Budget Implementation Act, 2017, No. 2 (S.C. 2017, c. 33)
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Assented to 2017-12-14
PART 5Various Measures (continued)
DIVISION 61996, c. 6, Sch.Payment Clearing and Settlement Act (continued)
190 The Act is amended by adding the following after section 6:
Marginal note:Representations
6.1 (1) Before issuing a directive to a clearing house or a participant, the Governor of the Bank shall provide the clearing house or participant, as the case may be, with an opportunity to make representations.
Marginal note:Exception
(2) If, in the opinion of the Governor of the Bank, providing the clearing house or participant with an opportunity to make representations would undermine the effectiveness of the directive, the Governor of the Bank may, without providing that opportunity, issue a directive under section 6 to the clearing house or participant that has effect for a period of not more than 15 days and may extend the directive once, in writing, for a further period of not more than 15 days.
191 Section 9 of the Act and the heading before it are replaced by the following:
Notice and Approvals
Marginal note:Significant change
9 (1) For the purposes of this section, a change is significant if it could reasonably be expected to have a material impact on the efficiency, safety or soundness of the designated clearing and settlement system.
Marginal note:Notice required
(2) A clearing house shall provide the Bank with reasonable notice before making
(a) any significant change in relation to the designated clearing and settlement system;
(b) any change in relation to the design or operation of the system or to the by-laws, agreements, rules, procedures, guides or other documentation governing the system; or
(c) any change to the constating documents and by-laws of the clearing house.
Marginal note:Approval required
(3) If the Governor of the Bank is of the opinion that a significant change that the clearing house intends to make in relation to the designated clearing and settlement system would have an effect on the control of risk for the system, the clearing house, the participants or the financial system in Canada, that change shall not take effect unless it is approved in writing by the Governor, subject to any conditions that the Governor considers appropriate.
Marginal note:Notice required of other changes
(4) A clearing house shall, without delay after it makes any change in relation to the designated clearing and settlement system, other than a change referred to in subsection (2), provide the Bank with written notice of the change, including any change affecting
192 Section 13.2 of the Act is amended by striking out “and” at the end of paragraph (e) and by adding the following after that paragraph:
(e.1) the exercise of the Bank’s powers and the performance of its duties and functions; and
193 Subsection 22.1(2) of the Act is replaced by the following:
Marginal note:Prohibition or conditions
(2) The Governor of the Bank may prohibit the authorized foreign bank or foreign institution from being a participant in the designated clearing and settlement system or may require it to comply with any conditions with respect to its participation that the Governor considers necessary if the Governor is of the opinion, on the basis of the information provided under subsection (1) or of any other information that the Governor considers relevant, that its participation could pose a systemic risk or a payments system risk or could pose an unacceptable risk to the Bank in guaranteeing settlement of the authorized foreign bank’s or foreign institution’s obligations.
DIVISION 7R.S., c. N-26Northern Pipeline Act
194 Section 29 of the Northern Pipeline Act is replaced by the following:
Marginal note:Costs of Agency to be recovered
29 (1) Every certificate of public convenience and necessity declared to be issued by subsection 21(1) to a company is subject to the condition that the company shall annually pay to the Receiver General an amount equal to the costs that are attributable to the Agency’s responsibilities under this Act and that are incurred by the Agency in the previous fiscal year with respect to that company.
Marginal note:Invoicing
(2) The Agency shall, no later than November 15 in each year, issue to each company an invoice for the amount payable under subsection (1).
Marginal note:Payment period
(3) Any amount that is payable under subsection (1) shall be paid no later than the 30th day after the date of the invoice.
Marginal note:Interest
(4) If a company fails to pay any amount invoiced within the required period, the company shall pay interest on the outstanding amount at a rate of 1.5% per month, compounded monthly, beginning on the 31st day after the date of the invoice.
DIVISION 8R.S., c. L-2Canada Labour Code
Amendments to the Act
195 (1) The portion of subsection 170(1) of the Canada Labour Code before paragraph (a) is replaced by the following:
Marginal note:Modified work schedule — collective agreement
170 (1) An employer may, in respect of one or more employees subject to a collective agreement, establish, modify or cancel a work schedule under which the hours exceed the standard hours of work set out in paragraph 169(1)(a) if
(2) The portion of subsection 170(2) of the Act before paragraph (a) is replaced by the following:
Marginal note:Modified work schedule
(2) Subject to subsection (3), an employer may, in respect of one or more employees not subject to a collective agreement, establish, modify or cancel a work schedule under which the hours exceed the standard hours of work set out in paragraph 169(1)(a) if
(3) Paragraph 170(2)(b) of the Act is replaced by the following:
(4) Section 170 of the Act is amended by adding the following after subsection (3):
Marginal note:Exception
(4) Subsection (3) does not apply to the establishment, modification or cancellation of one employee’s work schedule that results from a request made under subsection 177.1(1).
196 (1) The portion of subsection 172(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Maximum hours of work — collective agreement
172 (1) An employer may, in respect of one or more employees subject to a collective agreement, establish, modify or cancel a work schedule under which the hours exceed the maximum set out in section 171 or in regulations made under section 175 if
(2) The portion of subsection 172(2) of the Act before paragraph (a) is replaced by the following:
Marginal note:Maximum hours of work
(2) Subject to subsection (3), an employer may, in respect of one or more employees not subject to a collective agreement, establish, modify or cancel a work schedule under which the hours exceed the maximum set out in section 171 or in regulations made under section 175 if
(3) Paragraph 172(2)(b) of the Act is replaced by the following:
(4) Section 172 of the Act is amended by adding the following after subsection (3):
Marginal note:Exception
(4) Subsection (3) does not apply to the establishment, modification or cancellation of one employee’s work schedule following a request made under subsection 177.1(1).
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