Budget 2025 Implementation Act, No. 1 (S.C. 2026, c. 3)
Full Document:
- HTMLFull Document: Budget 2025 Implementation Act, No. 1 (Accessibility Buttons available) |
- PDFFull Document: Budget 2025 Implementation Act, No. 1 [4971 KB]
Assented to 2026-03-26
PART 5Various Measures (continued)
DIVISION 9Consumer-Driven Banking (continued)
Related Amendments
R.S., c. A-1Access to Information Act
225 Schedule II to the Access to Information Act is amended by adding, in alphabetical order, a reference to
Consumer-Driven Banking Act
Loi sur les services bancaires axés sur les consommateurs
and a corresponding reference to “sections 131 and 132”.
2001, c. 9Financial Consumer Agency of Canada Act
226 The definitions participating entity, Senior Deputy Commissioner and technical standards body in section 2 of the Financial Consumer Agency of Canada Act are repealed.
227 Section 2.1 of the Act is replaced by the following:
Marginal note:Supervision and protection
2.1 The purpose of this Act is to ensure that financial institutions, the external complaints body and payment card network operators are supervised by an agency of the Government of Canada so as to contribute to the protection of consumers of financial products and services and the public, including by strengthening the financial literacy of Canadians.
228 Subsection 3(4) of the Act is repealed.
229 Subsection 5.1(1) of the Act is replaced by the following:
Marginal note:Minister’s direction
5.1 (1) The Minister may give a written direction to the Agency if the Minister is of the opinion that it can strengthen consumer protection and the public’s confidence in that protection or enhance the financial literacy of Canadians.
230 The heading before section 7.2 and sections 7.2 to 7.4 of the Act are repealed.
231 Section 9.1 of the Act is repealed.
232 Section 10 of the Act is replaced by the following:
Marginal note:Employees
10 The employees that are necessary to enable the Commissioner to perform the Commissioner’s duties are to be appointed in accordance with the Public Service Employment Act.
233 Subsection 11(1) of the Act is replaced by the following:
Marginal note:Responsibility for human resources management
11 (1) In respect of persons appointed under sections 8 and 10, the Commissioner is authorized to exercise the powers and perform the functions of the Treasury Board that relate to human resources management within the meaning of paragraphs 7(1)(b) and (e) and section 11.1 of the Financial Administration Act, and those of deputy heads under subsection 12(2) of that Act, as that subsection reads without regard to any terms and conditions that the Governor in Council may direct, including the determination of terms and conditions of employment and the responsibility for employer and employee relations.
234 Section 12.1 of the Act and the heading before it are repealed.
235 Subsection 13(3) of the Act is replaced by the following:
Marginal note:Payment for activity
(3) If the Agency carries on any activity in furtherance of an object described in paragraph 3(2)(d) or (e) on the Minister’s recommendation, the Minister may on terms and conditions approved by the Treasury Board, in any fiscal year, make a payment out of the Consolidated Revenue Fund to the Agency for the purposes of the activity.
236 (1) Subsection 14(1) of the Act is replaced by the following:
Marginal note:Ownership
14 (1) The Commissioner, a person appointed under subsection 4(4) or a Deputy Commissioner must not hold, directly or indirectly, any interest or right in any shares of any financial institution, any bank holding company, any insurance holding company, the external complaints body or 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 the external complaints body.
(2) The portion of subsection 14(2) of the Act before paragraph (a) is replaced by the following:
Marginal note:Prohibitions — federal credit union
(2) The Commissioner, a person appointed under subsection 4(4) or a Deputy Commissioner must not
237 Sections 14.1 and 15 of the Act are replaced by the following:
Marginal note:Ownership — payment card network operators
14.1 The Commissioner, a person appointed under subsection 4(4) or a Deputy Commissioner must not hold, directly or indirectly, any interest or right in any shares of a payment card network operator.
238 (1) Subsections 16(1) to (1.2) of the Act are 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 must not accept or receive, directly or indirectly, any grant or gratuity from a financial institution, a bank holding company, an insurance holding company or the external complaints body or from a director, officer or employee of any of them and a financial institution, a bank holding company, an insurance holding company and the external complaints body, and any director, officer or employee of any of them, must not make or give any such grant or gratuity.
