Bill C-8
If you have any questions or comments regarding the accessibility of this publication, please contact us at accessible@parl.gc.ca.
Order not
stayed by
appeal
|
(9) A removal order is not stayed by an
appeal.
|
|
1996, c. 6,
s. 127
|
565. (1) Paragraph 510(1.1)(b) of the Act
is repealed.
|
|
|
(2) Subsection 510(1.1) of the Act is
amended by striking out the word ``or'' at
the end of paragraph (f), by adding the
word ``or'' at the end of paragraph (g) and
by adding the following after paragraph
(g):
|
|
|
|
|
|
566. The Act is amended by adding the
following after section 520:
|
|
|
PART XII.1 |
|
|
REGULATION OF COMPANIES - COMMISSIONER |
|
Required
information
|
520.1 A company shall provide the
Commissioner with the information at the
times and in the form that the Commissioner
may require for the purposes of the
administration of the Financial Consumer
Agency of Canada Act and the consumer
provisions.
|
|
Confidential
information
|
520.2 (1) Subject to subsection (2),
information regarding the business or affairs
of a company or regarding persons dealing
with one that is obtained by the Commissioner
or by any person acting under the direction of
the Commissioner, in the course of the
exercise or performance of powers, duties and
functions referred to in subsection 5(1) of the
Financial Consumer Agency of Canada Act,
and any information prepared from that
information, is confidential and shall be
treated accordingly.
|
|
Disclosure
permitted
|
(2) If the Commissioner is satisfied that the
information will be treated as confidential by
the agency, body or person to whom it is
disclosed, subsection (1) does not prevent the
Commissioner from disclosing it
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Examination
|
520.3 (1) The Commissioner, from time to
time, but at least once in each calendar year,
shall make or cause to be made any
examination and inquiry that the
Commissioner considers necessary for the
purposes of satisfying the Commissioner that
the applicable consumer provisions are being
complied with and, after the conclusion of
each examination and inquiry, shall report on
it to the Minister.
|
|
Access to
records of
company
|
(2) The Commissioner or a person acting
under the Commissioner's direction in
carrying out his or her duties under subsection
(1)
|
|
|
|
|
|
|
|
Power of
Commission- er on inquiry
|
520.4 The Commissioner, in carrying out
his or her duties in relation to consumer
provisions, 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
Commissioner's direction.
|
|
Compliance
agreement
|
520.5 The Commissioner may enter into an
agreement, called a ``compliance
agreement'', with a company for the purposes
of implementing any measure designed to
further compliance by it with the consumer
provisions.
|
|
|
567. The Act is amended by adding the
following after section 527.1:
|
|
|
Approvals: Terms, Conditions and Undertakings |
|
Definition of
``approval''
|
527.2 (1) In this section, ``approval''
includes any consent, order, exemption,
extension or other permission granted by the
Minister or the Superintendent under this Act,
and includes the issuance of letters patent.
|
|
Minister -
terms,
conditions
and
undertakings
|
(2) In addition to any other action that may
be taken under this Act, the Minister may, in
granting an approval, impose such terms and
conditions or require such undertaking as the
Minister considers necessary, including any
terms, conditions or undertaking specified by
the Superintendent to maintain or improve the
safety and soundness of any financial
institution regulated under an Act of
Parliament and to which the approval relates
or that may be affected by it.
|
|
Superintend- ent - terms, conditions and undertakings
|
(3) In addition to any other action that may
be taken under this Act, the Superintendent
may, in granting an approval, impose such
terms and conditions or require such
undertaking as the Superintendent considers
necessary.
|
|
Effect of
non-complian
ce on
approval
|
(4) Unless otherwise expressly provided in
this Act, a failure to comply with a term or
condition or an undertaking imposed or
required under any provision of this Act does
not invalidate the approval to which the term,
condition or undertaking relates.
|
|
Non-complian
ce
|
(5) In addition to any other action that may
be taken under this Act, in case of
non-compliance by a person with a term,
condition or undertaking imposed or required
under any provision of this Act, the Minister
or Superintendent, as the case may be, may
|
|
|
|
|
|
|
|
Representa- tions
|
(6) Before taking any action under
subsection (5), the Minister or the
Superintendent, as the case may be, shall
afford the person concerned a reasonable
opportunity to make representations.
|
|
Revocation,
suspension or
amendment
|
(7) At the request of the person concerned,
the Minister or the Superintendent, as the case
may be, may revoke, suspend or amend any
terms or conditions imposed by him or her or
may revoke or suspend an undertaking given
to him or her or approve its amendment.
