Financial Consumer Agency of Canada Act (S.C. 2001, c. 9)
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Assented to 2001-06-14
Financial Consumer Agency of Canada Act
S.C. 2001, c. 9
Assented to 2001-06-14
An Act to establish the Financial Consumer Agency of Canada and to amend certain Acts in relation to financial institutions
SUMMARY
This enactment establishes the Financial Consumer Agency of Canada responsible for the administration of the consumer provisions governing federal financial institutions. It also amends a number of Acts governing financial institutions and amends legislation related to the regulation of financial institutions. Notable among the amendments are the following:
(a) amendments to the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act, and the Trust and Loan Companies Act dealing with business powers and investments, regulatory and Ministerial approvals, and consumer protection provisions;
(b) amendments to the Bank Act and the Insurance Companies Act dealing with the ownership regime and the establishment of holding company regimes;
(c) amendments to the Office of the Superintendent of Financial Institutions Act, including the establishment of an administrative monetary penalties regime;
(d) amendments to the Canadian Payments Association Act respecting corporate governance, eligibility for membership, and the designation of payments systems; and
(e) technical amendments to the Bank of Canada Act and the Canada Deposit Insurance Corporation Act.
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
SHORT TITLE
Marginal note:Short title
1. This Act may be cited as the Financial Consumer Agency of Canada Act.
INTERPRETATION
Marginal note:Definitions
2. The following definitions apply in this section and in sections 3 to 34.
“Agency”
« Agence »
“Agency” means the Financial Consumer Agency of Canada established under section 3.
“bank holding company”
« société de portefeuille bancaire »
“bank holding company” means a bank holding company as defined in section 2 of the Bank Act;
“Commissioner”
« commissaire »
“Commissioner” means the Commissioner of the Agency appointed under section 4.
“consumer provision”
« disposition visant les consommateurs »
“consumer provision” means
(a) paragraphs 157(2)(e) and (f), sections 413.1, 439.1 to 459.5, subsections 540(2) and (3) and 545(4) and (5), paragraphs 545(6)(b) and (c) and sections 559 to 576.2 of the Bank Act together with any regulations made under or for the purposes of those provisions;
(b) paragraphs 167(2)(f) and (g) and sections 385.05 to 385.28 of the Cooperative Credit Associations Act together with any regulations made under or for the purposes of those provisions;
(c) paragraphs 165(2)(f) and (g) and sections 479 to 489.2 and 598 to 607.1 of the Insurance Companies Act together with any regulations made under or for the purposes of those provisions;
(d) paragraphs 161(2)(e) and (f) and sections 425.1 to 444.3 of the Trust and Loan Companies Act together with any regulations made under or for the purposes of those provisions; and
(e) the provisions referred to in paragraph 17(1)(f.1) of the Green Shield Canada Act as they apply to Green Shield Canada in accordance with section 17 of that Act together with any regulations made under or for the purposes of those provisions.
“Deputy Commissioner”
« commissaire adjoint »
“Deputy Commissioner” means a Deputy Commissioner appointed under section 8.
“financial institution”
« institution financière »
“financial institution” means
(a) a bank as defined in section 2 of the Bank Act;
(b) an authorized foreign bank as defined in section 2 of the Bank Act;
(c) a company to which the Trust and Loan Companies Act applies;
(d) a retail association as defined in section 2 of the Cooperative Credit Associations Act;
(e) a company or foreign company to which the Insurance Companies Act applies; and
(f) Green Shield Canada.
“governing statute”
« loi d’application »
“governing statute” means
(a) in relation to a bank or authorized foreign bank as defined in the Bank Act, that Act;
(b) in relation to a retail association to which the Cooperative Credit Associations Act applies, that Act;
(c) in relation to a company or foreign company to which the Insurance Companies Act applies, that Act;
(d) in relation to a company to which the Trust and Loan Companies Act applies, that Act; and
(e) in relation to Green Shield Canada, the Green Shield Canada Act.
“prescribed”
Version anglaise seulement“prescribed” means prescribed by regulation.
“insurance holding company”
« société de portefeuille d’assurances »
“insurance holding company” means an insurance holding company as defined in subsection 2(1) of the Insurance Companies Act.
“Minister”
« ministre »
“Minister” means the Minister of Finance.
“penalty”
« pénalité »
“penalty” means an administrative monetary penalty.
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