GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Office of the Superintendent of Financial Institutions Act — O-2.7 18
Committee established 18 (1) There is hereby established a committee consisting of (a) the Superintendent; (a.1) the Commissioner of the Financial Consumer Agency of Canada; (b) the Governor of the Bank of Canada; (c) the Chief Executive Officer of the Canada Deposit Insurance Corporation; (d) the Deputy Minister of Finance; and (e) the Director of the Financial Transactions and Reports Analysis Centre of Canada. Chairman (2) The Superintendent is the chairman of the committee. Purpose of committee (3) The purpose of the committee is to facilitate consultations and the exchange of information among its members on all matters relating directly to the supervision of financial institutions, bank holding companies or insurance holding companies. Access to information (4) Every member of the committee is entitled to any information on matters relating directly to the supervision of financial institutions, bank holding companies or insurance holding companies that is in the possession or under the control of any other member and any member requested by another member to provide any such information shall forthwith provide it. Designated person permitted (5) Information requested from one member of the committee by another member may be provided to any person designated by the member making the request. R.S., 1985, c. 18 (3rd Supp.), s. 18; 1996, c. 6, s. 108(E); 2001, c. 9, s. 469; 2016, c. 7, s. 169 2026, c. 4, s. 125
Office of the Superintendent of Financial Institutions Act — O-2.7 19
Ownership 19 (1) No member of the committee referred to in section 18, person appointed under subsection 5(5) or Deputy Superintendent shall beneficially own, directly or indirectly, any shares of any financial institution, bank holding company, insurance holding company or of 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. Prohibitions — federal credit union (2) No member of the committee referred to in section 18, person appointed under subsection 5(5) or Deputy Superintendent shall (a) directly or indirectly hold any interest or right in membership shares of a federal credit union, within the meaning of section 2 of the Bank Act , in excess of the minimum number of membership shares of the federal credit union that is required for membership; or (b) exercise any right he or she has as a member of such a federal credit union, except any right that he or she has as a customer of the federal credit union. R.S., 1985, c. 18 (3rd Supp.), s. 19; 2001, c. 9, s. 470; 2010, c. 12, s. 2122
Office of the Superintendent of Financial Institutions Act — O-2.7 21
No grant or gratuity to be made 21 (1) The Superintendent, a person appointed under subsection 5(5), a Deputy Superintendent or a person appointed under section 11 shall not accept or receive, directly or indirectly, any grant or gratuity from a financial institution, bank holding company or insurance holding company, or from a director, officer or employee of any of them, and no such financial institution, bank holding company, insurance holding company, director, officer or employee shall make or give any such grant or gratuity. Offence and punishment (2) Every person, financial institution, bank holding company or insurance holding company that contravenes subsection (1) is guilty of an offence and liable (a) on summary conviction, to a fine not exceeding two thousand dollars or to imprisonment for a term not exceeding six months or to both; or (b) on conviction on indictment, to a fine not exceeding ten thousand dollars or to imprisonment for a term not exceeding five years or to both. R.S., 1985, c. 18 (3rd Supp.), s. 21; 2001, c. 9, s. 471
Office of the Superintendent of Financial Institutions Act — O-2.7 22
ned as a result of an industry-wide or sectoral survey conducted by the Superintendent in relation to an issue or circumstances that could have an impact on the financial condition of financial institutions. Prior consultation required (4) The Minister shall consult with the Superintendent before making any determination under subsection (3). Exceptions to disclosure (5) Subject to any regulations made under a statute referred to in subsection (3) governing the use by a financial institution of any information supplied to it by its customers, no information obtained by a financial institution regarding any of its customers shall be disclosed or made available under subsection (3). Report respecting disclosure (6) The Superintendent shall prepare a report, to be included in the report referred to in section 40, respecting the disclosure of information by financial institutions, and describing the state of progress made in enhancing the disclosure of information in the financial services industry. R.S., 1985, c. 18 (3rd Supp.), s. 22; 1991, c. 46, s. 601; 1994, c. 26, s. 49(F); 1996, c. 6, s. 109; 1997, c. 15, s. 338; 1999, c. 28, s. 129; 2001, c. 9, s. 472; 2004, c. 15, s. 97; 2010, c. 12, s. 1883 2026, c. 3, s. 329
