Bill C-8
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DIVISION 10 |
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ADEQUACY OF CAPITAL AND LIQUIDITY |
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Adequacy of
capital and
liquidity
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949. (1) A bank holding company shall, in
relation to its business, maintain
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and shall comply with any regulations in
relation thereto.
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Regulations
and guidelines
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(2) The Governor in Council may make
regulations and the Superintendent may make
guidelines respecting the maintenance by
bank holding companies of adequate capital
and adequate and appropriate forms of
liquidity.
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Directives
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(3) Notwithstanding that a bank holding
company is complying with regulations or
guidelines made under subsection (2), the
Superintendent may, by order, direct the bank
holding company
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Compliance
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(4) A bank holding company shall comply
with an order made under subsection (3)
within such time as the Superintendent
specifies therein.
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DIVISION 11 |
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REGULATION OF BANK HOLDING COMPANIES |
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Supervision
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Returns
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Required
information
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950. A bank holding company shall provide
the Superintendent with such information, at
such times and in such form as the
Superintendent may require.
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Names of
directors and
auditor
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951. (1) A bank holding company shall,
within thirty days after each annual meeting of
the bank holding company, provide the
Superintendent with a return showing
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Changes
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(2) Where
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the bank holding company shall forthwith
provide the Superintendent with such
information as is required to maintain the
return in a complete and accurate form.
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Copy of
by-laws
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952. A bank holding company shall send to
the Superintendent within thirty days after the
coming into effect of a by-law or an
amendment to a by-law, a copy of the by-law
or amendment.
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Register of
bank holding
companies
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953. (1) The Superintendent shall, in
respect of each bank holding company, cause
a register to be maintained containing a copy
of
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Form
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(2) The register may be maintained in
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Access
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(3) Persons are entitled to reasonable access
to the register and may make copies of or take
extracts from the information in it.
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Evidence
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(4) A statement containing information in
the register and purporting to be certified by
the Superintendent is admissible in evidence
in all courts as proof, in the absence of
evidence to the contrary, of the facts stated in
the statement without proof of the
appointment or signature of the
Superintendent.
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Production of
information
and
documents
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954. (1) The Superintendent may, by order,
direct a person who controls a bank holding
company or any entity that is affiliated with a
bank holding company to provide the
Superintendent with the information or
documents that are specified in the order if the
Superintendent believes that the production of
the information or documents is necessary in
order to
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Time
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(2) Any person to whom a direction has
been issued under subsection (1) 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.
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Exemption
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(3) Subsection (1) does not apply in respect
of an entity that controls a bank holding
company or is affiliated with a bank holding
company where that entity is a financial
institution regulated
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Confidential
information
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955. (1) All information regarding the
business or affairs of a bank holding company,
or regarding a person dealing with a bank
holding company, 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, and all information
prepared from that information, is
confidential and shall be treated accordingly.
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Disclosure
permitted
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(2) Nothing in subsection (1) prevents the
Superintendent from disclosing any
information
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if the Superintendent is satisfied that the
information will be treated as confidential by
the agency, body or person to whom it is
disclosed.
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Regulations
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956. The Governor in Council may make
regulations prohibiting, limiting or restricting
the disclosure by bank holding companies of
prescribed supervisory information.
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Inspection of Bank Holding Companies
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Examination
of bank
holding
companies
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957. (1) The Superintendent, from time to
time, shall make or cause to be made any
examination and inquiry into the business and
affairs of each bank holding company that the
Superintendent considers to be necessary or
expedient to determine whether the bank
holding company is complying with the
provisions of this Act and to ascertain the
financial condition of the bank holding
company.
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Access to
records of
bank holding
company
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(2) The Superintendent or a person acting
under the Superintendent's direction
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Power of
Superinten- dent on inquiry
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958. 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.
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Remedial Powers
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Prudential Agreements
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Prudential
agreement
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959. The Superintendent may enter into an
agreement, called a ``prudential agreement'',
with a bank holding company for the purposes
of implementing any measure designed to
protect the interests of depositors,
policyholders and creditors of any federal
financial institution affiliated with it.
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Directions of Compliance
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Superinten- dent's directions to bank holding company
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960. (1) If, in the opinion of the
Superintendent, a bank holding company, one
of its affiliates or any person with respect to a
bank holding company is committing, or is
about to commit, an act - or is pursuing or is
about to pursue a course of conduct - that
may directly or indirectly be prejudicial to the
interest of depositors, policyholders or
creditors of a federal financial institution that
is affiliated with the bank holding company,
the Superintendent may direct the bank
holding company to
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Opportunity
for
representa- tions
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(2) Subject to subsection (4), no direction
shall be issued unless the bank holding
company is provided with a reasonable
opportunity to make representations in respect
of the matter.
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Temporary
direction
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(3) If, 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) to (d)
having effect for a period of not more than
fifteen days.
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Continued
effect
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(4) A temporary direction made under
subsection (3) continues to have effect after
the expiration of the fifteen day period
referred to in that subsection if no
representations are made to the
Superintendent within that period or, if
representations have been made, the
Superintendent notifies the bank holding
company that the Superintendent is not
satisfied that there are sufficient grounds for
revoking the direction.
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Court
enforcement
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961. (1) If a bank holding company is
contravening or has failed to comply with a
prudential agreement entered into under
section 959 or a direction of the
Superintendent issued to the bank holding
company under section 960 or is contravening
this Act or has omitted to do any thing under
this Act that it is required to do, 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 bank
holding company to comply with the
prudential agreement or the direction, cease
the contravention or do any thing that is
required to be done, and on such application
the court may so order and make any other
order it thinks fit.
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Appeal
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(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.
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Disqualification and Removal of Directors or
Senior Officers
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Meaning of
``senior
officer''
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962. In sections 963 and 964, ``senior
officer'' means the chief executive officer,
secretary, treasurer or controller of a bank
holding company or any other officer
reporting directly to the bank holding
company's board of directors or chief
executive officer.
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Application
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963. (1) This section applies only in respect
of a bank holding company
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Information to
be provided
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(2) A bank holding company shall provide
the Superintendent with the name of
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together with such other information about the
background, business record and experience
of the person as the Superintendent may
require.
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When
information to
be provided
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(3) The information required by subsection
(2) shall be provided to the Superintendent
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Disqualifi- cation or removal
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(4) If the Superintendent is of the opinion
that, on the basis of the competence, business
record, experience, conduct or character of a
person, he or she is not suitable to hold that
position, the Superintendent may, by order,
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