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Sustaining Canada’s Economic Recovery Act (S.C. 2010, c. 25)

Assented to 2010-12-15

158. Section 14 of the Act is replaced by the following:

Marginal note:Ownership

14. No Commissioner, person appointed under subsection 4(4) or Deputy Commissioner shall beneficially own, directly or indirectly, any shares of any financial institution, bank holding company, insurance holding company, external complaints body 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 or external complaints body.

159. Subsection 16(1) of the Act is replaced by the following:

Marginal note:No grant or gratuity to be made

  • 16. (1) The Commissioner, a person appointed under subsection 4(4), a Deputy Commissioner and any person appointed under section 10 shall not accept or receive, directly or indirectly, any grant or gratuity from a financial institution, bank holding company, insurance holding company, external complaints body, or from a director, officer or employee of any of them, and no such financial institution, bank holding company, insurance holding company, external complaints body, director, officer or employee shall make or give any such grant or gratuity.

Marginal note:2010, c. 12, s. 1854

160. Subsection 17(1) of the Act is replaced by the following:

Marginal note:Confidential information

  • 17. (1) Subject to subsection (2) and except as otherwise provided in this Act, information regarding the business or affairs of a financial institution or external complaints body or regarding persons dealing with one that is obtained by the Commissioner or by any person acting under the Commissioner’s direction, in the course of the exercise or performance of powers, duties and functions referred to in subsections 5(1) and (2) and 5.1(2), and any information prepared from that information, is confidential and shall be treated accordingly.

Marginal note:2010, c. 12, s. 1842(1)

  • 161. (1) Subsection 18(1) of the Act is replaced by the following:

    Marginal note:Commissioner to ascertain expenses

    • 18. (1) The Commissioner shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year for or in connection with the administration of this Act and the consumer provisions — excluding the expenses incurred in connection with the objects described in subsection 3(3) — and the amounts of any prescribed categories of those expenses in relation to any prescribed group of financial institutions and external complaints bodies.

  • Marginal note:2010, c. 12, s. 1855

    (2) Subsection 18(3) of the Act is replaced by the following:

    • Marginal note:Assessment

      (3) As soon as possible after ascertaining the amounts under subsections (1) and (1.1), the Commissioner shall assess a portion of the total amount of expenses against each financial institution and external complaints body to the extent and in the manner that the Governor in Council may, by regulation, prescribe.

  • (3) Subsections 18(4) and (5) of the Act are replaced by the following:

    • Marginal note:Interim assessment

      (4) The Commissioner may, during each fiscal year, prepare an interim assessment against any financial institution or external complaints body.

    • Marginal note:Assessment is binding

      (5) Every assessment and interim assessment is final and conclusive and binding on the financial institution or external complaints body against which it is made.