Office of the Superintendent of Financial Institutions Act — O-2.7 22.1
For greater certainty 22.1 For greater certainty, the Superintendent may receive any information that is relevant to the exercise of the Superintendent’s powers or the performance of the Superintendent’s duties or functions. 2026, c. 3, s. 330
Office of the Superintendent of Financial Institutions Act — O-2.7 23
Superintendent to ascertain expenses 23 (1) The Superintendent shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year for or in connection with the administration of the Bank Act , the Cooperative Credit Associations Act , the Green Shield Canada Act , the Insurance Companies Act , the Protection of Residential Mortgage or Hypothecary Insurance Act and the Trust and Loan Companies Act . Expenses — pension plans (1.1) In every fiscal year, the Superintendent shall (a) estimate the total amount of expenses to be incurred by the Office during the following fiscal year for or in connection with the administration of the Pension Benefits Standards Act, 1985 and the Pooled Registered Pension Plans Act ; and (b) ascertain the total amount of expenses incurred by the Office during the preceding fiscal year for or in connection with the administration of the Pension Benefits Standards Act, 1985 and the Pooled Registered Pension Plans Act . Amount conclusive (2) Any amount ascertained or estimated by the Superintendent under subsection (1) or (1.1), as the case may be, is final and conclusive for the purposes of this section. Assessment (3) As soon as possible after ascertaining the amount referred to in subsection (1), the Superintendent shall assess the amount against each financial institution, bank holding company and insurance holding company to any extent and in any manner that the Governor in Council may, by regulation, prescribe. Interim assessment (4) The Superintendent may, during each fiscal year, prepare an interim assessment against any financial institution, bank holding company or insurance holding company. Assessment — pension plans (5) In every fiscal year, the Superintendent shall assess, in the prescribed manner, an amount against the administrator of a pension plan. The amount is to be determined as prescribed. Determination of amount assessed (6) The determination of the amount referred to in subsection (5) shall take into account the amounts referred to in subsection (1.1). R.S., 1985, c. 18 (3rd Supp.), s. 23; 1991, c. 45, s. 558, c. 46, s. 602, c. 47, s. 743; 1992, c. 1, s. 142, c. 56, s. 18; 1996, c. 6, s. 110, c. 21, s. 72; 1997, c. 15, s. 339; 1999, c. 28, s. 130; 2001, c. 9, s. 473; 2010, c. 25, s. 175; 2011, c. 15, s. 25; 2012, c. 16, s. 94
Office of the Superintendent of Financial Institutions Act — O-2.7 23.1
Meaning of person 23.1 (1) For the purpose of this section, person means a natural person, a personal representative, a body corporate, a trust, a partnership, a fund, an unincorporated association or organization, Her Majesty in right of Canada or of a province, an agency of Her Majesty in either of those rights, the government of a foreign country or of a political subdivision of a foreign country, an agency of the government of a foreign country or an agency of the government of a political subdivision of a foreign country. Assessment of particular expenses (2) The Superintendent may assess against a person a prescribed charge and applicable disbursements for any service provided by or on behalf of the Superintendent for the person’s benefit or for the benefit of a group of persons of which the person is a member. Interim assessment (3) The Superintendent may, during each fiscal year, prepare an interim assessment against any person towards the amount to be assessed against the person under subsection (2). (4) and (5) [Repealed, 2001, c. 9, s. 474] 1997, c. 15, s. 339; 1999, c. 28, s. 131; 2001, c. 9, s. 474
Office of the Superintendent of Financial Institutions Act — O-2.7 23.2
Assessment is binding 23.2 (1) Every assessment and interim assessment made under section 23 or 23.1 is final and conclusive and binding on the person against whom it is made. Recovery (2) Every assessment and interim assessment made under section 23 or 23.1 constitutes a debt due to Her Majesty and is immediately payable and may be recovered as a debt in any court of competent jurisdiction. Interest (3) Interest may be charged on the unpaid amount of an assessment or interim assessment under section 23 or 23.1 at a rate equal to the rate prescribed under the Income Tax Act for amounts payable by the Minister of National Revenue as refunds of overpayments of tax under that Act in effect from time to time plus two per cent. 1997, c. 15, s. 339; 2001, c. 9, s. 475(F)
