Bill C-8
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REGULATIONS |
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Regulations
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32. The Governor in Council may make
regulations prescribing
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NO LIABILITY |
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No liability
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33. No action lies against Her Majesty, the
Minister, the Commissioner, any Deputy
Commissioner, any officer or employee of the
Agency or any person acting under the
direction of the Commissioner for anything
done or omitted to be done in good faith in the
administration or discharge of any powers or
duties that under any Act of Parliament are
intended or authorized to be executed or
performed.
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ANNUAL REPORT |
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Annual report
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34. The Minister shall cause to be laid
before each House of Parliament, not later
than the fifth sitting day of that House after
September 30 next following the end of each
fiscal year, a report showing the operations of
the Agency for that year and describing in
aggregate form its conclusions on the
compliance of financial institutions with the
consumer provisions applicable to them in
that year.
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AMENDMENTS TO ACTS IN RELATION TO FINANCIAL INSTITUTIONS |
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1991, c. 46
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Bank Act |
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35. (1) The definition ``foreign bank
subsidiary'' in section 2 of the Bank Act is
repealed.
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1999, c. 28,
s. 1(2)
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(2) The definitions ``affairs'', ``annual
statement'', ``central securities register'' or
``securities register'', ``head office'',
``incorporator'', ``recorded address'',
``regulatory capital'' and ``subsidiary'' in
section 2 of the Act are replaced by the
following:
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``affairs'' « affaires internes »
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``affairs'', with respect to a bank, an
authorized foreign bank or a bank holding
company, means the relationships among
the bank, authorized foreign bank or bank
holding company and its affiliates and the
shareholders, directors and officers of the
bank, authorized foreign bank or bank
holding company and its affiliates, but does
not include the business of the bank,
authorized foreign bank or bank holding
company or any of its affiliates;
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``annual
statement'' « rapport annuel »
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``annual statement'', in relation to a bank,
means the annual financial statement of the
bank within the meaning of paragraph
308(1)(a) and, in relation to a bank holding
company, means the annual financial
statement of the bank holding company
within the meaning of paragraph 840(1)(a);
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``central
securities
register'' or
``securities
register'' « registre central des valeurs mobilières » ou « registre des valeurs mobilières »
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``central securities register'' or ``securities
register'', in relation to a bank, means the
register referred to in section 248 and, in
relation to a bank holding company, means
the register referred to in section 825;
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``head office'' « siège »
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``head office'', in relation to a bank, means the
office required to be maintained under
section 237 and, in relation to a bank
holding company, means the office required
to be maintained under section 814;
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``incorporator
'' « fondateur »
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``incorporator'', in relation to a bank or a bank
holding company, means a person who
applied for letters patent to incorporate the
bank or bank holding company, as the case
may be;
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``recorded
address'' « adresse enregistrée »
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``recorded address'' means
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``regulatory
capital'' « capital réglementai- re »
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``regulatory capital'', in respect of a bank or a
bank holding company, has the meaning
given that expression by the regulations;
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``subsidiary'' « filiale »
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``subsidiary'' means an entity that is a
subsidiary of another entity as defined in
section 5;
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1999, c. 28,
s. 1(3)
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(3) Paragraph (c) of the definition
``complainant'' in section 2 of the Act is
replaced by the following:
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1991, c. 47,
par. 756(1)(a),
c. 48, par.
