GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank Act — B-1.01 941
Regulations 941 For the purposes of this Division, the Governor in Council may make regulations (a) defining the interests of a bank holding company in real property; (b) determining the method of valuing those interests; or (c) exempting classes of bank holding companies from the application of sections 937 to 940. 2001, c. 9, s. 183
Bank Act — B-1.01 942
Divestment order 942 (1) The Superintendent may, by order, direct a bank holding company to dispose of, within any period that the Superintendent considers reasonable, any loan, investment or interest made or acquired in contravention of this Division. Divestment order (2) If, in the opinion of the Superintendent, (a) an investment by a bank holding company or any entity it controls in shares of a body corporate or in ownership interests in an unincorporated entity enables the bank holding company to control the body corporate or the unincorporated entity, or (b) the bank holding company or any entity it controls has entered into an arrangement whereby it or its nominee may veto any proposal put before (i) the board of directors of a body corporate, or (ii) a similar group or committee of an unincorporated entity, or whereby no proposal may be approved except with the consent of the bank holding company, the entity it controls or the nominee, the Superintendent may, by order, require the bank holding company, within any period that the Superintendent considers reasonable, to do all things necessary to ensure that the bank holding company no longer controls the body corporate or unincorporated entity or has the ability to veto or otherwise defeat any proposal referred to in paragraph (b). Divestment order (3) If (a) a bank holding company (i) fails to provide or obtain within a reasonable time the undertakings referred to in subsection 932(1), (2) or (4), or (ii) is in default of an undertaking referred to in subsection 932(1) or (2) and the default is not remedied within ninety days after the day of receipt by the bank holding company of a notice from the Superintendent of the default, or (b) a permitted entity referred to in subsection 932(4) is in default of an undertaking referred to in subsection 932(4) and the default is not remedied within ninety days after the day of receipt by the bank holding company of a notice from the Superintendent of the default, the Superintendent may, by order, require the bank holding company, within any period that the Superintendent considers reasonable, to do all things necessary to ensure that the bank holding company no longer has a substantial investment in the entity to which the undertaking relates. Exception (4) Subsection (2) does not apply in respect of an entity in which a bank holding company has a substantial investment permitted by this Division. 2001, c. 9, s. 183
Bank Act — B-1.01 943
Deemed temporary investment 943 If a bank holding company controls or has a substantial investment in an entity as permitted by this Division and the bank holding company becomes aware of a change in the business or affairs of the entity that, if the change had taken place before the acquisition of control or of the substantial investment, would have caused the entity not to be a permitted entity or would have been such that approval for the acquisition would have been required under subsection 930(5) or (6), the bank holding company is deemed to have acquired, on the day the bank holding company becomes aware of the change, a temporary investment in respect of which section 933 applies. 2001, c. 9, s. 183
Bank Act — B-1.01 944
bsidiaries has acquired during the period of twelve months referred to in subsection (1) is the purchase price of the assets or, if the assets are shares of, or ownership interests in, an entity the assets of which immediately after the acquisition were included in the annual statement of the bank holding company, the fair market value of the assets of the entity at the date of the acquisition. Total value of all assets (6) For the purposes of subsection (1), the total value of all assets that the bank holding company or any of its subsidiaries has transferred during the 12-month period referred to in subsection (1) is the total of the value of each of those assets as reported in the last annual statement of the bank holding company prepared before the transfer of the asset or, if the value of any of those assets is not reported in that annual statement, as it would be reported in the annual statement of the bank holding company if the annual statement had been prepared, in accordance with the accounting principles referred to in subsection 840(4), immediately before the transfer of the asset. 2001, c. 9, s. 183; 2007, c. 6, s. 124
Bank Act — B-1.01 945
Transitional 945 Nothing in this Division requires (a) the termination of a loan made before February 7, 2001; (b) the termination of a loan made after that date as a result of a commitment made before that date; (c) the disposal of an investment made before that date; or (d) the disposal of an investment made after that date as a result of a commitment made before that date. But if the loan or investment would be precluded or limited by this Division, the amount of the loan or investment may not be increased after that date. 2001, c. 9, s. 183
Bank Act — B-1.01 946
Saving 946 A loan or investment referred to in section 945 is deemed not to be prohibited by the provisions of this Division. 2001, c. 9, s. 183
Bank Act — B-1.01 947
Meaning of non-bank entity 947 (1) Subject to subsection (2), for the purpose of section 948 non-bank entity means a Canadian entity, other than a bank, that is controlled by a bank holding company or in which a bank holding company has a substantial investment. Exception (2) A Canadian entity is not a non-bank entity by reason only that a subsidiary of a bank holding company that is a bank controls, or has a substantial investment in, the Canadian entity. 2001, c. 9, s. 183
Bank Act — B-1.01 948
