GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank Act — B-1.01 635
Production of information and documents 635 (1) The Superintendent may, by order, direct a person who controls a bank or any entity that is affiliated with a bank to provide the Superintendent with any information or documents that may be specified in the order if the Superintendent believes that the production of the information or documents is necessary in order to be satisfied that (a) the provisions of this Act are being duly observed and that the bank is in a sound financial condition; or (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. Time (2) Any person to whom a direction has been issued under subsection (1) shall provide the information or documents specified in the order within the time specified in the order and, where the order does not specify a time, the person shall provide the information or documents within a reasonable time. Exemption (3) Subsection (1) does not apply in respect of an entity that controls a bank or is affiliated with a bank where that entity is a financial institution regulated (a) by or under an Act of Parliament; or (b) by or under an Act of the legislature of a province where the Superintendent has entered into an agreement with the appropriate official or public body responsible for the supervision of financial institutions in that province concerning the sharing of information on such financial institutions. 1999, c. 28, s. 40 2023, c. 26, s. 555 2026, c. 3, s. 306
Bank Act — B-1.01 636
Confidential information 636 (1) Subject to section 639, all information regarding the business or affairs of a bank or a foreign bank, or regarding a person dealing with a bank or a foreign bank, that is obtained by the Superintendent, or by any person acting under the direction of the Superintendent, as a result of the administration or enforcement of any Act of Parliament, and all information prepared from that information, is confidential and shall be treated accordingly. Disclosure permitted (2) Nothing in subsection (1) prevents the Superintendent from disclosing any information (a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision, (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, (a.01) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision, (a.1) to the Canada Deposit Insurance Corporation for purposes related to its operation, and (b) to the Deputy Minister of Finance or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance or to the Governor of the Bank of Canada or any officer of the Bank of Canada authorized in writing by the Governor of the Bank of Canada, for the purposes of policy analysis related to the regulation of financial institutions, if the Superintendent is satisfied that the information will be treated as confidential by the agency, body or person to whom it is disclosed. 1999, c. 28, s. 41; 2001, c. 9, s. 174; 2007, c. 6, s. 103 2026, c. 3, s. 307
Bank Act — B-1.01 637
Regulations 637 The Governor in Council may make regulations prohibiting, limiting or restricting the disclosure by banks of prescribed supervisory information. 1999, c. 28, s. 42
Bank Act — B-1.01 638
Evidentiary privilege 638 (1) Prescribed supervisory information shall not be used as evidence in any civil proceedings and is privileged for that purpose. No testimony or production (2) No person shall by an order of any court, tribunal or other body be required in any civil proceedings to give oral testimony or to produce any document relating to any prescribed supervisory information. Exceptions to subsection (1) (3) Despite subsection (1), (a) the Minister, the Superintendent or the Attorney General of Canada may, in accordance with the regulations, if any, use prescribed supervisory information as evidence in any proceedings; and (b) a bank may, in accordance with the regulations, if any, use prescribed supervisory information as evidence in any proceedings in relation to the administration or enforcement of this Act or the Winding-up and Restructuring Act that are commenced by the bank, the Minister, the Superintendent or the Attorney General of Canada. Exceptions to subsections (1) and (2) (4) Despite subsections (1) and (2) and section 39.1 of the Office of the Superintendent of Financial Institutions Act , a court, tribunal or other body may, by order, require the Minister, the Superintendent or a bank to give oral testimony or to produce any document relating to any prescribed supervisory information in any civil proceedings in relation to the administration or enforcement of this Act that are commenced by the Minister, the Superintendent, the Attorney General of Canada or the bank. No waiver (5) The disclosure of any prescribed supervisory information, other than under subsection (3) or (4), does not constitute a waiver of the privilege referred to in subsection (1). Regulations (6) The Governor in Council may, for the purposes of subsection (3), make regulations respecting the circumstances in which prescribed supervisory information may be used as evidence. 1999, c. 28, s. 43; 2007, c. 6, s. 104; 2015, c. 36, s. 234
Bank Act — B-1.01 638.1
