Bill C-38
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2nd Session, 36th Parliament, 48-49 Elizabeth II, 1999-2000
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The House of Commons of Canada
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BILL C-38 |
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An Act to establish the Financial Consumer
Agency of Canada and to amend certain
Acts in relation to financial institutions
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SHORT TITLE |
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Short title
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1. This Act may be cited as the Financial
Consumer Agency of Canada Act.
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INTERPRETATION |
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Definitions
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2. The definitions in this section apply in
this section and in sections 3 to 34.
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``Agency'' « Agence »
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``Agency'' means the Financial Consumer
Agency of Canada established under
section 3.
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``bank
holding
company'' « société de portefeuille bancaire »
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``bank holding company'' means a bank
holding company as defined in section 2 of
the Bank Act;
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``Commission
er'' « commissaire »
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``Commissioner'' means the Commissioner of
the Agency appointed under section 4.
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``consumer
provision'' « disposition visant les consomma- teurs »
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``consumer provision'' means
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``Deputy
Commission- er'' « commissai- re adjoint »
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``Deputy Commissioner'' means a Deputy
Commissioner appointed under section 8.
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``financial
institution'' « institution financière »
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``financial institution'' means
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``governing
statute'' « loi d'applica- tion »
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``governing statute'' means
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``insurance
holding
company'' « société de portefeuille d'assuran- ces »
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``insurance holding company'' means an
insurance holding company as defined in
subsection 2(1) of the Insurance Companies
Act.
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``Minister'' « ministre »
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``Minister'' means the Minister of Finance.
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``penalty'' « pénalité »
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``penalty'' means an administrative monetary
penalty.
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``prescribed'' Version anglaise seulement
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``prescribed'' means prescribed by regulation.
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ESTABLISHMENT OF AGENCY |
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Establish- ment
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3. (1) There is hereby established an agency
of the Government of Canada called the
Financial Consumer Agency of Canada over
which the Minister shall preside and for which
the Minister shall be responsible.
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Objects
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(2) The objects of the Agency are to
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COMMISSIONER OF AGENCY |
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Appointment
of
Commissioner
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4. (1) The Governor in Council shall
appoint an officer to be called the
Commissioner of the Financial Consumer
Agency of Canada. The Commissioner has the
rank and all the powers of a deputy head of a
department.
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Tenure of
office and
removal
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(2) The Commissioner holds office during
good behaviour for a term of not more than
five years, but may be removed for cause by
the Governor in Council.
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Further terms
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(3) The Commissioner, on the expiration of
any term of office, is eligible to be
re-appointed for a further term of office.
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Absence or
incapacity
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(4) In the event of the absence or incapacity
of the Commissioner, or if the office of
Commissioner is vacant, the Minister may
appoint a qualified person to exercise the
powers and perform the duties and functions
of the Commissioner, but no person may be so
appointed for a term of more than 90 days
without the approval of the Governor in
Council.
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Remunera- tion
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(5) The Commissioner shall be paid the
remuneration fixed by the Governor in
Council.
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Expenses
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(6) The Commissioner and any person
appointed under subsection (4) are entitled to
be paid reasonable travel and living expenses
incurred in the course of performing their
duties while absent from their ordinary place
of work.
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Deemed
employment
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(7) The Commissioner is deemed to be
employed in the Public Service for the
purposes of the Public Service
Superannuation Act and to be employed in the
public service of Canada for the purposes of
the Government Employees Compensation
Act and any regulations made under section 9
of the Aeronautics Act.
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POWERS, DUTIES AND FUNCTIONS OF THE COMMISSIONER |
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Powers, duties
and functions
of the
Commissioner
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5. (1) The Commissioner has the powers,
duties and functions assigned to the
Commissioner by this Act and by the Acts
listed in Schedule 1 and shall examine and
inquire into, and report to the Minister from
time to time on, all matters connected with the
administration of this Act and of the consumer
provisions of those other Acts.
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Review re
voluntary
codes of
conduct
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(2) The Commissioner, if a financial
institution has adopted a voluntary code of
conduct referred to in paragraph 3(2)(c), may
make or cause to be made any review that he
or she considers necessary to monitor
compliance with the code.
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Respect for
other
monitors
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(3) When acting under subsection (2), the
Commissioner shall have due regard for the
role of any department, agency or agent
corporation of the Government of Canada or
of a province or any organization that has a
role in monitoring compliance by financial
institutions with voluntary codes of conduct.
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Consumer
awareness
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(4) The Commissioner may carry on any
activity that he or she considers necessary in
furtherance of an object described in
paragraph 3(2)(d) or (e).
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Duties and
functions
generally
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6. (1) The Commissioner shall engage
exclusively in the duties and functions of the
Commissioner under section 5 and as deputy
head of the Agency.
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Other duties
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(2) Despite subsection (1), the
Commissioner may hold any other office
under Her Majesty or perform any other duties
for Her Majesty, but not for reward.
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AGREEMENTS |
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Agreements
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7. The Agency, in order to carry out its
objects, may enter into an agreement or
arrangement with a department or agency of
the Government of Canada or of a province or
with any other person or body in the name of
Her Majesty in right of Canada or in its own
name. An agreement or arrangement with a
department or agency of a province must be
made with the approval of the Governor in
Council.
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DEPUTY COMMISSIONERS |
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Appointment
of Deputy
Commissioner
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8. The Commissioner may appoint one or
more officers each to be called a Deputy
Commissioner of the Financial Consumer
Agency of Canada who shall act under the
instructions of the Commissioner.
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EXERCISE OF POWERS, DUTIES AND FUNCTIONS |
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Exercise by
personnel
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9. Except as otherwise provided by the
Commissioner and subject to any terms and
conditions that may be specified by the
Commissioner, a person who is an officer or
employee of the Agency may exercise any of
the powers and perform any of the duties and
functions of the Commissioner under this Act
if the person is appointed to serve in the
Agency in a capacity appropriate to the
exercise of the power or performance of the
duty or function.
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STAFF OF AGENCY |
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Employees
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10. The employees that are necessary to
enable the Commissioner to perform the
duties of the Commissioner shall be appointed
in accordance with the Public Service
Employment Act.
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Responsibi- lity for personnel management
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11. (1) In respect of persons appointed
under sections 8 and 10, the Commissioner is
authorized to exercise the powers and perform
the duties and functions of the Treasury Board
under paragraphs 7(1)(b) and (e) and section
11 of the Financial Administration Act that
relate to personnel management, including the
determination of terms and conditions of
employment and the responsibility for
employer and employee relations.
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Delegation of
powers
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(2) The Commissioner may authorize any
person employed in the public service of
Canada to exercise and perform, in such
manner and subject to such terms and
conditions as the Commissioner directs, any
of the powers and functions of the
Commissioner in relation to personnel
management in the public service and may,
from time to time as the Commissioner sees
fit, revise or rescind and reinstate the authority
so granted.
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Sub- delegation of such powers
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(3) Any person authorized under subsection
(2) to exercise and perform any of the powers
and functions of the Commissioner may,
subject to and in accordance with the
authorization, authorize one or more persons
under their jurisdiction or any other person to
exercise or perform any such power or
function.
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Official
Languages
Act
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12. For greater certainty, the Official
Languages Act applies to the Agency.
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