Bill C-38

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First Reading

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	RECOMMENDATION
	Her 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 establish the Financial Consumer Agency of Canada and to amend certain Acts in relation to financial institutions''.
	SUMMARY
	This enactment establishes the Financial Consumer Agency of Canada responsible for the administration of the consumer provisions governing federal financial institutions. It also amends a number of Acts governing financial institutions and amends legislation related to the regulation of financial institutions. Notable among the amendments are the following:
	(a) amendments to the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act, and the Trust and Loan Companies Act dealing with business powers and investments, regulatory and Ministerial approvals, and consumer protection provisions;
	(b) amendments to the Bank Act and the Insurance Companies Act dealing with the ownership regime and the establishment of holding company regimes;
	(c) amendments to the Office of the Superintendent of Financial Institutions Act, including the establishment of an administrative monetary penalties regime;
	(d) amendments to the Canadian Payments Association Act respecting corporate governance, eligibility for membership, and the designation of payments systems; and
	(e) technical amendments to the Bank of Canada Act and the Canada Deposit Insurance Corporation Act.