Office of the Superintendent of Financial Institutions Act — O-2.7 24
Definitions 24 (1) The following definitions apply in this section and in sections 25 to 37.2. entity means an entity as defined in section 2 of the Bank Act . ( entité ) financial institutions Act means the Bank Act , the Cooperative Credit Associations Act , the Insurance Companies Act , the Pension Benefits Standards Act, 1985 , the Pooled Registered Pension Plans Act and the Trust and Loan Companies Act . ( loi sur les institutions financières ) penalty means an administrative monetary penalty. ( pénalité ) person means a natural person or an entity. ( Version anglaise seulement ) Non-application (2) This section and sections 25 to 37 do not apply in respect of consumer provisions as defined in section 2 of the Financial Consumer Agency of Canada Act . R.S., 1985, c. 18 (3rd Supp.), s. 24; 2001, c. 9, s. 476; 2010, c. 25, s. 176; 2012, c. 16, s. 92
Office of the Superintendent of Financial Institutions Act — O-2.7
entity means an entity as defined in section 2 of the Bank Act . ( entité )
Office of the Superintendent of Financial Institutions Act — O-2.7
financial institutions Act means the Bank Act , the Cooperative Credit Associations Act , the Insurance Companies Act , the Pension Benefits Standards Act, 1985 , the Pooled Registered Pension Plans Act and the Trust and Loan Companies Act . ( loi sur les institutions financières )
Office of the Superintendent of Financial Institutions Act — O-2.7
penalty means an administrative monetary penalty. ( pénalité )
Office of the Superintendent of Financial Institutions Act — O-2.7
person means a natural person or an entity. ( Version anglaise seulement )
Office of the Superintendent of Financial Institutions Act — O-2.7 25
Regulations 25 (1) The Governor in Council may make regulations (a) designating, as a violation that may be proceeded with under sections 26 to 37, the contravention of a specified provision of a financial institutions Act or of a specified provision of a regulation made under one or the non-compliance with (i) an order made by the Superintendent under a financial institutions Act, (ii) a direction made under a financial institutions Act to cease or refrain from committing an act or pursuing a course of conduct that is an unsafe or unsound practice, or to perform a remedial act, (iii) terms and conditions imposed by the Superintendent or an undertaking given to the Superintendent under a financial institutions Act, or (iv) a prudential agreement entered into with the Superintendent under a financial institutions Act; (b) classifying each violation as a minor violation, a serious violation or a very serious violation; (c) fixing, in accordance with subsection (2), a penalty, or a range of penalties, in respect of any violation; (d) respecting the service of documents required or authorized to be served under sections 26 to 37, including the manner and proof of service and the circumstances under which documents are deemed to be served; and (e) generally for carrying out the purposes and provisions of section 24, this section and sections 26 to 37. Maximum penalties (2) The maximum penalty for a violation is (a) in the case of a violation that is committed by a natural person, $10,000 for a minor violation, $50,000 for a serious violation and $100,000 for a very serious violation; and (b) in the case of a violation that is committed by an entity, $25,000 for a minor violation, $100,000 for a serious violation and $500,000 for a very serious violation. R.S., 1985, c. 18 (3rd Supp.), s. 25; 2001, c. 9, s. 476
Office of the Superintendent of Financial Institutions Act — O-2.7 26
Criteria for penalty 26 Except if a penalty is fixed under paragraph 25(1)(c), the amount of a penalty shall, in each case, be determined taking into account (a) the degree of intention or negligence on the part of the person who committed the violation; (b) the harm done by the violation; (c) the history of the person who committed the violation with respect to any prior violation or conviction under a financial institutions Act within the five-year period immediately before the violation; and (d) any other criteria that may be prescribed by regulation. R.S., 1985, c. 18 (3rd Supp.), s. 26; 2001, c. 9, s. 476
Office of the Superintendent of Financial Institutions Act — O-2.7 27
How act or omission may be proceeded with 27 If a contravention or non-compliance that is designated under paragraph 25(1)(a) can be proceeded with either as a violation or as an offence, proceeding in one manner precludes proceeding in the other. R.S., 1985, c. 18 (3rd Supp.), s. 27; 2001, c. 9, s. 476
