Budget 2025 Implementation Act, No. 1 (S.C. 2026, c. 3)
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Assented to 2026-03-26
PART 5Various Measures (continued)
DIVISION 14Legislation Related to Financial Institutions (Powers of the Superintendent of Financial Institutions) (continued)
1991, c. 45Trust and Loan Companies Act (continued)
300 (1) The portion of subsection 507(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Superintendent’s directions to company
507 (1) If, in the opinion of the Superintendent, a company, or a person with respect to a company, is committing, or is about to commit, an act that is an unsafe or unsound practice in conducting the business or affairs of the company, or is pursuing or is about to pursue any course of conduct that is an unsafe or unsound practice in conducting the business or affairs of the company, the Superintendent may direct the company or person to
(2) Subsection 507(1.1) of the Act is replaced by the following:
Marginal note:Directions — policies and procedures
(1.1) If, in the opinion of the Superintendent, a company does not have adequate policies and procedures to protect itself against threats to its integrity or security or does not adhere to those policies and procedures, the Superintendent may direct the company to take any measures that in the opinion of the Superintendent are necessary to remedy the situation.
301 Subsection 527.4(1) of the Act is replaced by the following:
Marginal note:Minister — terms, conditions and undertakings
527.4 (1) In addition to any other action that may be taken under this Act, the Minister may, in granting an approval, impose any terms and conditions or require any undertaking that the Minister considers appropriate, including any terms, conditions or undertakings specified by the Superintendent to maintain or improve the safety and soundness of any financial institution that is regulated under an Act of Parliament and to which the approval relates, or that might be affected by it, or to ensure that such a financial institution has adequate policies and procedures to protect itself against threats to its integrity or security and adheres to those policies and procedures.
1991, c. 46Bank Act
302 Subsection 606(2) of the Bank Act is amended by adding the following after paragraph (a):
(a.1) to any federal government agency or body, for purposes related to the Superintendent’s regulation or supervision of financial institutions, including purposes related to threats to the integrity or security of financial institutions or risks to national security,
303 Subsection 613(1) of the Act is replaced by the following:
Marginal note:Examination of authorized foreign banks
613 (1) The Superintendent, from time to time, but, in the case of an authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2), at least once in each calendar year, shall make or cause to be made any examination and inquiry into the business and affairs of each authorized foreign bank that the Superintendent considers to be necessary or expedient to determine whether the authorized foreign bank is complying with the provisions of this Act and whether the authorized foreign bank has adequate policies and procedures to protect itself against threats to its integrity or security in relation to its business in Canada and adheres to those policies and procedures. After the conclusion of each examination and inquiry, the Superintendent shall report on it to the Minister.
304 Section 614.1 of the Act is replaced by the following:
Marginal note:Prudential agreement
614.1 The Superintendent may enter into an agreement, called a “prudential agreement”, with an authorized foreign bank for the purposes of implementing any measure designed to protect the interests of its depositors and creditors, establishing adequate policies and procedures to protect it against threats to its integrity or security in relation to its business in Canada or maintaining or improving its adherence to those policies and procedures.
305 (1) The portion of subsection 615(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Superintendent’s directions to authorized foreign bank
615 (1) If, in the opinion of the Superintendent, an authorized foreign bank, or a person with respect to an authorized foreign bank, is committing, or is about to commit, an act that is an unsafe or unsound practice in relation to the business or affairs in Canada of the authorized foreign bank, or is pursuing or is about to pursue any course of conduct that is an unsafe or unsound practice in relation to that business or those affairs, the Superintendent may direct the authorized foreign bank or person to
(2) Subsection 615(1.1) of the Act is replaced by the following:
Marginal note:Directions — policies and procedures
(1.1) If, in the opinion of the Superintendent, an authorized foreign bank does not have adequate policies and procedures to protect itself against threats to its integrity or security in relation to its business in Canada or does not adhere to those policies and procedures, the Superintendent may direct the authorized foreign bank to take any measures that in the opinion of the Superintendent are necessary to remedy the situation.
306 Paragraph 635(1)(b) of the Act is replaced by the following:
(b) the bank has adequate policies and procedures to protect itself against threats to its integrity or security and adheres to those policies and procedures.
