GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank Act — B-1.01 597
Records 597 (1) An authorized foreign bank shall prepare and maintain (a) records containing copies of all orders of the Minister or the Superintendent in relation to the authorized foreign bank; (b) accounting records respecting its business in Canada; (c) with respect to its business in Canada, records showing, for each of its customers, on a daily basis, particulars of the transactions with that customer and the balance owing to or by the authorized foreign bank in respect of that customer; (d) records containing information set out in Schedule III, as that information exists from time to time, in relation to the authorized foreign bank; and (e) records containing the name, address and date of appointment of the authorized foreign bank’s auditor. Place of records (2) The records described in subsection (1) shall be kept at the principal office of the authorized foreign bank or at any other place in Canada that its principal officer thinks fit. Exception (2.1) Subject to subsection 245(1.1), subsection (2) does not apply to an authorized foreign bank that is: (a) incorporated in a country or territory other than Canada in which a trade agreement listed in Schedule IV is applicable; or (b) a subsidiary of a foreign bank incorporated or formed otherwise in a country or territory other than Canada in which a trade agreement listed in Schedule IV is applicable or of a regulated foreign entity. Notice of place of records (3) Where any of the records described in subsection (1) are not kept at the principal office of an authorized foreign bank, the authorized foreign bank shall notify the Superintendent of the place where they are kept. Form of records (4) Records required by this Act to be prepared and maintained by an authorized foreign bank (a) may be in a bound or loose-leaf form or in a photographic film form; or (b) may be entered or recorded by any system of mechanical or electronic data processing or any other information storage device that is capable of reproducing any required information in intelligible written form within a reasonable time. Conversion of records (5) Records kept in one form may be converted to any other form and, notwithstanding section 246, an authorized foreign bank may destroy the record at any time after it has been converted. Access to records (6) Creditors in respect of the business in Canada of an authorized foreign bank and their personal representatives may examine a record referred to in any of paragraphs (1)(a), (d) or (e) during the usual business hours of the authorized foreign bank, and may take extracts from it, free of charge, or have copies made of it on payment of a reasonable fee. Electronic access (7) An authorized foreign bank may make the information contained in records referred to in subsection (1) available to persons by any system of mechanical or electronic data processing or any other information storage device that is capable of reproducing the records in intelligible written form within a reasonable time. 1991, c. 46, s. 597; 1999, c. 28, s. 35; 2001, c. 9, s. 163 2020, c. 1, s. 164
Bank Act — B-1.01 598
Application of sections 244 to 247 598 Sections 244 to 247 apply, with any modifications that the circumstances require, to an authorized foreign bank, and in the application of those sections, (a) the reference in subsections 245(1) and (1.1) to “records referred to in section 238” shall be read as a reference to “records referred to in subsection 597(1)”; (b) the reference in subsection 245(1.1) to “subsection 239(3.1)” shall be read as a reference to “subsection 597(2.1)”; (c) the reference in subsection 245(1.1) to “directors” shall be read as a reference to “principal officer”; and (d) the reference in paragraph 246(1)(a) to “records of the bank referred to in subsection 238(1)” shall be read as a reference to “records of the authorized foreign bank” referred to in subsection 597(1)”. 1991, c. 46, s. 598; 1999, c. 28, s. 35; 2007, c. 6, s. 95 2020, c. 1, s. 165
Bank Act — B-1.01 599
Release of assets in Canada 599 (1) An authorized foreign bank that discontinues its business in Canada may apply in writing to the Superintendent for the release of its assets maintained on deposit under paragraph 534(3)(a) or subsection 582(1). Conditions of release (2) Except as otherwise provided in this Act, the assets may not be released unless (a) the authorized foreign bank discharges, provides for the discharge of, or transfers, all its liabilities in respect of its business in Canada to a bank, to another authorized foreign bank in respect of its business in Canada or to a body corporate to which the Trust and Loan Companies Act applies; and (b) the authorized foreign bank provides the Superintendent with proof of the publication, for four consecutive weeks, in at least one newspaper of general circulation at or near the place where the principal office of the authorized foreign bank is situated and the Canada Gazette of a notice that it will apply to the Superintendent for the release of its assets on a day specified in the notice, which must be at least six weeks after the date of the notice, and calling on any of its depositors or creditors opposing that release to file their opposition with the Superintendent on or before the day. Superintendent may release assets (3) After the day specified in the notice, the Superintendent may authorize the release of the assets if the Superintendent is satisfied that the authorized foreign bank has discharged, provided for the discharge of, or transferred, all of its liabilities in respect of its business in Canada. Release of assets to liquidator (4) Notwithstanding subsections (1) to (3), the assets on deposit of an authorized foreign bank that is in liquidation may, on the order of any court having jurisdiction under the Winding-up and Restructuring Act , be released to the liquidator. Order deemed to be revoked (5) An order made under subsection 524(1), 528(1) or (1.1) or 534(1) in respect of an authorized foreign bank is deemed to be revoked when the Superintendent authorizes the release of the assets of the authorized foreign bank under subsection (3). 1991, c. 46, s. 599; 1999, c. 28, s. 35; 2007, c. 6, s. 96
Bank Act — B-1.01 600
Required information 600 An authorized foreign bank shall provide the Superintendent with any information, at the times and in the form, that the Superintendent may require. 1991, c. 46, s. 600; 1999, c. 28, s. 35
Bank Act — B-1.01 601
Annual return 601 (1) An authorized foreign bank, in respect of its business in Canada, shall prepare annually a return of the condition and affairs of the authorized foreign bank as at the end of each financial year, showing its assets and liabilities and its income and expenditures during that financial year together with any other information that the Superintendent considers appropriate. (2) [Repealed, 2007, c. 6, s. 97] Accounting principles (3) The annual return shall be prepared in accordance with the accounting principles referred to in subsection 308(4). 1991, c. 46, s. 601; 1999, c. 28, s. 35; 2007, c. 6, s. 97
Bank Act — B-1.01 605