Office of the Superintendent of Financial Institutions Act — O-2.7 28
Commission of violation 28 (1) Every contravention or non-compliance that is designated under paragraph 25(1)(a) constitutes a violation and the person who commits the violation is liable to a penalty determined in accordance with sections 25 and 26. Notice of violation (2) If the Superintendent believes on reasonable grounds that a person has committed a violation, he or she may issue, and shall cause to be served on the person, a notice of violation. Contents of notice (3) A notice of violation shall name the person believed to have committed a violation, identify the violation and set out (a) the penalty that the Superintendent proposes to impose; (b) the right of the person, within 30 days after the notice is served or within any longer period that the Superintendent specifies, to pay the penalty or to make representations to the Superintendent with respect to the violation and the proposed penalty, and the manner for doing so; and (c) the fact that, if the person does not pay the penalty or make representations in accordance with the notice, the person will be deemed to have committed the violation and the Superintendent may impose a penalty in respect of it. R.S., 1985, c. 18 (3rd Supp.), s. 28; 2001, c. 9, s. 476
Office of the Superintendent of Financial Institutions Act — O-2.7 29
Payment of penalty 29 (1) If the person pays the penalty proposed in the notice of violation, the person is deemed to have committed the violation and proceedings in respect of it are ended. Representations to Superintendent (2) If the person makes representations in accordance with the notice, the Superintendent shall decide, on a balance of probabilities, whether the person committed the violation and, if so, may, subject to any regulations made under paragraph 25(1)(c), impose the penalty proposed, a lesser penalty or no penalty. Failure to pay or make representations (3) A person who neither pays the penalty nor makes representations in accordance with the notice is deemed to have committed the violation and the Superintendent may, subject to any regulations made under paragraph 25(1)(c), impose the penalty proposed, a lesser penalty or no penalty. Notice of decision and right of appeal (4) The Superintendent shall cause notice of any decision made under subsection (2) or (3) to be issued and served on the person together with, in the case of a serious violation or very serious violation, notice of the right of appeal under section 30. R.S., 1985, c. 18 (3rd Supp.), s. 29; 2001, c. 9, s. 476
Office of the Superintendent of Financial Institutions Act — O-2.7 30
Right of appeal 30 (1) A person on whom a notice under subsection 29(4) in respect of a serious violation or very serious violation is served may, within 30 days after the notice is served, or within any longer period that the Court allows, appeal the decision to the Federal Court. Court to take precautions against disclosing (2) In an appeal, the Court shall take every reasonable precaution, including, when appropriate, conducting hearings in private, to avoid the disclosure by the Court or any person of confidential information referred to in subsection 22(1). Powers of Court (3) On an appeal, the Court may confirm, set aside or, subject to any regulations made under paragraph 25(1)(c), vary the decision of the Superintendent. R.S., 1985, c. 18 (3rd Supp.), s. 30; 2001, c. 9, s. 476
Office of the Superintendent of Financial Institutions Act — O-2.7 31
Debts to Her Majesty 31 (1) A penalty constitutes a debt due to Her Majesty in right of Canada and may be recovered in the Federal Court. Time limit (2) No proceedings to recover a debt referred to in subsection (1) may be commenced later than five years after the debt became payable. Proceeds payable to Receiver General (3) A penalty paid or recovered under sections 25 to 30, this section and sections 32 to 37 is payable to and shall be remitted to the Receiver General. R.S., 1985, c. 18 (3rd Supp.), s. 31; 2001, c. 9, s. 476
Office of the Superintendent of Financial Institutions Act — O-2.7 32
Certificate 32 (1) The unpaid amount of any debt referred to in subsection 31(1) may be certified by the Superintendent. Registration in Federal Court (2) Registration in the Federal Court of a certificate made under subsection (1) has the same effect as a judgment of that Court for a debt of the amount specified in the certificate and all related registration costs. R.S., 1985, c. 18 (3rd Supp.), s. 32; 2001, c. 9, s. 476
Office of the Superintendent of Financial Institutions Act — O-2.7 33
Violations not offences 33 For greater certainty, a violation is not an offence and, accordingly, section 126 of the Criminal Code does not apply in respect of one. R.S., 1985, c. 18 (3rd Supp.), s. 33; 2001, c. 9, s. 476