|
|
|
568. The Act is amended by adding the
following after section 529:
|
|
|
Applications to Superintendent |
|
Content of
applications
|
529.1 (1) The following applications to the
Superintendent must contain the information,
material and evidence that the Superintendent
may require:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receipt
|
(2) Without delay after receiving the
application, the Superintendent shall send a
receipt to the applicant certifying the date on
which it was received.
|
|
Notice of
decision to
applicant
|
(3) Subject to subsection (4), the
Superintendent shall, within a period of thirty
days after the receipt of the application, send
to the applicant
|
|
|
|
|
|
|
|
Extension of
period
|
(4) If the Superintendent is unable to
complete the consideration of the application
within the period referred to in subsection (3),
the Superintendent shall, within that period,
send a notice to the applicant informing the
applicant that the Superintendent has
extended the period for a further period set out
in the notice.
|
|
Deemed
approval
|
(5) If the applicant does not receive the
notice required by subsection (3) and, where
applicable, subsection (4), within the required
period, the Superintendent is deemed to have
approved the application and granted the
approval, consent, extension or exemption to
which the application relates, regardless of
whether the approval, consent, extension or
exemption is to be in writing or not.
|
|
|
569. Section 531 of the Act is amended by
adding the following after paragraph (f):
|
|
|
|
|
|
570. The Act is amended by adding the
following after section 535:
|
|
Limitation
period
|
535.1 (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.
|
|
Certificate of
Superinten- dent or Commission- er
|
(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.
|
|
|
571. Section 537 of the Act is replaced by
the following:
|
|
Restraining or
compliance
order
|
537. (1) If a company or any director,
officer, employee or agent of a company does
not comply with any provision of this Act or
the regulations other than a consumer
provision, or of the incorporating instrument
or any by-law of the company, the
Superintendent, any complainant or any
creditor of the company may, in addition to
any other right that person has, apply to a court
for an order directing the company, director,
officer, employee or agent to comply
with - or restraining the 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.
|
|
Compliance
or restraining
order -
consumer
provisions
|
(2) If a company or any director, officer,
employee or agent of a company 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, director, officer,
employee or agent to comply with - or
restraining the 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.
|
|
|
AMENDMENTS TO OTHER ACTS |
|
R.S., c. B-3
|
Bankruptcy and Insolvency Act |
|
1992, c. 27,
s. 3(2)
|
572. (1) Paragraph (b) of the definition
``bank'' in subsection 2(1) of the Bankruptcy
and Insolvency Act is replaced by the
following:
|
|
|
|
|
|
(2) Subsection 2(1) of the Act is amended
by adding the following in alphabetical
order:
|
|
``Superintend
ent of
Financial
Institutions'' « surintendant des institutions financières »
|
``Superintendent of Financial Institutions''
means the Superintendent of Financial
Institutions appointed under subsection
5(1) of the Office of the Superintendent of
Financial Institutions Act;
|
|
1992, c. 27,
s. 30
|
573. Paragraph 65.1(7)(b) of that Act is
replaced by the following:
|
|
|
|
|
|
574. The Act is amended by adding the
following after section 69.41:
|
|
No stay, etc.,
in certain
cases
|
69.42 Despite anything in this Act, no
provision of this Act shall have the effect of
staying or restraining, and no order may be
made under this Act staying or restraining,
|
|
|
|
|
|
|
|
|
|
|
R.S., c. C-36
|
Companies' Creditors Arrangement Act |
|
|
575. Section 2 of the Companies'
Creditors Arrangement Act is amended by
adding the following in alphabetical order:
|
|
``Superintend
ent of
Financial
Institutions'' « surintendant des institutions financières »
|
``Superintendent of Financial Institutions''
means the Superintendent of Financial
Institutions appointed under subsection
5(1) of the Office of the Superintendent of
Financial Institutions Act;
|
|
1997, c. 12,
s. 124
|
576. Subsection 11.1(2) of the Act is
replaced by the following:
|
|
No stay, etc.,
in certain
cases
|
(2) No order may be made under this Act
staying or restraining the exercise of any right
to terminate, amend or claim any accelerated
payment under an eligible financial contract
or preventing a member of the Canadian
Payments Association established by the
Canadian Payments Act from ceasing to act as
a clearing agent or group clearer for a
company in accordance with that Act and the
by-laws and rules of that Association.
|
|
|
577. The Act is amended by adding the
following after section 11.1:
|
|
No stay, etc.,
in certain
cases
|
11.11 No order may be made under this Act
staying or restraining
|
|
|
|
|
|
|
|
|
|
|