Financial Consumer Agency of Canada Act

Marginal note:No grant or gratuity to be made

• 16 (1) The Commissioner, a person appointed under subsection 4(4), the Senior Deputy Commissioner, a person appointed under subsection 7.2(2), 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), the Senior Deputy Commissioner, a person appointed under subsection 7.2(2), 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.

• Marginal note:No grant or gratuity — participating entities, etc.

  (1.2) The Commissioner, a person appointed under subsection 4(4), the Senior Deputy Commissioner, a person appointed under subsection 7.2(2), a Deputy Commissioner and any person appointed under section 10 must not accept or receive, directly or indirectly, any grant or gratuity from a participating entity or the technical standards body, or any of their directors, officers or employees, and a participating entity or the technical standards body, or any of their directors, officers or employees, must not make or give any such grant or gratuity.

• Marginal note:Offence and punishment

  (2) Every person, financial institution, bank holding company, insurance holding company, payment card network operator, participating entity or technical standards body that contravenes subsection (1), (1.1) or (1.2) is guilty of an offence and liable

  • (a) on summary conviction, to a fine of not more than $2000 or to imprisonment for a term of not more than six months or to both; or

  • (b) on conviction on indictment, to a fine of not more than $10,000 or to imprisonment for a term of not more than five years or to both.