Bank Act (S.C. 1991, c. 46)

Marginal note:Right to information

• 593. (1) On the request of the auditor of an authorized foreign bank, the present or former principal officers, directors, officers, employees or representatives of the authorized foreign bank shall, to the extent that they are reasonably able to do so,

  • (a) permit access to any records, assets and security held by the authorized foreign bank, or any entity in which the authorized foreign bank has a substantial investment under Part XII, and

  • (b) provide any information and explanations

  that are, in the opinion of the auditor, necessary to enable the auditor to perform the duties of auditor of the authorized foreign bank.

• Marginal note:No civil liability

  (2) A person who in good faith makes an oral or written communication under subsection (1) shall not be liable in any civil action arising from having made the communication.

Marginal note:Auditor’s report to principal officer

• 594. (1) The auditor of an authorized foreign bank shall make a report to the principal officer of the authorized foreign bank in writing on the annual return not later than five months after the end of the financial year in respect of which the annual return is prepared.

• Marginal note:Auditor’s opinion

  (2) In the report, the auditor shall state whether, in the auditor’s opinion, the annual return presents fairly, in accordance with the accounting principles referred to in subsection 308(4), the financial position of the business in Canada of the authorized foreign bank as at the end of the financial year to which it relates and the results of the operations and changes in the financial position of the business in Canada of the authorized foreign bank for that financial year.

• Marginal note:Auditor’s remarks

  (3) In the report, the auditor shall include any remarks that the auditor considers necessary when

  • (a) the examination has not been made in accordance with the auditing standards referred to in subsection 592(2);

  • (b) the annual return has not been prepared on a basis consistent with that of the preceding financial year; or

  • (c) the annual return does not present fairly, in accordance with the accounting principles referred to in subsection 308(4), the financial position of the business in Canada of the authorized foreign bank as at the end of the financial year to which it relates or the results of the operations or changes in the financial position of the authorized foreign bank for that financial year.

Marginal note:Additional reports to principal officer

• 595. (1) It is the duty of the auditor of an authorized foreign bank to report in writing to the principal officer of the authorized foreign bank any transactions or conditions in respect of the business in Canada of the authorized foreign bank that have come to the auditor’s attention affecting the well-being of the authorized foreign bank that in the auditor’s opinion are not satisfactory and require rectification and, without restricting the generality of the foregoing, the auditor shall, as occasion requires, make a report to the principal officer in respect of transactions in respect of the business in Canada of the authorized foreign bank that have come to the auditor’s attention and that in the auditor’s opinion have not been within the powers of the authorized foreign bank.

• Marginal note:Transmission of report

  (2) The auditor shall, at the time of transmitting the report to the principal officer, provide the Superintendent with a copy of it.