No waiver 638.1 (1) For greater certainty, the disclosure by a bank — or by a person who controls a bank or by an entity that is affiliated with a bank — to the Superintendent of any 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 does not constitute a waiver of any of those privileges or that secrecy. No disclosure (2) The Superintendent shall not disclose any information referred to in subsection (1) to any person whose powers, duties or functions include (a) the investigation or prosecution of an offence under any Act of Parliament or of the legislature of a province; or (b) the investigation of, or conduct of proceedings in respect of, a violation under an Act referred to in paragraph (a). 2018, c. 27, s. 170
Bank Act — B-1.01 639
Disclosure by Superintendent 639 (1) The Superintendent shall disclose, at such times and in such manner as the Minister may determine, such information obtained by the Superintendent under this Act as the Minister considers ought to be disclosed for the purposes of the analysis of the financial condition of a bank and that (a) is contained in returns filed pursuant to the Superintendent’s financial regulatory reporting requirements in respect of banks; or (b) has been obtained 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 banks. Prior consultation required (2) The Minister shall consult with the Superintendent before making any determination under subsection (1). 1999, c. 28, s. 44
Bank Act — B-1.01 640
Disclosure by a bank 640 (1) A bank shall make available to the public such information concerning (a) the compensation of its executives, as that expression is defined by the regulations, and (b) its business and affairs for the purposes of the analysis of its financial condition, in such form and manner and at such times as may be required by or pursuant to such regulations as the Governor in Council may make for the purpose. Exemption by regulation (2) Paragraph (1)(a) does not apply to a bank that is within such class or classes of banks as may be prescribed. 1999, c. 28, s. 44
Bank Act — B-1.01 641
Exceptions to disclosure 641 Subject to any regulations made under paragraph 627.998(n), no information obtained by a bank regarding any of its customers shall be disclosed or made available under subsection 639(1) or section 640. 1999, c. 28, s. 45 2018, c. 27, s. 330
Bank Act — B-1.01 642
Report respecting disclosure 642 The Superintendent shall prepare a report, to be included in the report referred to in section 40 of the Office of the Superintendent of Financial Institutions Act , respecting the disclosure of information by banks and describing the state of progress made in enhancing the disclosure of information in the financial services industry. 1999, c. 28, s. 46; 2001, c. 9, s. 175
Bank Act — B-1.01 643
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. (1.1) [Repealed, 2023, c. 26, s. 556] Access to records of bank (2) The Superintendent or a person acting under the Superintendent’s direction (a) has a right of access to any records, cash, assets and security held by or on behalf of a bank; and (b) may require the directors, officers and the auditor or auditors of a bank to provide information and explanations, to the extent that they are reasonably able to do so, in respect of the condition and affairs of the bank or any entity in which the bank has a substantial investment. 1999, c. 28, s. 46; 2001, c. 9, s. 176; 2012, c. 5, s. 76 2023, c. 26, s. 556 2026, c. 3, s. 308
Bank Act — B-1.01 644
Power of Superintendent on inquiry 644 The Superintendent has all the powers of a person appointed as a commissioner under Part II of the Inquiries Act for the purpose of obtaining evidence under oath, and may delegate those powers to any person acting under the Superintendent’s direction. 1999, c. 28, s. 46
Bank Act — B-1.01 644.1
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. 2001, c. 9, s. 177 2023, c. 26, s. 557 2026, c. 3, s. 309
Bank Act — B-1.01 645
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 (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. 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. Opportunity for representations (2) Subject to subsection (3), no direction shall be issued to a bank or person under subsection (1) or (1.1) unless the bank or person is provided with a reasonable opportunity to make representations in respect of the matter. Temporary direction (3) If, in the opinion of the Superintendent, the length of time required for representations to be made under subsection (2) might be prejudicial to the public interest, the Superintendent may make a temporary direction with respect to the matters referred to in paragraphs (1)(a) and (b) or subsection (1.1) having effect for a period of not more than 15 days. Continued effect (4) A temporary direction under subsection (3) continues to have effect after the expiration of the fifteen day period referred to in that subsection if no representations are made to the Superintendent within that period or, if representations have been made, the Superintendent notifies the bank or person that the Superintendent is not satisfied that there are sufficient grounds for revoking the direction. 1999, c. 28, s. 47 2023, c. 26, s. 558 2026, c. 3, s. 310
Bank Act — B-1.01 646
