Bill C-8
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Delegation |
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Delegation
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1022. The Minister may delegate any of the
Minister's powers, duties and functions under
this Act to any Minister of State appointed
under the Ministries and Ministers of State Act
to assist the Minister.
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PART XIX |
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SANCTIONS |
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Offence
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1023. Every person who, without
reasonable cause, contravenes any provision
of this Act or the regulations is guilty of an
offence.
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Undue
preference to
creditor
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1024. Every director, officer or employee of
a company or a society who wilfully gives or
concurs in giving to any creditor of the
company or society any fraudulent, undue or
unfair preference over other creditors, by
giving security to the creditor, by changing the
nature of the creditor's claim or otherwise, is
guilty of an offence.
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Failure to
provide
information
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1025. Every person who, without
reasonable cause, refuses or fails to comply
with a requirement made under paragraph
674(3)(b) or 1000(3)(b) is guilty of an offence.
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Use of name
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1026. Except to the extent permitted by the
regulations, every person who uses the name
of a company or of an insurance holding
company in a prospectus, offering
memorandum, takeover bid circular,
advertisement for a transaction related to
securities or in any other document in
connection with a transaction related to
securities is guilty of an offence.
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Punishment
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1027. (1) Every person who is guilty of an
offence under any of sections 1023 to 1026 is
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Order to
comply
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(2) If a person has been convicted of an
offence under this Act, the court may, in
addition to any punishment it may otherwise
impose, order the person to comply with the
provisions of this Act or the regulations in
respect of which the person was convicted.
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Additional
fine
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(3) If a person has been convicted of an
offence under this Act, the court may, if it is
satisfied that as a result of the commission of
the offence the convicted person acquired any
monetary benefits or that monetary benefits
accrued to the convicted person or to the
spouse, common-law partner or other
dependant of the convicted person, order the
convicted person to pay, notwithstanding the
maximum amount of any fine that may
otherwise be imposed under this Act, an
additional fine in an amount equal to the
court's estimation of the amount of those
monetary benefits.
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Liability of
officers,
directors, etc.
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1028. If an entity commits an offence under
this Act, any officer, director or agent of the
entity who directed, authorized, assented to,
acquiesced in or participated in the
commission of the offence is a party to and
guilty of the offence and liable on summary
conviction or on conviction on indictment to
the punishment provided under paragraph
1027(1)(a) for the offence, whether or not the
entity has been prosecuted or convicted.
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Limitation
period
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1029. (1) Proceedings by way of summary
conviction in respect of an offence under a
provision of this Act may be commenced at
any time within, but not later than, two years
after the day on which the subject-matter of
the proceedings became known, in the case of
an offence under a consumer provision, to the
Commissioner and, in any other case, to the
Superintendent.
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Certificate of
Superinten- dent or Commission- er
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(2) A document appearing to have been
issued by the Superintendent or
Commissioner, as the case may be, certifying
the day on which the subject-matter of any
proceedings became known to the
Superintendent or Commissioner is
admissible in evidence without proof of the
signature or official character of the person
appearing to have signed it and is, in the
absence of evidence to the contrary, proof of
the matter asserted in it.
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Effect of
offence on
contracts
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1030. Unless otherwise expressly provided
in this Act, a contravention of any provision of
this Act or the regulations does not invalidate
any contract entered into in contravention of
the provision.
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Compliance
or restraining
order
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1031. (1) If a company, a society, a foreign
company, a provincial company or an
insurance holding company or any director,
officer, employee or agent of one does not
comply with any provision of this Act or the
regulations other than a consumer provision,
or, in the case of a company, a society or an
insurance holding company, of the
incorporating instrument or any by-law of the
company, society or insurance holding
company, the Superintendent, any
complainant or any creditor of the company,
society or insurance holding company may, in
addition to any other right that person has,
apply to a court for an order directing the
company, society, foreign company,
provincial company, insurance holding
company, director, officer, employee or agent
to comply with - or restraining the company,
society, foreign company, provincial
company, insurance holding company,
director, officer, employee or agent from
acting in breach of - the provision and, on
the application, the court may so order and
make any further order it thinks fit.
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Compliance
or restraining
order -
consumer
provisions
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(2) If a company or a foreign company or
any director, officer, employee or agent of one
does not comply with any applicable
consumer provision, the Commissioner or any
complainant may, in addition to any other
right that person has, apply to a court for an
order directing the company, foreign
company, director, officer, employee or agent
to comply with - or restraining the company,
foreign company, director, officer, employee
or agent from acting in breach of - the
consumer provision and, on the application,
the court may so order and make any further
order it thinks fit.
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Appeals
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1032. Any decision or order of a court under
this Act may be appealed to the court of
appeal.
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Recovery and
application of
fines
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1033. All fines payable under this Act are
recoverable and enforceable, with costs, at the
suit of Her Majesty in right of Canada,
instituted by the Attorney General of Canada,
and, when recovered, belong to Her Majesty
in right of Canada.
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R.S., c. 18
(3rd Supp.),
Part I
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Office of the Superintendent of Financial Institutions Act |
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1991, c. 45,
s. 557
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466. (1) Paragraph (c) of the definition
``financial institution'' in section 3 of the
Office of the Superintendent of Financial
Institutions Act is replaced by the following:
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(2) Section 3 of the Act is amended by
adding the following in alphabetical order:
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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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``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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1997, c. 15,
s. 334
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467. Subsection 6(1) of the Act is replaced
by the following:
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Duties,
powers and
functions of
the
Superinten- dent
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6. (1) The Superintendent has the powers,
duties and functions assigned to the
Superintendent by the Acts referred to in the
schedule to this Part and shall examine into
and report to the Minister from time to time on
all matters connected with the administration
of the provisions of those Acts except those
that are consumer provisions as defined in
section 2 of the Financial Consumer Agency
of Canada Act.