307 Subsection 636(2) of the Act is amended by adding the following after paragraph (a):
(a.001) to any federal government agency or body, for purposes related to the Superintendent’s regulation or supervision of financial institutions, including purposes related to threats to the integrity or security of financial institutions or risks to national security,
308 Subsection 643(1) of the Act is replaced by the following:
Marginal note:Examination of banks
643 (1) The Superintendent, from time to time, but at least once in each calendar year, shall make or cause to be made any examination and inquiry into the business and affairs of each bank that the Superintendent considers to be necessary or expedient to determine whether the bank is complying with the provisions of this Act, whether the bank is in a sound financial condition and whether the bank has adequate policies and procedures to protect itself against threats to its integrity or security and adheres to those policies and procedures. After the conclusion of each examination and inquiry, the Superintendent shall report on it to the Minister.
309 Section 644.1 of the Act is replaced by the following:
Marginal note:Prudential agreement
644.1 The Superintendent may enter into an agreement, called a “prudential agreement”, with a bank for the purposes of implementing any measure designed to maintain or improve its safety and soundness, establishing adequate policies and procedures to protect it against threats to its integrity or security or maintaining or improving its adherence to those polices and procedures.
310 (1) The portion of subsection 645(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Superintendent’s directions to bank
645 (1) If, in the opinion of the Superintendent, a bank, or a person with respect to a bank, is committing, or is about to commit, an act that is an unsafe or unsound practice in conducting the business or affairs of the bank, or is pursuing or is about to pursue any course of conduct that is an unsafe or unsound practice in conducting the business or affairs of the bank, the Superintendent may direct the bank or person to
(2) Subsection 645(1.1) of the Act is replaced by the following:
Marginal note:Directions — policies and procedures
(1.1) If, in the opinion of the Superintendent, a bank does not have adequate policies and procedures to protect itself against threats to its integrity or security or does not adhere to those policies and procedures, the Superintendent may direct the bank to take any measures that in the opinion of the Superintendent are necessary to remedy the situation.
311 Paragraph 954(1)(c) of the Act is replaced by the following:
(c) determine whether the bank holding company has adequate policies and procedures to protect itself against threats to its integrity or security and adheres to those policies and procedures.
312 Subsection 955(2) of the Act is amended by adding the following after paragraph (a):
(a.1) to any federal government agency or body, for purposes related to the Superintendent’s regulation or supervision of financial institutions, including purposes related to threats to the integrity or security of financial institutions or risks to national security,
313 Subsection 957(1) of the Act is replaced by the following:
Marginal note:Examination of bank holding companies
957 (1) The Superintendent, from time to time, shall make or cause to be made any examination and inquiry into the business and affairs of each bank holding company that the Superintendent considers to be necessary or expedient to determine whether the bank holding company is complying with the provisions of this Act and to ascertain the financial condition of the bank holding company or to determine whether the bank holding company has adequate policies and procedures to protect itself against threats to its integrity or security and adheres to those policies and procedures.
314 Section 959 of the Act is replaced by the following:
Marginal note:Prudential agreement
959 The Superintendent may enter into an agreement, called a “prudential agreement”, with a bank holding company for the purposes of implementing any measure designed to protect the interests of depositors, policyholders and creditors of any federal financial institution affiliated with it, establishing adequate policies and procedures to protect the bank holding company against threats to its integrity or security or maintaining or improving its adherence to those policies and procedures.
315 Subsection 960(1.1) of the Act is replaced by the following:
Marginal note:Directions — policies and procedures
(1.1) If, in the opinion of the Superintendent, a bank holding company does not have adequate policies and procedures to protect itself against threats to its integrity or security or does not adhere to those policies and procedures, the Superintendent may direct the bank holding company to take any measures that in the opinion of the Superintendent are necessary to remedy the situation.
316 Subsection 973.02(1) of the Act is replaced by the following:
Marginal note:Minister — terms, conditions and undertakings
973.02 (1) In addition to any other action that may be taken under this Act, the Minister may, in granting an approval, impose any terms and conditions or require any undertaking that the Minister considers appropriate, including any terms, conditions or undertakings specified by the Superintendent to maintain or improve the safety and soundness of any financial institution that is regulated under an Act of Parliament and to which the approval relates, or that might be affected by it, or to ensure that such a financial institution has adequate policies and procedures to protect itself against threats to its integrity or security and adheres to those policies and procedures.