Court enforcement 646 (1) Where a bank or person (a) is contravening or has failed to comply with a prudential agreement entered into under section 644.1 or a direction of the Superintendent made under subsection 645(1), (1.1) or (3), (b) is contravening this Act, or (c) has omitted to do any thing under this Act that is required to be done by or on the part of the bank or person, the Superintendent may, in addition to any other action that may be taken under this Act, apply to a court for an order requiring the bank or person to comply with the prudential agreement or the direction, cease the contravention or do any thing that is required to be done, and on such application the court may so order and make any other order it thinks fit. Appeal (2) An appeal from a decision of a court under subsection (1) lies in the same manner, and to the same court, as an appeal from any other order of the court. 1999, c. 28, s. 48; 2001, c. 9, s. 178 2023, c. 26, s. 559
Bank Act — B-1.01 646.1
Meaning of senior officer 646.1 In sections 647 and 647.1, senior officer means the chief executive officer, secretary, treasurer or controller of a bank or any other officer reporting directly to the bank’s board of directors or chief executive officer. 2001, c. 9, s. 179
Bank Act — B-1.01 647.1
Removal of directors or senior officers 647.1 (1) The Superintendent may, by order, remove a person from office as a director or senior officer of a bank if the Superintendent is of the opinion that the person is not suitable to hold that office (a) on the basis of the competence, business record, experience, conduct or character of the person; or (b) because the person has contravened or, by action or negligence, has contributed to the contravention of (i) this Act or the regulations made under it, (ii) a direction made under section 645, (iii) an order made under subsection 485(3), (iv) a condition or limitation in respect of the order approving the commencement and carrying on of the bank’s business, or (v) a prudential agreement entered into under section 644.1 or an undertaking given by the bank to the Superintendent. Risk of prejudice (2) In forming an opinion under subsection (1), the Superintendent must consider whether the interests of the depositors and creditors of the bank have been or are likely to be prejudiced by the person’s holding office as a director or senior officer. Representations may be made (3) The Superintendent must in writing notify the person concerned and the bank of any removal order that the Superintendent proposes to make under subsection (1) and must afford them an opportunity within 15 days after the date of the notice, or within any longer period that the Superintendent allows, to make representations to the Superintendent in relation to the matter. Suspension (4) If the Superintendent is of the opinion that the public interest may be prejudiced by the director or senior officer continuing to exercise the powers or carry out the duties and functions of that office during the period for making representations, the Superintendent may make an order suspending the director or senior officer. The suspension may not extend beyond 10 days after the expiration of that period. Notice of order (5) The Superintendent shall, without delay, notify the director or senior officer, as the case may be, and the bank of a removal order or suspension order. Consequences of removal order (6) The director or senior officer, as the case may be, ceases to hold that office as of the date the removal order is made or any later date specified in the order. Appeal (7) The director or senior officer, as the case may be, or the bank may, within 30 days after the date of receipt of notice of the removal order under subsection (5), or within any longer period that the Court allows, appeal the matter to the Federal Court. Powers of Federal Court (8) The Federal Court, in the case of an appeal, may dismiss the appeal or set aside the removal order. Order not stayed by appeal (9) A removal order is not stayed by an appeal. 2001, c. 9, s. 181
Bank Act — B-1.01 648
 specified in the notice, not exceeding ten days after it receives the notice. Notice — up to 16 days (1.3) If the Superintendent takes control of the assets of the bank under paragraph (1.11)(a), the Superintendent shall notify the bank that control has been taken at the direction of the Minister. Notice — more than 16 days (1.4) If the Minister is considering whether to exercise the powers under any of paragraphs (1.11)(b) to (d), the Superintendent shall notify the bank of the action that is being considered and of its right to make written representations to the Minister within the time specified in the notice, not exceeding 10 days after it receives the notice. Notice — Committee and Review Agency (1.5) Within 30 days after exercising any of the powers under subsection (1.11), the Minister shall notify (a) the Committee , as defined in section 2 of the National Security and Intelligence Committee of Parliamentarians Act ; and (b) the Review Agency , as defined in section 2 of the National Security and Intelligence Review Agency Act . Objectives of Superintendent (2) If the Superintendent has control under subsection (1) or (1.11) of the assets of a bank referred to in that subsection, the Superintendent may do all