Production of information and documents 605 (1) The Superintendent may, by order, direct a person who controls an authorized foreign bank or any entity that is affiliated with an authorized foreign 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 the provisions of this Act are being duly observed. Time (2) A person to whom an order is issued 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 is affiliated with an authorized foreign 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 those financial institutions. 1991, c. 46, s. 605; 1999, c. 28, s. 35
Bank Act — B-1.01 606
Confidential information 606 (1) Subject to section 609, all information regarding the business or affairs of an authorized foreign bank, or regarding a person dealing with an authorized 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.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, (b) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision, (c) to the Canada Deposit Insurance Corporation for purposes related to its operation, and (d) 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. 35; 2001, c. 9, s. 164; 2007, c. 6, s. 99 2026, c. 3, s. 302
Bank Act — B-1.01 607
Regulations 607 The Governor in Council may make regulations prohibiting, limiting or restricting the disclosure by authorized foreign banks of prescribed supervisory information. 1999, c. 28, s. 35
Bank Act — B-1.01 608
Evidentiary privilege 608 (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) an authorized foreign 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 authorized foreign 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 an authorized foreign 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 authorized foreign 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. 35; 2007, c. 6, s. 100; 2015, c. 36, s. 233
Bank Act — B-1.01 608.1
No waiver 608.1 (1) For greater certainty, the disclosure by an authorized foreign bank — or by a person who controls an authorized foreign bank or by an entity that is affiliated with an authorized foreign 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. 169
Bank Act — B-1.01 609
Disclosure by Superintendent 609 (1) The Superintendent shall disclose, at the times and in the manner that the Minister may determine, any information obtained by the Superintendent under this Act that the Minister considers ought to be disclosed for the purposes of the analysis of the business in Canada of an authorized foreign bank and that (a) is contained in returns filed pursuant to the Superintendent’s financial regulatory reporting requirements in respect of authorized foreign 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 business in Canada of authorized foreign banks. Prior consultation required (2) The Minister shall consult with the Superintendent before making any determination under subsection (1). 1999, c. 28, s. 35
Bank Act — B-1.01 610
Disclosure by an authorized foreign bank 610 (1) An authorized foreign bank shall make available to the public any 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 business in Canada, in the form and manner and at the times that may be required by or under regulations that the Governor in Council may make for the purpose. Exemption by regulation (2) Paragraph (1)(a) does not apply to an authorized foreign bank that is within any class or classes of authorized foreign banks that may be prescribed. 1999, c. 28, s. 35
Bank Act — B-1.01 611
Exceptions to disclosure 611 Subject to any regulations made under paragraph 627.998(n), information obtained by an authorized foreign bank regarding any of its customers shall not be disclosed or made available under subsection 609(1) or section 610. 1999, c. 28, s. 35 2018, c. 27, s. 328
Bank Act — B-1.01 612
Report respecting disclosure 612 The Superintendent shall prepare a report respecting the disclosure of information by authorized foreign banks and describing the state of progress made in enhancing the disclosure of information in the financial services industry. The report is to be included in the report referred to in section 40 of the Office of the Superintendent of Financial Institutions Act . 1999, c. 28, s. 35; 2001, c. 9, s. 165
Bank Act — B-1.01 613
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. (1.1) [Repealed, 2023, c. 26, s. 544] Access to records of authorized foreign 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 an authorized foreign bank; and (b) may require the directors, officers and the auditor of an authorized foreign 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 authorized foreign bank or any entity in which it has a substantial investment under Part XII. 1999, c. 28, s. 35; 2001, c. 9, s. 166; 2012, c. 5, s. 74 2023, c. 26, s. 544 2026, c. 3, s. 303
Bank Act — B-1.01 614
Power of Superintendent on inquiry 614 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. 35
Bank Act — B-1.01 614.1
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. 2001, c. 9, s. 167 2023, c. 26, s. 545 2026, c. 3, s. 304
Bank Act — B-1.01 615
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 (a) cease or refrain from committing the act or pursuing the course of conduct; and (b) perform any acts that 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, 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. Opportunity for representations (2) Subject to subsection (3), no direction shall be issued under subsection (1) or (1.1) to an authorized foreign bank or person unless the authorized foreign 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 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. Continuing effect (4) A temporary direction continues to have effect after the expiration of the fifteen day period referred to in subsection (3) if no representations are made to the Superintendent within that period or, if representations have been made, the Superintendent notifies the authorized foreign bank or person that the Superintendent is not satisfied that there are sufficient grounds for revoking the direction. 1999, c. 28, s. 35 2023, c. 26, s. 546 2026, c. 3, s. 305
Bank Act — B-1.01 616
Court enforcement 616 (1) Where an authorized foreign bank or a person (a) is contravening or has failed to comply with a prudential agreement entered into under section 614.1 or a direction of the Superintendent made under subsection 615(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 authorized foreign 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 authorized foreign 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 the 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. 35; 2001, c. 9, s. 168 2023, c. 26, s. 547
Bank Act — B-1.01 617
Order re: asset maintenance 617 Where, in the opinion of the Superintendent, it is necessary for the protection of rights of depositors and creditors of the authorized foreign bank in respect of its business in Canada, the Superintendent may, by order, (a) subject to any terms and conditions that the Superintendent considers necessary, direct an authorized foreign bank to maintain in Canada assets of any type and in any amount that the Superintendent may specify; and (b) require that the assets referred to in paragraph (a) be deposited with a Canadian financial institution approved by the Superintendent under a deposit agreement approved by the Superintendent. 1999, c. 28, s. 35