Marginal note:No grant or gratuity — payment card network operators
(1.1) The Commissioner, a person appointed under subsection 4(4), a Deputy Commissioner and any person appointed under section 10 must not accept or receive, directly or indirectly, any grant or gratuity from a payment card network operator or any of its directors, officers or employees, and a payment card network operator or any of its directors, officers or employees must not make or give any such grant or gratuity.
(2) The portion of subsection 16(2) of the Act before paragraph (a) is replaced by the following:
Marginal note:Offence and punishment
(2) Every person, financial institution, bank holding company, insurance holding company or payment card network operator that contravenes subsection (1) or (1.1) is guilty of an offence and liable
239 Subsections 17(5) and (6) of the Act are repealed.
240 Section 33 of the Act is replaced by the following:
Marginal note:No liability
33 No action lies against His Majesty, the Minister, the Commissioner, any Deputy Commissioner, any officer or employee of the Agency or any person acting under the direction of the Commissioner for anything done or omitted to be done in good faith in the administration or discharge of any powers or duties that under any Act of Parliament are intended or authorized to be executed or performed.
241 Section 33.1 of the Act is replaced by the following:
Marginal note:Not compellable
33.1 The Commissioner, any Deputy Commissioner, any officer or employee of the Agency or any person acting under the instructions of the Commissioner is not a compellable witness in any civil proceedings in respect of any matter coming to their knowledge as a result of exercising any of their powers or performing any of their duties or functions under this Act or an Act listed in Schedule 1.
242 Schedule 1 to the Act is amended by replacing the references after the heading “SCHEDULE 1” with the following:
243 Schedule 1 to the Act is amended by striking out the following:
Consumer-Driven Banking Act
Loi sur les services bancaires axés sur les consommateurs
2024, c. 17Budget Implementation Act, 2024, No. 1
244 Sections 213 to 221 of the Budget Implementation Act, 2024, No. 1 are repealed.
245 Section 224 of the Act is repealed.
Repeal
Marginal note:Repeal
246 The Consumer-Driven Banking Act, section 198 of chapter 17 of the Statutes of Canada, 2024, is repealed.
DIVISION 10Legislation Related to Financial Institutions (Sunset Provisions)
1991, c. 45Trust and Loan Companies Act
247 Subsection 20(1) of the Trust and Loan Companies Act is replaced by the following:
Marginal note:Sunset provision
20 (1) Subject to subsections (2) and (4), companies shall not carry on business after June 30, 2033.
1991, c. 46Bank Act
248 Subsection 21(1) of the Bank Act is replaced by the following:
Marginal note:Sunset provision
21 (1) Subject to subsections (2) and (4), banks shall not carry on business, and authorized foreign banks shall not carry on business in Canada, after June 30, 2033.
249 Subsection 670(1) of the Act is replaced by the following:
Marginal note:Sunset provision
670 (1) Subject to subsections (2) and (4), bank holding companies shall not carry on business after June 30, 2033.
1991, c. 47Insurance Companies Act
250 Subsection 21(1) of the Insurance Companies Act is replaced by the following:
Marginal note:Sunset provision
21 (1) Subject to subsections (2) and (4), companies and societies shall not carry on business, and foreign companies shall not carry on business in Canada, after June 30, 2033.
251 Subsection 707(1) of the Act is replaced by the following:
Marginal note:Sunset provision
707 (1) Subject to subsections (2) and (4), insurance holding companies shall not carry on business after June 30, 2033.
DIVISION 11Legislation Related to Financial Institutions (Modernizing Limits on Borrowing, Loans and Investments)
1991, c. 45Trust and Loan Companies Act
252 The definition commercial loan in subsection 449(1) of the Trust and Loan Companies Act is repealed.
253 The heading before section 460 and sections 460 to 466 of the Act are repealed.
254 Section 467 of the Act is amended by adding “or” at the end of paragraph (a), by striking out “or” at the end of paragraph (b) and by repealing paragraph (c).