494(a)
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(4) Paragraphs (c) and (d) of the
definition ``financial institution'' in section
2 of the Act are replaced by the following:
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(5) The portion of the definition ``foreign
bank'' in section 2 of the Act after
paragraph (f) is replaced by the following:
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(6) Paragraph (a) of the definition
``foreign institution'' in section 2 of the Act
is replaced by the following:
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(7) Section 2 of the Act is amended by
adding the following in alphabetical order:
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``Agency'' « Agence »
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``Agency'' means the Financial Consumer
Agency of Canada established under
section 3 of the Financial Consumer
Agency of Canada Act;
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``bank
holding
company'' « société de portefeuille bancaire »
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``bank holding company'' means a body
corporate that is incorporated or formed
under Part XV;
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``Commission
er'' « commissaire »
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``Commissioner'' means the Commissioner of
the Financial Consumer Agency of Canada
appointed under section 4 of the Financial
Consumer Agency of Canada Act;
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``consumer
provision'' « disposition visant les consomma- teurs »
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``consumer provision'' means a provision
referred to in paragraph (a) of the definition
``consumer provision'' in section 2 of the
Financial Consumer Agency of Canada
Act;
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``equity'' « capitaux propres »
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``equity'', in respect of a bank or a bank
holding company, means its equity as
determined in accordance with the
regulations;
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``federal
financial
institution'' « institution financière fédérale »
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``federal financial institution'' means
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``insurance
holding
company'' « société de portefeuille d'assuran- ces »
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``insurance holding company'' means a body
corporate that is incorporated or formed
under Part XVII of the Insurance
Companies Act;
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36. The Act is amended by adding the
following after section 2.1:
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Major
shareholder
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2.2 For the purposes of this Act, a person is
a major shareholder of a body corporate if
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Widely held
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2.3 For the purposes of this Act, an entity is
widely held if it is
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37. (1) Paragraph 3(1)(d) of the French
version of the Act is replaced by the
following:
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(2) The portion of subsection 3(3) of the
Act before paragraph (a) is replaced by the
following:
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Deemed
control
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(3) A person is deemed to control, within
the meaning of paragraph (1)(a) or (b), an
entity if the aggregate of
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(3) Section 3 of the Act is amended by
adding the following after subsection (3):
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Guidelines
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(4) The Minister may, for any purpose of
any provision of this Act that refers to control
within the meaning of paragraph (1)(d), make
guidelines respecting what constitutes such
control, including guidelines describing the
policy objectives that the guidelines and the
relevant provisions of the Act are intended to
achieve and, if any such guidelines are made,
the reference to paragraph (1)(d) in that
provision shall be interpreted in accordance
with the guidelines.
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38. Sections 4 and 5 of the Act are
replaced by the following:
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Holding body
corporate
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4. A body corporate is the holding body
corporate of any entity that is its subsidiary.
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Subsidiary
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5. An entity is a subsidiary of another entity
if it is controlled by the other entity.
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39. Subsection 6(2) of the Act is replaced
by the following:
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Affiliated
entities
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(2) Despite subsection (1), for the purposes
of subsections 265(1) and 283(1), one entity is
affiliated with another entity if one of them is
controlled, determined without regard to
paragraph 3(1)(d), by the other or both are
controlled, determined without regard to
paragraph 3(1)(d), by the same person.
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40. Section 8 of the Act is replaced by the
following:
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Significant
interest
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8. (1) A person has a significant interest in
a class of shares of a bank or a bank holding
company if the aggregate of
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exceeds 10 per cent of all of the outstanding
shares of that class of shares of the bank or
bank holding company.
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Increasing
significant
interest
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(2) A person who has a significant interest
in a class of shares of a bank or bank holding
company increases that significant interest in
the class of shares if the person or any entity
controlled by the person
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in such number as to increase the percentage
of shares of that class that are beneficially
owned by the person and by any entities
controlled by the person.
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41. Subsections 9(1) and (2) of the Act are
replaced by the following:
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Acting in
concert
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9. (1) For the purposes of Part VII and
Division 7 of Part XV, if two or more persons
have agreed, under any agreement,
commitment or understanding, whether
formal or informal, verbal or written, to act
jointly or in concert in respect of
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those persons are deemed to be a single person
who is acquiring beneficial ownership of the
aggregate number of shares of the bank or
bank holding company or shares or ownership
interests of the entity that are beneficially
owned by them.
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Acting in
concert
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(2) Without limiting the generality of
subsection (1), any agreement, commitment
or understanding by or between two or more
persons who beneficially own shares of a bank
or bank holding company or shares or
ownership interests of any entity referred to in
paragraph (1)(b) or (c),
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is deemed to be an agreement, commitment or
understanding referred to in subsection (1).
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42. Subsections 11(2) and (3) of the Act
are replaced by the following:
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Exemption
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(2) On application by a bank or bank
holding company, the Superintendent may
determine that a security of the bank or bank
holding company is not or was not part of a
distribution to the public if the Superintendent
is satisfied that the determination would not
prejudice any security holder of the bank or
bank holding company.
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Securities
deemed part
of distribution
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(3) For the purposes of this Act, securities
of a bank or bank holding company issued on
the conversion of other securities or issued in
exchange for other securities are deemed to be
securities that are part of a distribution to the
public if those other securities were part of a
distribution to the public.
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42.1 Subsection 12(1) of the Act is
replaced by the following:
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Exemption
from foreign
bank status
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12. (1) The Minister may, by order, and
subject to such terms and conditions as the
Minister considers appropriate, exempt for the
purposes of any provision of this Act any
entity from being a foreign bank that, but for
that order, would be a foreign bank.
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