Prohibited activities 948 (1) A non-bank entity shall not, in Canada, (a) engage in the business of accepting deposit liabilities; or (b) represent to the public that any instrument issued by the non-bank entity is a deposit or that any liability incurred by the non-bank entity is a deposit. Disclosure of status (2) A non-bank entity that carries on as part of its business the provision of financial services shall not borrow money in Canada from the public without disclosing that (a) the non-bank entity is not a member institution of the Canada Deposit Insurance Corporation; (b) the liability incurred by the non-bank entity through the borrowing is not a deposit; and (c) the non-bank entity is not regulated as a financial institution in Canada. Manner of disclosure (3) The disclosure shall be (a) in a prospectus, information circular or other offering document related to the borrowing or in a similar document related to the borrowing or, if there is no such document, in a statement delivered to the lender; or (b) in any other manner that may be prescribed. Exception for certain borrowings (4) Subsection (2) does not apply (a) to a borrowing of a prescribed class or type or to a borrowing in prescribed circumstances or in a prescribed manner; or (b) except as may be provided in any regulations, to a borrowing (i) from a person in an amount of $150,000 or more, or (ii) through the issue of instruments in denominations of $150,000 or more. Exception (5) Subsections (1) and (2) do not apply if the non-bank entity is (a) a trust or loan corporation incorporated under an Act of Parliament or of the legislature of a province; (b) an entity referred to in paragraph 930(1)(d) or (h); or (c) a prescribed entity. Exception (6) Subsection (2) does not apply if the non-bank entity is (a) an insurance company incorporated under an Act of Parliament or of the legislature of a province; (b) a bank holding company or an insurance holding company; (c) an entity that is controlled by an insurance holding company or in which an insurance holding company has a substantial investment; (d) a financial institution that is described in paragraph (g) of the definition financial institution in section 2; or (e) a prescribed entity. 2001, c. 9, s. 183
Bank Act — B-1.01 949
Adequacy of capital and liquidity 949 (1) A bank holding company shall, in relation to its business, maintain (a) adequate capital, and (b) adequate and appropriate forms of liquidity, and shall comply with any regulations in relation thereto. Regulations and guidelines (2) The Governor in Council may make regulations and the Superintendent may make guidelines respecting the maintenance by bank holding companies of adequate capital and adequate and appropriate forms of liquidity. Directives (3) Notwithstanding that a bank holding company is complying with regulations or guidelines made under subsection (2), the Superintendent may, by order, direct the bank holding company (a) to increase its capital; or (b) to provide additional liquidity in such forms and amounts as the Superintendent may require. Compliance (4) A bank holding company shall comply with an order made under subsection (3) within such time as the Superintendent specifies therein. 2001, c. 9, s. 183
Bank Act — B-1.01 950
Required information 950 A bank holding company shall provide the Superintendent with such information, at such times and in such form as the Superintendent may require. 2001, c. 9, s. 183
Bank Act — B-1.01 951
Names of directors and auditor 951 (1) A bank holding company shall, within thirty days after each annual meeting of the bank holding company, provide the Superintendent with a return showing (a) the name, residence and citizenship of each director holding office immediately following the meeting; (b) the mailing address of each director holding office immediately following the meeting; (c) the bodies corporate of which each director referred to in paragraph (a) is an officer or director and the firms of which each director is a member; (d) the names of the directors referred to in paragraph (a) who are officers or employees of the bank holding company or any affiliate of the bank holding company, and the positions they occupy; (e) the name of each committee of the bank holding company on which each director referred to in paragraph (a) serves; (f) the date of expiration of the term of each director referred to in paragraph (a); and (g) the name, address and date of appointment of the auditor of the bank holding company. Changes (2) Where (a) any information relating to a director or an auditor of a bank holding company shown in the latest return made to the Superintendent under subsection (1), other than information referred to in paragraph (1)(c), becomes inaccurate or incomplete, (b) a vacancy in the office of auditor of the bank holding company occurs or is filled by another person, or (c) a vacancy on the board of directors of the bank holding company occurs or is filled, the bank holding company shall forthwith provide the Superintendent with such information as is required to maintain the return in a complete and accurate form. 2001, c. 9, s. 183
Bank Act — B-1.01 952
Copy of by-laws 952 A bank holding company shall send to the Superintendent within thirty days after the coming into effect of a by-law or an amendment to a by-law, a copy of the by-law or amendment. 2001, c. 9, s. 183
Bank Act — B-1.01 953
Register of bank holding companies 953 (1) The Superintendent shall, in respect of each bank holding company, cause a register to be maintained containing a copy of (a) the incorporating instrument of the bank holding company; and (b) the information referred to in paragraphs 951(1)(a) and (c) to (g) contained in the latest return sent to the Superintendent pursuant to section 951. Form (2) The register may be maintained in (a) a bound or loose-leaf form or in a photographic film form; or (b) a 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. Access (3) Persons are entitled to reasonable access to the register and may make copies of or take extracts from the information in it. Evidence (4) A statement containing information in the register and purporting to be certified by the Superintendent is admissible in evidence in all courts as proof, in the absence of evidence to the contrary, of the facts stated in the statement without proof of the appointment or signature of the Superintendent. 2001, c. 9, s. 183