255 Section 468 of the Act is amended by adding the following after subsection (1):
Marginal note:Divestment order — portfolios of loans and interests
(1.1) Subject to subsection (1.2), the Superintendent may, by order, direct a company to reduce, within any period that the Superintendent considers reasonable, the aggregate value of one or more of the following categories of loans or interests by way of a disposition of a portion of that value:
(a) the commercial loans held by the company and its subsidiaries;
(b) the interests of the company and its subsidiaries in real property; and
(c) the following interests of the company and its subsidiaries:
(i) the participating shares of a body corporate that are beneficially owned by the company and its subsidiaries, other than participating shares of a permitted entity in which the company has a substantial investment, and
(ii) the ownership interests in an unincorporated entity that are beneficially owned by the company and its subsidiaries, other than ownership interests in a permitted entity in which the company has a substantial investment.
Marginal note:Prudential considerations
(1.2) The Superintendent may make an order under subsection (1.1) only on the basis of prudential considerations that the Superintendent considers relevant with respect to the aggregate value of the category or categories of loans or interests in question.
256 Paragraph 470(2)(a) of the Act is replaced by the following:
(a) assets that are debt obligations that are
(i) guaranteed by any financial institution other than the company,
(ii) fully secured by deposits with any financial institution, including the company, or
(iii) fully secured by debt obligations that are guaranteed by any financial institution other than the company;
(a.1) assets that are debt obligations issued
(i) by, or by any agency of,
(A) the Government of Canada,
(B) the government of a province,
(C) a municipality, or
(D) the government of a foreign country or any political subdivision of a foreign country, or
(ii) by a prescribed international agency;
(a.2) assets that are debt obligations that are guaranteed by, or fully secured by securities issued by, a government, a municipality or an agency referred to in paragraph (a.1);
(a.3) assets that are debt obligations that are widely distributed, as that expression is defined by the regulations;
(a.4) assets that are debt obligations of an entity controlled by the company;
1991, c. 46Bank Act
257 The heading before section 475 and sections 475 to 478 of the Bank Act are repealed.
258 Section 479 of the Act is amended by adding “or” at the end of paragraph (a), by striking out “or” at the end of paragraph (b) and by repealing paragraph (c).
259 Section 480 of the Act is amended by adding the following after subsection (1):
Marginal note:Divestment order — portfolios of interests
(1.1) Subject to subsection (1.2), the Superintendent may, by order, direct a bank to reduce, within any period that the Superintendent considers reasonable, the aggregate value of one or more of the following categories of interests by way of a disposition of a portion of that value:
(a) the interests of the bank and its subsidiaries in real property; and
(b) the following interests of the bank and its subsidiaries:
(i) the participating shares of a body corporate that are beneficially owned by the bank and its subsidiaries, other than participating shares of a permitted entity in which the bank has a substantial investment, and
(ii) the ownership interests in an unincorporated entity that are beneficially owned by the bank and its subsidiaries, other than ownership interests in a permitted entity in which the bank has a substantial investment.
Marginal note:Prudential considerations
(1.2) The Superintendent may make an order under subsection (1.1) only on the basis of prudential considerations that the Superintendent considers relevant with respect to the aggregate value of the category or categories of interests in question.
260 The heading before section 937 and sections 937 to 940 of the Act are repealed.
261 Section 941 of the Act is amended by adding “or” at the end of paragraph (a), by striking out “or” at the end of paragraph (b) and by repealing paragraph (c).
262 Section 942 of the Act is amended by adding the following after subsection (1):
Marginal note:Divestment order — portfolios of interests
(1.1) Subject to subsection (1.2), the Superintendent may, by order, direct a bank holding company to reduce, within any period that the Superintendent considers reasonable, the aggregate value of one or more of the following categories of interests by way of a disposition of a portion of that value:
(a) the interests of the bank holding company and its subsidiaries in real property; and
(b) the following interests of the bank holding company and its subsidiaries:
(i) the participating shares of a body corporate that are beneficially owned by the bank holding company and its subsidiaries, other than participating shares of a permitted entity in which the bank holding company has a substantial investment, and
(ii) the ownership interests in an unincorporated entity that are beneficially owned by the bank holding company and its subsidiaries, other than ownership interests in a permitted entity in which the bank holding company has a substantial investment.
Marginal note:Prudential considerations
(1.2) The Superintendent may make an order under subsection (1.1) only on the basis of prudential considerations that the Superintendent considers relevant with respect to the aggregate value of the category or categories of interests in question.
Page Details
- Date modified: