Consumer-Driven Banking Act — C-36.78 148
Directions — participating entity 148 (1) If, in the Bank’s opinion, a participating entity, or another entity or individual in conducting the business or affairs of the participating entity, fails to comply — or there are reasonable grounds to believe that the participating entity or the entity or individual will fail to comply — with a compliance agreement, the Bank may direct the participating entity or the entity or individual to comply with the compliance agreement and to take any measures that in the Bank’s opinion are necessary to do so. Directions — policies and procedures (2) If, in the Bank’s opinion, a participating entity does not have adequate policies and procedures to protect itself against threats to its integrity or security or a participating entity is not adhering to its policies and procedures in that matter, the Bank may direct the participating entity to take any measures that in the Bank’s opinion are necessary to remedy the situation. Directions — accredited third-party service provider (3) If, in the Bank’s opinion, an accredited third-party service provider, or another entity or individual in conducting the business or affairs of the accredited third-party service provider, fails to comply — or there are reasonable grounds to believe that the accredited third-party service provider or the entity or individual will fail to comply — with a compliance agreement, the Bank may direct the accredited third-party service provider or the entity or individual to comply with the compliance agreement and to take any measures that in the Bank’s opinion are necessary to do so. Directions — external complaints body (4) If, in the Bank’s opinion, the external complaints body fails, or there are reasonable grounds to believe that it will fail, to comply with a compliance agreement or any of paragraphs 115 (b) to (u) or to perform its functions and activities in a manner that is consistent with the purpose set out in section 113 , the Bank may direct the external complaints body to comply, to so perform its functions and activities and to take any measures that in the Bank’s opinion are necessary to do so. Directions — technical standards body (5) If, in the Bank’s opinion, the technical standards body fails to comply, or there are reasonable grounds to believe that it will fail to comply, with a compliance agreement, the Bank may direct the technical standards body to comply and to take any measures that in the Bank’s opinion are necessary to do so. Representations (6) Subject to subsection (7), the Bank must not make a direction under any of subsections (1) to (5) unless the participating entity, accredited third-party service provider, entity or individual in question or the external complaints body or technical standards body is provided with an opportunity to make representations in respect of the matter. Temporary direction (7) If, in the Bank’s opinion, the length of time required for representations might be prejudicial to the public interest, the Bank may make a temporary direction with respect to the matters referred to in any of subsections (1) to (5) that has effect for a period of not more than 15 days. Continued effect (8) A 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 have been made, the Bank notifies the participating entity, accredited third-party service provider, entity or individual, external complaints body or technical standards body that the Bank is not satisfied that there are sufficient grounds for revoking the direction.