GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Stablecoin Act — S-15.9 55
Information obtained by Bank 55 (1) Subject to subsections (2) and (3), information that is obtained under this Act by the Bank and any information prepared from that information is confidential and the Bank must treat it accordingly. Disclosure permitted — this Act (2) The Bank may disclose information that is obtained under this Act if it does so in accordance with section 16 or 92 . Disclosure permitted (3) The Bank may disclose information that is obtained under this Act to the Minister, any designated person or government authority or the Centre or to any government authority or regulatory body that agrees to treat the information as confidential.
Stablecoin Act — S-15.9 56
Information obtained by Minister 56 (1) Subject to subsection (2), information that is obtained under this Act by the Minister or any designated person or government authority, and any information prepared from that information, is confidential and the Minister or the designated person or government authority must treat it accordingly. Disclosure permitted (2) The Minister or the designated person or government authority may disclose information that is obtained under this Act to a government authority or regulatory body that agrees to treat the information as confidential.
Stablecoin Act — S-15.9 57
Evidentiary privilege 57 (1) Information provided for in the regulations in relation to the supervision of issuers must not be used as evidence in any civil proceedings and is privileged for that purpose. No testimony or production (2) A person must not 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 information referred to in subsection (1). Exception to subsection (1) (3) Despite subsection (1), the Minister, the Governor, the Bank or the Attorney General of Canada may, in accordance with the regulations, if any, use information referred to in that subsection as evidence in any proceedings. Exception to subsection (1) (4) Despite subsection (1), an issuer may, in accordance with the regulations, if any, use information referred to in that subsection as evidence in any proceedings in relation to the administration or enforcement of this Act, the Bankruptcy and Insolvency Act or the Companies’ Creditors Arrangement Act that are commenced by the issuer, the Minister, the Governor, the Bank or the Attorney General of Canada. Exceptions to subsections (1) and (2) (5) Despite subsections (1) and (2), a court, tribunal or other body may, by order, require the Minister, the Governor, the Bank or an issuer to give oral testimony or to produce any document relating to any information referred to in subsection (1) in any civil proceedings in relation to the administration or enforcement of this Act that are commenced by the Minister, the Governor, the Bank, the Attorney General of Canada or an issuer. No waiver (6) The disclosure of any information referred to in subsection (1), other than under subsection (3), (4) or (5), does not constitute a waiver of the privilege referred to in subsection (1).
Stablecoin Act — S-15.9 58
No liability if good faith — Bank 58 (1) No action lies against His Majesty in right of Canada, any officer, employee or director of the Bank or any person acting under the direction of the Governor for anything done or omitted to be done in good faith in the administration or discharge of any powers or duties that under this Act are intended or authorized to be executed or performed. No liability if good faith — Minister (2) No action lies against His Majesty in right of Canada, the Minister or any person or government authority acting under the direction of the Minister for anything done or omitted to be done in good faith in the administration or discharge of any powers or duties that under this Act are intended or authorized to be executed or performed.
Stablecoin Act — S-15.9 59
Information request 59 (1) The Bank may request in writing that a person, within the time and in the manner provided for in the regulations, if any, provide the Bank with any information that the Bank considers necessary for a purpose related to verifying compliance with this Act or carrying out the Bank’s objects under this Act. Compliance with request (2) The person must comply with the request.
Stablecoin Act — S-15.9 60
Undertakings 60 The Bank may, by order, require an applicant or an issuer, or any director, officer or agent or mandatary of an applicant or issuer, to provide an undertaking if the Bank is of the opinion that it is necessary to do so to ensure compliance with this Act.
Stablecoin Act — S-15.9 61
Conditions 61 The Bank may, by order, impose conditions on an applicant or an issuer, or any director, officer or agent or mandatary of an applicant or issuer, if the Bank is of the opinion that it is necessary to do so to ensure compliance with this Act.
Stablecoin Act — S-15.9 62
Compliance agreement 62 The Bank may enter into a compliance agreement with an issuer for the purpose of implementing any measure that is designed to further compliance by the issuer with this Act.
Stablecoin Act — S-15.9 63
Directions — failure to comply 63 (1) If, in the Bank’s opinion, an applicant or an issuer has failed to comply, or there are reasonable grounds to believe that an applicant or an issuer will fail to comply, with a provision of this Act or of the regulations or with an order made under section 14 , an undertaking required under section 60 , conditions imposed under section 61 or a compliance agreement entered into under section 62 , the Bank may direct the applicant or the issuer to comply and to take any measures that, in the Bank’s opinion, are necessary to do so. Representations (2) Subject to subsection (3), the Bank must not make a direction unless the applicant or the issuer in question is provided with an opportunity to make representations in respect of the matter. Temporary direction (3) If the Bank is of the opinion that the length of time required for representations to be made might be prejudicial to the public interest, the Bank may make a temporary direction that has effect for a period of not more than 15 days. Continued effect (4) The temporary direction continues to have effect after the end of the 15-day period if no representations are made to the Bank within that period or, if representations are made, the Bank notifies the applicant or the issuer in question that the Bank is not satisfied that there are sufficient grounds for revoking the direction.
Stablecoin Act — S-15.9 64
Recommendation to Minister 64 The Bank may recommend to the Minister that the Minister make an order under subsection 74 (1) prohibiting an issuer from issuing a stablecoin if the Bank is satisfied that the issuer has contravened this Act or the regulations or that the issuer is committing an act or pursuing a course of conduct that is an unsafe or unsound practice in relation to its business.
Stablecoin Act — S-15.9 65
Regulations and guidelines 65 The Governor in Council may make regulations and the Bank may make guidelines respecting the maintenance by issuers of sound operational, governance and risk management practices.
Stablecoin Act — S-15.9 66
Directions — unsafe or unsound practice 66 If the Bank is of the opinion that an issuer, or a person with respect to an issuer, is committing or is about to commit an act that is an unsafe or unsound practice in relation to the business of the issuer, or is pursuing or is about to pursue any course of conduct that is an unsafe or unsound practice in relation to that business, the Bank may direct the issuer or person to (a) cease or refrain from committing the act or pursuing the course of conduct; and (b) perform any act that, in the Bank’s opinion, is necessary to remedy the situation.
Stablecoin Act — S-15.9 67
Designation 67 The Minister may designate a person or government authority for the purposes of section 19 , paragraph 20 (a), section 26 , paragraph 27 (1)(e), subsection 49 (1), sections 50 and 52 , subsection 55 (3) and sections 56 and 68 .
Stablecoin Act — S-15.9 68
Information request 68 (1) The Minister or any designated person or government authority may request in writing that a person, within the time and in the manner provided for in the regulations, if any, provide the Minister and the designated person or government authority with any information that the Minister or the designated person or government authority considers necessary for a purpose related to the exercise of the Minister’s powers or the performance of the Minister’s duties and functions under this Act. Manner (2) A request for information under subsection (1) must be submitted to the Bank, which must then transmit it to the person. The person must provide the requested information to the Bank, which must then provide it to the Minister and the designated person or government authority.
Stablecoin Act — S-15.9 69
Authorized persons 69 (1) The Minister may designate persons or classes of persons as authorized persons for the purpose of this section. Information request (2) An authorized person may request in writing that a person, within the time and in the manner provided for in the regulations, if any, provide the authorized person with any information that the authorized person considers necessary for a purpose related to verifying compliance with an undertaking required under section 70 , conditions imposed under section 71 or an order made under subsection 72 (1) or (3). Manner (3) A request for information under subsection (2) must be submitted to the Bank, which must then transmit it to the person. The person must provide the requested information to the Bank, which must then provide it to the authorized person.
Stablecoin Act — S-15.9 70
Undertakings 70 The Minister may, by order, require an applicant or an issuer, or any director, officer or agent or mandatary of an applicant or issuer, to provide an undertaking if the Minister is of the opinion that it is necessary to do so for reasons related to national security.
Stablecoin Act — S-15.9 71
Conditions 71 The Minister may, by order, impose conditions on an applicant or an issuer, or any director, officer or agent or mandatary of an applicant or issuer, if the Minister is of the opinion that it is necessary to do so for reasons related to national security.
Stablecoin Act — S-15.9 72
National security order 72 (1) The Minister may, by order, direct an applicant or an issuer, or any director, officer or agent or mandatary of an applicant or issuer, to take or to refrain from taking any measures related to its activities in respect of a stablecoin if the Minister is of the opinion that it is necessary to do so for reasons related to national security. Representations (2) Subject to subsection (3), the Minister must not make an order under subsection (1) unless the applicant, issuer or person in question is provided with an opportunity to make representations in respect of the matter. Temporary order (3) If, in the Minister’s opinion, the length of time required for representations to be made might be prejudicial to the public interest, the Minister may make a temporary order that has the same effect as an order made under subsection (1). The temporary order ceases to have effect 30 days after the day on which it is made or after the end of a shorter period that is specified in the order. Continued effect (4) The temporary order continues to have effect after the end of the 30-day or the shorter period if no representations are made to the Minister within that period or, if representations are made, the Minister notifies the applicant, issuer or person in question that the Minister is not satisfied that there are sufficient grounds for revoking the order.
