Bill C-15

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Royal Assent

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	RECOMMENDATION
	His Excellency the Governor General recommends to the House of Commons the appropriation of public revenue under the circumstances, in the manner and for the purposes set out in a measure entitled ``An Act to amend, enact and repeal certain laws relating to financial institutions''.
	SUMMARY
	This enactment amends a number of Acts governing financial institutions, amends legislation related to the regulation of financial institutions, amends the Winding-up Act and enacts a new Act dealing with the regulation of systems for the clearing and settlement of payment obligations. Notable among the amendments are the following:
	(a) similar amendments to the Bank Act, Cooperative Credit Associations Act, Insurance Companies Act and Trust and Loan Companies Act dealing with
	(i) the disclosure of information,
	(ii) the elimination of appeals in relation to certain matters,
	(iii) the disqualification of persons from becoming office-holders of an institution,
	(iv) the taking of control of an institution by the Superintendent of Financial Institutions, and
	(v) changes to the duties of the Superintendent;
	(b) amendments to the Winding-up Act respecting
	(i) the circumstances and procedures for winding up an institution, and
	(ii) a revised Part III dealing with the restructuring of insurance companies; and
	(c) amendments to the Canada Deposit Insurance Corporation Act concerning
	(i) the business affairs of the Corporation,
	(ii) the restructuring of institutions by means of the vesting of shares, etc., and the Corporation becoming a receiver,
	(iii) the assessment and collection of deposit insurance premiums, and
	(iv) the enforcement of the Act.