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An Act to amend the law governing financial institutions and to provide for related and consequential matters (S.C. 2007, c. 6)

Assented to 2007-03-29

Marginal note:2001, c. 9, s. 568

383. Paragraph 529.1(1)(c) of the Act is replaced by the following:

  • (c) applications for exemptions under subsection 160.05(3); and

384. The Act is amended by adding the following after section 529.1:

Applications for Certain Approvals

Marginal note:Application for certain approvals

  • 529.2 (1) An application for the prior written approval of the Minister in respect of paragraph 410(1)(c) or (c.1) or 453(5)(c), (d) or (d.1) must be filed with the Superintendent and contain the information, material and evidence that the Superintendent may require.

  • Marginal note:Certification of receipt of application

    (2) If, in the opinion of the Superintendent, the application contains all the required information, the Superintendent must refer it to the Minister, together with his or her analysis in relation to the application, and send a receipt to the applicant certifying the date on which the application was referred to the Minister.

  • Marginal note:Incomplete application

    (3) If, in the opinion of the Superintendent, the application is incomplete, the Superintendent must send a notice to the applicant specifying the information required by the Superintendent to complete it.

  • Marginal note:Notice of decision

    (4) Subject to subsection (5), the Minister must, within 30 days after the certified date referred to in subsection (2), send to the applicant

    • (a) a notice approving the application; or

    • (b) if the Minister is not satisfied that the application should be approved, a notice to that effect.

  • Marginal note:Extension of period

    (5) If the Minister is unable to complete the consideration of an application within the 30-day period, the Minister must, within that period, send a notice to the applicant informing the applicant that the Minister has extended the period for a further period set out in the notice.

  • Marginal note:Deemed approval

    (6) If the Minister does not send the notice referred to in subsection (4) or, where applicable, subsection (5), within the required period, the Minister is deemed to have approved the application.

385. Section 533 of the Act is amended by adding the following after subsection (1):

  • Marginal note:False or misleading information

    (1.1) Every person who knowingly provides false or misleading information in relation to any matter under this Act or the regulations is guilty of an offence.

PART 5

AMENDMENTS TO OTHER ACTS

Marginal note:2005, c. 54

An Act to amend certain Acts in relation to financial institutions

386. Section 11 of An Act to amend certain Acts in relation to financial institutions is repealed.