Stablecoin Act — S-15.9 73
Order provided to Bank 73 The Minister must provide the Bank with each order made under section 70 or 71 or subsection 72 (1) or (3) and the Bank must then, as soon as feasible, provide the applicant, issuer or person in question with the order.
Stablecoin Act — S-15.9 74
Prohibition against issuing stablecoin 74 (1) The Minister may, by order, prohibit an issuer from issuing a stablecoin if the Minister is of the opinion that it is necessary to do so for reasons related to national security or that it is in the public interest to do so. Representations (2) Subject to subsection (3), the Minister must not make an order under subsection (1) unless the issuer in question is provided with an opportunity to make representations in respect of the matter. Temporary order (3) If, in the Minister’s opinion, the length of time required for representations to be made might be prejudicial to the public interest, the Minister may make a temporary order that has the same effect as an order made under subsection (1). The temporary order ceases to have effect 30 days after the day on which it is made or after the end of a shorter period that is specified in the order. Continued effect (4) The temporary order continues to have effect after the end of the 30-day or the shorter period if no representations are made to the Minister within that period or, if representations are made, the Minister notifies the issuer in question that the Minister is not satisfied that there are sufficient grounds for revoking the order.
Stablecoin Act — S-15.9 75
Order provided to Bank 75 As soon as feasible after making an order under subsection 74 (1) or (3), the Minister must provide the order to the Bank. The Bank must then, as soon as feasible, provide the issuer in question with the order and then remove the issuer’s name from the list of issuers referred to in paragraph 16 (a).
Stablecoin Act — S-15.9 76
Confidential information 76 (1) If the Minister is of the opinion that the disclosure of information about a directive given, undertaking required, conditions imposed or order made by the Minister under this Act, or information that could reveal the existence of the directive, undertaking, conditions or order, could pose a threat to the integrity or security of the applicant or issuer in question or could be injurious to national security, the Minister may specify that the information is confidential and must be treated accordingly. Prohibition (2) Despite anything in this Act, it is prohibited for any person to disclose any confidential information referred to in subsection (1) except in accordance with any conditions that the Minister may specify.
Stablecoin Act — S-15.9 77
Governor 77 (1) If a person is contravening or has contravened a provision of this Act or the regulations or is not complying with an undertaking required, conditions imposed or directions made by the Bank under this Act or with an order made by the Governor under this Act, the Governor may, in addition to any other action that may be taken under this Act, apply to a superior court for an order requiring the person to cease the contravention or to comply with the provision, undertaking, conditions, directions or order. Minister (2) If a person is not complying with an undertaking required, conditions imposed or an order made by the Minister under this Act, the Minister may, in addition to any other action that may be taken under this Act, apply to a superior court for an order requiring the person to comply with the undertaking, conditions or order. Powers of court (3) The court may make the order and any other order that it thinks fit. Appeal (4) An appeal from an order of the court lies in the same manner and to the same court as an appeal from any other order of the court.
Stablecoin Act — S-15.9 78
Right of appeal 78 (1) An applicant that has been notified of a decision under section 28 or an issuer that has been provided with an order under section 75 may, within the period provided for in the regulations or within any longer period that the Federal Court allows, appeal the decision or the order to that Court. Powers of Federal Court (2) The Federal Court may (a) dismiss the appeal; or (b) set aside the decision or order and refer the matter back to the Minister for re-determination.
Stablecoin Act — S-15.9 79
Violation 79 Every contravention that is designated under the regulations constitutes a violation and the person that commits the violation is liable to a penalty determined in accordance with the regulations.
Stablecoin Act — S-15.9 80
Notice of violation 80 (1) If the Bank believes on reasonable grounds that a person has committed a violation, the Bank may issue and cause to be served on the person a notice of violation. Purpose of penalty (2) The purpose of a penalty is to promote compliance with this Act and not to punish.
Stablecoin Act — S-15.9 81
Contents of notice 81 (1) A notice of violation must name the person believed to have committed a violation, identify the violation and set out (a) the penalty to be paid; (b) the right of the person, within 30 days after the day on which the notice is served or within any longer period that the Bank specifies, to pay the penalty or to make representations to the Governor with respect to the violation and the 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 is liable to pay the penalty. Short-form descriptions (2) The Bank may establish, in respect of each violation, a short-form description to be used in notices of violation. Administrative corrections (3) If a notice of violation contains any error or omission, the Bank may issue and cause to be served a corrected notice of violation on the person at any time during the period referred to in paragraph (1)(b).