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1997, c. 15,
s. 336
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468. Section 10 of the Act and the heading
before it are replaced by the following:
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Exercise of Powers, Duties and Functions |
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Exercise by
personnel
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10. Except as otherwise provided by the
Superintendent and subject to any terms and
conditions that may be specified by the
Superintendent, a person who is an officer or
employee of the Office may exercise any of
the powers and perform any of the duties and
functions of the Superintendent under this Act
if the person is appointed to serve in the Office
in a capacity appropriate to the exercise of the
power or performance of the duty or function.
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469. (1) Subsection 18(1) of the Act is
amended by adding the following after
paragraph (a):
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(2) Subsection 18(3) of the Act is replaced
by the following:
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Purpose of
committee
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(3) The purpose of the committee is to
facilitate consultations and the exchange of
information among its members on all matters
relating directly to the supervision of financial
institutions, bank holding companies or
insurance holding companies.
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(3) Subsection 18(4) of the English
version of the Act is replaced by the
following:
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Access to
information
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(4) Every member of the committee is
entitled to any information on matters relating
directly to the supervision of financial
institutions, bank holding companies or
insurance holding companies that is in the
possession or under the control of any other
member and any member requested by
another member to provide any such
information shall forthwith provide it.
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470. Section 19 of the Act is replaced by
the following:
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Ownership
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19. No member of the committee referred to
in section 18, person appointed under
subsection 5(5) or Deputy Superintendent
shall beneficially own, directly or indirectly,
any shares of any financial institution, bank
holding company, insurance holding company
or of any other body corporate, however
created, carrying on any business in Canada
that is substantially similar to any business
carried on by any financial institution.
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471. (1) Subsection 21(1) of the Act is
replaced by the following:
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No grant or
gratuity to be
made
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21. (1) The Superintendent, a person
appointed under subsection 5(5), a Deputy
Superintendent or a person appointed under
section 11 shall not accept or receive, directly
or indirectly, any grant or gratuity from a
financial institution, bank holding company or
insurance holding company, or from a
director, officer or employee of any of them,
and no such financial institution, bank holding
company, insurance holding company,
director, officer or employee shall make or
give any such grant or gratuity.
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(2) The portion of subsection 21(2) of the
Act before paragraph (b) is replaced by the
following:
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Offence and
punishment
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(2) Every person, financial institution, bank
holding company or insurance holding
company that contravenes subsection (1) is
guilty of an offence and liable
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1991, c. 46,
s. 601; 1996,
c. 6, s. 109(1)
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472. (1) Subsection 22(1) of the Act is
replaced by the following:
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Information is
confidential
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22. (1) Subject to subsection (3), the
following information, and any information
prepared from it, is confidential and shall be
treated accordingly:
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1999, c. 28,
s. 129
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(2) Subsection 22(2.1) of the Act is
replaced by the following:
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Regulations
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(2.1) The Governor in Council may make
regulations prohibiting, limiting or restricting
the disclosure by financial institutions, bank
holding companies or insurance holding
companies of prescribed supervisory
information.
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1996, c. 6,
s. 109(3)
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(3) Subsection 22(6) of the Act is replaced
by the following:
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Report
respecting
disclosure
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(6) The Superintendent shall prepare a
report, to be included in the report referred to
in section 40, respecting the disclosure of
information by financial institutions, and
describing the state of progress made in
enhancing the disclosure of information in the
financial services industry.
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473. (1) If this section comes into force
before section 23 of the Act, as enacted by
section 339 of An Act to amend certain laws
relating to financial institutions, being
chapter 15 of the Statutes of Canada, 1997,
comes into force,
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Amounts
conclusive
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(2) Any amounts ascertained by the
Superintendent under subsection (1) are final
and conclusive for the purposes of this section.
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Assessment
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(3) As soon as possible after ascertaining
the amounts referred to in subsection (1), the
Superintendent shall, subject to this section,
assess the amount ascertained under
paragraph (1)(a) against each financial
institution, bank holding company and
insurance holding company referred to in
subsection (1) to any extent and in any manner
that the Governor in Council may, by
regulation, prescribe.
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Interim
assessment
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(4) The Superintendent may, during each
fiscal year, make an interim assessment
against any financial institution, bank holding
company or insurance holding company
referred to in subsection (1).
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Assessment is
binding
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(5) Every assessment and interim
assessment made under this section is final
and conclusive and binding on the financial
institution, bank holding company or
insurance holding company against which it
was made.
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(2) If section 23 of the Act, as enacted by
section 339 of An Act to amend certain laws
relating to financial institutions, being
chapter 15 of the Statutes of Canada, 1997,
comes into force before this section comes
into force, subsections 23(3) and (4) of the
Act are replaced by the following:
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Assessment
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(3) As soon as possible after ascertaining
the amount referred to in subsection (1), the
Superintendent shall assess the amount
against each financial institution, bank
holding company and insurance holding
company to any extent and in any manner that
the Governor in Council may, by regulation,
prescribe.
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Interim
assessment
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(4) The Superintendent may, during each
fiscal year, prepare an interim assessment
against any financial institution, bank holding
company or insurance holding company.
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1999, c. 28,
s. 131
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474. Subsections 23.1(4) and (5) of the Act
are repealed.
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1997, c. 15,
s. 339
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475. Subsection 23.2(1) of the French
version of the Act is replaced by the
following:
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Caractère
obligatoire
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23.2 (1) Toute cotisation établie en vertu
des articles 23 ou 23.1 est irrévocable et lie la
personne à qui elle est imposée.
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476. The Act is amended by adding the
following after section 23.2:
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