things necessary or expedient to protect the rights and interests of the depositors and creditors of the bank. Powers of Superintendent (3) If the Superintendent has control under subsection (1) or (1.11) of the assets of a bank referred to in that subsection, (a) the bank shall not make, acquire or transfer any loan or make any purchase, sale or exchange of securities or any disbursement or transfer of cash of any kind without the prior approval of the Superintendent or a representative designated by the Superintendent; and (b) no director, officer or employee of the bank shall have access to any cash or securities held by the bank unless (i) a representative of the Superintendent accompanies the director, officer or employee, or (ii) the access is previously authorized by the Superintendent or the Superintendent’s representative. 1999, c. 28, s. 50; 2001, c. 9, s. 182 2023, c. 26, s. 560
Bank Act — B-1.01 649
Powers suspended 649 (1) If the Superintendent takes control of a bank under subparagraph 648(1)(b)(iii) or paragraph 648(1.11)(d), the powers, duties, functions, rights and privileges of the directors of the bank and of the officers of the bank responsible for its management are suspended. If the bank is a federal credit union, the powers of the members to make, amend or repeal by-laws are also suspended. Superintendent to manage bank (2) If the Superintendent takes control of a bank under subparagraph 648(1)(b)(iii) or paragraph 648(1.11)(d), the Superintendent shall manage the business and affairs of the bank and in doing so the Superintendent (a) may perform any of the duties and functions that the persons referred to in subsection (1) were performing prior to the taking of control; and (b) has and may exercise any power, right or privilege that any such person had or could have exercised prior to the taking of control. Persons to assist (3) If the Superintendent takes control of a bank under subparagraph 648(1)(b)(iii) or paragraph 648(1.11)(d), the Superintendent may appoint one or more persons to assist in the management of the bank. 1999, c. 28, s. 51; 2010, c. 12, s. 2081 2023, c. 26, s. 561(E)
Bank Act — B-1.01 650
Expiration of control 650 (1) Control by the Superintendent under subsection 648(1) of a bank or of the assets of a bank expires on the day on which a notice by the Superintendent is sent to the directors and officers who conducted the business and affairs of the bank stating that the Superintendent is of the opinion that the circumstances leading to the taking of control by the Superintendent have been substantially rectified and that the bank can resume control of its business and affairs. Expiration of control — Minister’s direction (2) Control by the Superintendent under subsection 648(1.11) of a bank or of the assets of a bank expires on the day on which a notice by the Superintendent is sent to the directors and officers who conducted the business and affairs of the bank stating that the Minister is of the opinion, on the recommendation of the Superintendant, that corrective measures have been taken in response to the reasons related to national security and that the bank can resume control of its business and affairs. 1999, c. 28, s. 52 2023, c. 26, s. 562
Bank Act — B-1.01 651
Superintendent may request winding-up 651 The Superintendent may, at any time before the receipt of a request under section 652 to relinquish control of a bank or of the assets of a bank, request the Attorney General of Canada to apply for a winding-up order under section 10.1 of the Winding-up and Restructuring Act in respect of the bank, where (a) the assets of the bank are under the control of the Superintendent under subparagraph 648(1)(b)(i) or (ii) or paragraph 648(1.11)(b) or (c); or (b) the bank is under the control of the Superintendent under subparagraph 648(1)(b)(iii) or paragraph 648(1.11)(d). 1999, c. 28, s. 52 2023, c. 26, s. 563
Bank Act — B-1.01 652
Requirement to relinquish control 652 If no action has been taken by the Superintendent under section 651 and, after 30 days following the taking of control by the Superintendent under subsection 648(1) or (1.11) of a bank or of the assets of a bank, the Superintendent receives from its board of directors a notice in writing requesting the Superintendent to relinquish control, the Superintendent shall, not later than 12 days after receipt of the notice, (a) comply with the request; or (b) request the Attorney General of Canada to apply for a winding-up order under section 10.1 of the Winding-up and Restructuring Act in respect of the bank. 1999, c. 28, s. 53 2023, c. 26, s. 564(E)
Bank Act — B-1.01 653
Advisory committee 653 The Superintendent may, from among the banks and authorized foreign banks that are subject to an assessment under section 23 of the Office of the Superintendent of Financial Institutions Act and required to share in the expenses resulting from the taking of control of a bank under subsection 648(1) or (1.11), appoint a committee of not more than six members to advise the Superintendent in respect of assets, management and all other matters pertinent to the duties and responsibilities of the Superintendent in exercising control of the bank. 1999, c. 28, s. 54 2023, c. 26, s. 565(E)