate governance, and
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(iv) technical amendments;
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(b) similar amendments to the Bank Act, the Insurance Companies
Act and the Trust and Loan Companies Act dealing with protection
of customer information, cost of credit disclosure and specialized
financing activities;
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(c) amendments to the Canada Deposit Insurance Corporation Act,
the Bank Act and the Canadian Payments Association Act to
streamline the operations of foreign banks in Canada and allow
banks that do not take retail deposits to opt out of Canada Deposit
Insurance Corporation coverage;
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(d) amendments to the Insurance Companies Act respecting the
issue of participating shares and the regime governing
demutualization of mutual insurance companies; and
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(e) technical amendments to the Bank of Canada Act, the Canada
Deposit Insurance Corporation Act and the Office of the
Superintendent of Financial Institutions Act, and consequential
amendments to the Winding-up and Restructuring Act and the Green
Shield Canada Act.
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