1991, c. 47Insurance Companies Act
317 Paragraph 671(1)(b) of the Insurance Companies Act is replaced by the following:
(b) the company has adequate policies and procedures to protect itself against threats to its integrity or security and adheres to those policies and procedures.
318 Subsection 672(2) of the Act is amended by adding the following after paragraph (a):
(a.001) to any federal government agency or body, for purposes related to the Superintendent’s regulation or supervision of financial institutions, including purposes related to threats to the integrity or security of financial institutions or risks to national security,
319 Subsection 674(1) of the Act is replaced by the following:
Marginal note:Examination of companies, etc.
674 (1) The Superintendent, from time to time, but at least once in each calendar year, shall make or cause to be made any examination and inquiry into the business and affairs of each company, society, foreign company and provincial company that the Superintendent considers to be necessary or expedient to determine whether the company, society, foreign company or provincial company is complying with the provisions of this Act, whether the company, society or provincial company or the insurance business in Canada of the foreign company is in a sound financial condition and whether the company, society or provincial company has adequate policies and procedures to protect itself against threats to its integrity or security and adheres to those policies and procedures or the foreign company has adequate policies and procedures to protect itself against threats to its integrity or security in relation to its business in Canada and adheres to those policies and procedures. After the conclusion of each examination and inquiry, the Superintendent shall report on it to the Minister.
320 Paragraphs 675.1(a) and (b) of the Act are replaced by the following:
(a) a company, society or provincial company, for the purposes of implementing any measure designed to maintain or improve its safety and soundness, establishing adequate policies and procedures to protect it against threats to its integrity or security or maintaining or improving its adherence to those policies and procedures; or
(b) a foreign company, for the purposes of implementing any measure designed to protect the interests of its policyholders and creditors in relation to its insurance business in Canada, establishing adequate policies and procedures to protect it against threats to its integrity or security in relation to its business in Canada or maintaining or improving its adherence to those policies and procedures.
321 (1) The portion of subsection 676(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Superintendent’s directions to companies, etc.
676 (1) If, in the opinion of the Superintendent, a company, society, foreign company or provincial company, or a person with respect to a company, society, foreign company or provincial company, is committing, or is about to commit, an act that is an unsafe or unsound practice in conducting the business or affairs of the company, society, foreign company or provincial company, or is pursuing or is about to pursue any course of conduct that is an unsafe or unsound practice in conducting the business or affairs of the company, society, foreign company or provincial company, the Superintendent may direct the company, society, foreign company, provincial company or person to
(2) Paragraphs 676(1)(a) to (d) of the English version of the Act are replaced by the following:
(a) cease or refrain from committing the act or pursuing the course of conduct; and
(b) perform such acts as in the opinion of the Superintendent are necessary to remedy the situation.
(3) Subsection 676(1.1) of the Act is replaced by the following:
Marginal note:Directions — policies and procedures
(1.1) If, in the opinion of the Superintendent, a company, society, or provincial company does not have adequate policies and procedures to protect itself against threats to its integrity or security or does not adhere to those policies or procedures, or a foreign company does not have adequate policies and procedures to protect itself against threats to its integrity or security in relation to its business in Canada or does not adhere to those policies and procedures, the Superintendent may direct the company, society, foreign company or provincial company to take any measures that in the opinion of the Superintendent are necessary to remedy the situation.
322 Paragraph 997(1)(c) of the Act is replaced by the following:
(c) determine whether the insurance holding company has adequate policies and procedures to protect itself against threats to its integrity or security and adheres to those policies and procedures.
323 Subsection 998(2) of the Act is amended by adding the following after paragraph (a):
(a.1) to any federal government agency or body, for purposes related to the Superintendent’s regulation or supervision of financial institutions, including purposes related to threats to the integrity or security of financial institutions or risks to national security,
324 Subsection 1000(1) of the Act is replaced by the following:
Marginal note:Examination of insurance holding companies
1000 (1) The Superintendent, from time to time, shall make or cause to be made any examination and inquiry into the business and affairs of any insurance holding company that the Superintendent considers to be necessary or expedient to determine whether the insurance holding company is complying with the provisions of this Act and to ascertain the financial condition of the insurance holding company or to determine whether the insurance holding company has adequate policies and procedures to protect itself against threats to its integrity or security and adheres to those policies and procedures.
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