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Due diligence available 34 (1) Due diligence is a defence in a proceeding in relation to a violation. Common law principles (2) Every rule and principle of the common law that renders a circumstance a justification or an excuse in relation to a charge for an offence under a financial institutions Act applies in respect of a violation to the extent that it is not inconsistent with this Act. R.S., 1985, c. 18 (3rd Supp.), s. 34; 2001, c. 9, s. 476
Office of the Superintendent of Financial Institutions Act — O-2.7 35
Continuing violation 35 A minor violation that is continued on more than one day constitutes a separate violation for each day during which it is continued. R.S., 1985, c. 18 (3rd Supp.), s. 35; 2001, c. 9, s. 476
Office of the Superintendent of Financial Institutions Act — O-2.7 36
Evidence 36 In a proceeding in respect of a violation or a prosecution for an offence, a notice purporting to be issued under subsection 28(2) or 29(4) or a certificate purporting to be made under subsection 32(1) is admissible in evidence without proof of the signature or official character of the person appearing to have signed it. R.S., 1985, c. 18 (3rd Supp.), s. 36; 2001, c. 9, s. 476
Office of the Superintendent of Financial Institutions Act — O-2.7 37
Time limit 37 (1) No proceedings in respect of a violation may be commenced later than six months after the subject-matter of the proceedings became known to the Superintendent, in the case of a minor violation, or two years after the subject-matter of the proceedings became known to the Superintendent, in the case of a serious violation or a very serious violation. Certificate of Superintendent (2) A document appearing to have been issued by the Superintendent, certifying the day on which the subject-matter of any proceedings became known to the Superintendent, is admissible in evidence without proof of the signature or official character of the person appearing to have signed it and is, in the absence of evidence to the contrary, proof of the matter asserted in it. No use of privileged information (3) The Superintendent shall not use privileged information as evidence in a proceeding in respect of a violation if the privileged information was disclosed to the Superintendent by (a) a financial institution, bank holding company or insurance holding company; or (b) a person who controls, or an entity that is affiliated with, an entity referred to in paragraph (a). Definition of privileged information (4) In subsection (3), privileged information means information that is subject to a privilege under the law of evidence, solicitor-client privilege or the professional secrecy of advocates and notaries or to litigation privilege. R.S., 1985, c. 18 (3rd Supp.), s. 37; 2001, c. 9, s. 476; 2018, c. 27, s. 167
Office of the Superintendent of Financial Institutions Act — O-2.7 37.01
Publication 37.01 After proceedings in respect of a violation in relation to section 983 of the Bank Act are ended, the Superintendent must make public the nature of the violation, the name of the person who committed it and the amount of the penalty imposed. 2018, c. 12, s. 351
Office of the Superintendent of Financial Institutions Act — O-2.7 37.1
Remission 37.1 (1) The Superintendent may remit all or part of any assessment or interim assessment made under section 23 or 23.1 or any penalty imposed under this Act, including any interest on that assessment, interim assessment or penalty. Conditions (2) A remission may be conditional or unconditional. 2010, c. 25, s. 177
Office of the Superintendent of Financial Institutions Act — O-2.7 37.2
Debt write-off 37.2 (1) The Superintendent may write off from the accounts of the Office all or part of any debt referred to in subsection 23.2(2) or 31(1) that has been determined to be uncollectible or for which further administrative expense or other costs of collecting the debt are not justifiable in relation to the amount of the debt or the probability of collection. Effect of write-off (2) The writing-off of any debt does not affect any right of Her Majesty to collect or recover the debt. Financial Administration Act (3) The regulations made under subsection 25(1) of the Financial Administration Act do not apply to the writing off of a debt under this section. 2010, c. 25, s. 177
Office of the Superintendent of Financial Institutions Act — O-2.7 38
Power to make regulations 38 The Governor in Council may make regulations (a) prescribing anything that is required or authorized by this Act to be prescribed; and (b) prescribing the way in which anything that is required or authorized by this Act to be prescribed shall be determined. R.S., 1985, c. 18 (3rd Supp.), s. 38; 2001, c. 9, s. 477