Stablecoin Act — S-15.9 82
Payment of penalty 82 (1) If the person pays the penalty set out in the notice of violation, the person is deemed to have committed the violation and proceedings in respect of it are ended. Decision (2) If the person makes representations in accordance with the notice, the Governor must decide, on a balance of probabilities, whether the person committed the violation and, if so, may, subject to the regulations, impose the penalty set out in the notice, a lesser penalty or no penalty. Failure to pay or make representations (3) A person that neither pays the penalty set out in the notice nor makes representations in accordance with the notice is deemed to have committed the violation and is liable to pay the penalty set out in the notice. Notice of decision and right of appeal (4) The Bank must cause notice of any decision made under subsection (2) or the penalty that the person is liable to pay under subsection (3) to be issued and served on the person together with notice of the right of appeal under subsection 83 (1).
Stablecoin Act — S-15.9 83
Right of appeal 83 (1) A person on which a notice of a decision made under subsection 82 (2) is served may, within 30 days after the day on which the notice is served or within any longer period that the Federal Court allows, appeal the decision to that Court. Appeal — no notice of decision (2) If the Bank does not cause notice of a decision to be issued and served under subsection 82 (4) within 90 days after the day on which representations under subsection 82 (2) were made, the person may appeal the penalty set out in the notice of violation to the Federal Court within 30 days after the day on which the 90-day period ends. Powers of Federal Court (3) On an appeal, the Federal Court may confirm, set aside or, subject to any regulations made under paragraph 93 (z.4) or (z.5), vary the decision.
Stablecoin Act — S-15.9 84
For greater certainty 84 For greater certainty, a violation is not an offence and, accordingly, section 126 of the Criminal Code does not apply in respect of a violation.
Stablecoin Act — S-15.9 85
Due diligence 85 (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 any circumstance a justification or excuse in relation to a charge for an offence applies in respect of a violation to the extent that it is consistent with this Act.
Stablecoin Act — S-15.9 86
Liability 86 A person is liable for a violation that is committed by any of the person’s employees, third parties or agents or mandataries acting in the course of their employment, their contract or the scope of their authority, whether or not the employee, third party or agent or mandatary that actually committed the violation is identified.
Stablecoin Act — S-15.9 87
Debts due to His Majesty 87 (1) The following amounts constitute a debt due to His Majesty in right of Canada that may be recovered in the Federal Court or any other court of competent jurisdiction: (a) the amount of the penalty set out in a notice of violation, beginning on the day on which it is required to be paid in accordance with the notice, unless representations are made in accordance with the notice or the decision is appealed; (b) if representations are made, the amount of the penalty that is imposed by the Governor, beginning on the day specified by the Governor or, if no day is specified, beginning on the day on which the decision is made; (c) the amount of a penalty determined by the Federal Court under subsection 83 (3), beginning on the day on which the period specified in the decision for the payment of that amount ends or the day specified in the decision; and (d) the amount of any costs and expenses referred to in subsection (3). Limitation period or prescription (2) Proceedings to recover a debt referred to in subsection (1) may be commenced no later than the fifth anniversary of the day on which the debt becomes payable. Liability (3) A person that is liable to pay an amount referred to in any of paragraphs (1)(a) to (c) is also liable for the amount of any costs and expenses incurred in attempting to recover that amount. Receiver General (4) A debt referred to in subsection (1) that is paid or recovered is payable to and must be remitted to the Receiver General.
Stablecoin Act — S-15.9 88
Certificate 88 (1) The unpaid amount of any debt referred to in subsection 87 (1) may be certified by the Governor. Registration in Federal Court (2) Registration in the Federal Court of a certificate 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.
Stablecoin Act — S-15.9 89
Limitation period or prescription 89 No notice of violation is to be issued after the second anniversary of the day on which the Bank becomes aware of the acts or omissions that constitute the alleged violation.
Stablecoin Act — S-15.9 90
Certification by Bank 90 A document purporting to have been issued by the Bank, certifying the day on which the acts or omissions that constitute the alleged violation became known to the Bank, is admissible in evidence without proof of the signature or official character of the person appearing to have signed the document and, in the absence of evidence to the contrary, is proof that the Bank became aware of the acts or omissions on that day.
Stablecoin Act — S-15.9 91
Evidence 91 In a proceeding in respect of a violation, a notice of violation purporting to be issued under subsection 80 (1), a notice of decision purporting to be issued under subsection 82 (4) or a certificate purporting to be made under subsection 88 (1) is admissible in evidence without proof of the signature or official character of the person appearing to have signed it.
Stablecoin Act — S-15.9 92
Publication 92 (1) Subject to section 76 and the regulations, the Bank must make public the nature of a violation, the name of the person that committed it and the amount of any penalty imposed. Reasons (2) Subject to section 76 , in making public the nature of a violation, the Bank may include the reasons for its decision to issue the notice of violation and any related decision, including the relevant facts, analysis and considerations that formed part of the decision.