Bank Act — B-1.01 954
Production of information and documents 954 (1) The Superintendent may, by order, direct a person who controls a bank holding company or any entity that is affiliated with a bank holding company to provide the Superintendent with the information or documents that are specified in the order if the Superintendent believes that the production of the information or documents is necessary in order to (a) determine whether the bank holding company is complying with the provisions of this Act; (b) ascertain the financial condition of the bank holding company; or (c) determine whether the bank holding company 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 holding company or is affiliated with a bank holding company 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. 2001, c. 9, s. 183 2023, c. 26, s. 569 2026, c. 3, s. 311
Bank Act — B-1.01 955
Confidential information 955 (1) All information regarding the business or affairs of a bank holding company, or regarding a person dealing with a bank holding company, 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 or any compensation association designated by order of the Minister pursuant to subsection 449(1) of the Insurance Companies Act , 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. 2001, c. 9, s. 183 2026, c. 3, s. 312
Bank Act — B-1.01 956
Regulations 956 The Governor in Council may make regulations prohibiting, limiting or restricting the disclosure by bank holding companies of prescribed supervisory information. 2001, c. 9, s. 183
Bank Act — B-1.01 956.1
Evidentiary privilege 956.1 (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 holding company 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 holding company, 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 holding company 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 holding company. 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. 2015, c. 36, s. 235
Bank Act — B-1.01 956.2
No waiver 956.2 (1) For greater certainty, the disclosure by a bank holding company — or by a person who controls a bank holding company or by an entity that is affiliated with a bank holding company — 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. 171
Bank Act — B-1.01 957
Examination of bank holding companies 957 (1) The Superintendent, from time to time, shall make or cause to be made any examination and inquiry into the business and affairs of each bank holding company that the Superintendent considers to be necessary or expedient to determine whether the bank holding company is complying with the provisions of this Act and to ascertain the financial condition of the bank holding company or to determine whether the bank holding company has adequate policies and procedures to protect itself against threats to its integrity or security and adheres to those policies and procedures. Access to records of bank holding company (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 holding company; and (b) may require the directors, officers and the auditor of a bank holding company 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 holding company or any entity in which the bank holding company has a substantial investment. 2001, c. 9, s. 183 2023, c. 26, s. 570 2026, c. 3, s. 313
Bank Act — B-1.01 958
Power of Superintendent on inquiry 958 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. 2001, c. 9, s. 183
Bank Act — B-1.01 959
Prudential agreement 959 The Superintendent may enter into an agreement, called a “prudential agreement”, with a bank holding company for the purposes of implementing any measure designed to protect the interests of depositors, policyholders and creditors of any federal financial institution affiliated with it, establishing adequate policies and procedures to protect the bank holding company against threats to its integrity or security or maintaining or improving its adherence to those policies and procedures. 2001, c. 9, s. 183 2023, c. 26, s. 571 2026, c. 3, s. 314
Bank Act — B-1.01 960
Superintendent’s directions to bank holding company 960 (1) If, in the opinion of the Superintendent, a bank holding company, one of its affiliates or any person with respect to a bank holding company is committing, or is about to commit, an act — or is pursuing or is about to pursue a course of conduct — that may directly or indirectly be prejudicial to the interest of depositors, policyholders or creditors of a federal financial institution that is affiliated with the bank holding company, the Superintendent may direct the bank holding company to (a) cease or refrain from committing the act or pursuing the course of conduct; (b) cause the affiliate or person to cease or refrain from committing the act or pursuing the course of conduct, to the extent that the bank holding company is able to do so; (c) perform any act that in the opinion of the Superintendent is necessary to remedy the situation or to minimize the prejudice; or (d) cause the affiliate or person to perform any act that in the opinion of the Superintendent is necessary to remedy the situation or to minimize the prejudice, to the extent that the bank holding company is able to do so. Directions — policies and procedures (1.1) If, in the opinion of the Superintendent, a bank holding company 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 holding company to take any measures that in the opinion of the Superintendent are necessary to remedy the situation. Opportunity for representations (2) Subject to subsection (4), no direction shall be issued under subsection (1) or (1.1) unless the bank holding company 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) to (d) or subsection (1.1) having effect for a period of not more than 15 days. Continued effect (4) A temporary direction made 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 holding company that the Superintendent is not satisfied that there are sufficient grounds for revoking the direction. 2001, c. 9, s. 183 2023, c. 26, s. 572 2026, c. 3, s. 315