GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank Recapitalization (Bail-in) Conversion Regulations — a
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 39.2(10) a of the Canada Deposit Insurance Corporation Act b , makes the annexed Bank Recapitalization (Bail-in) Conversion Regulations . a S.C. 2016, c. 7, s. 139(4) b R.S., c. C-3
Bank Recapitalization (Bail-in) Conversion Regulations — 1
Definitions 1 The following definitions apply in these Regulations. Act means the Canada Deposit Insurance Corporation Act . ( Loi ) debt obligation has the same meaning as in section 2 of the Bank Act . ( titre de créance ) non-viability contingent capital means a share or liability of a federal member institution that, by operation of its terms, may be converted into common shares of the institution as a result of a public announcement related to the institution’s viability that is made by the Superintendent or Her Majesty in right of Canada or a province. ( fonds propres d’urgence en cas de non-viabilité ) subordinated indebtedness has the same meaning as in section 2 of the Bank Act . ( titre secondaire )
Bank Recapitalization (Bail-in) Conversion Regulations — Bank Recapitalization (Bail-in) Conversion Regulations
Act means the Canada Deposit Insurance Corporation Act . ( Loi )
Bank Recapitalization (Bail-in) Conversion Regulations — Bank Recapitalization (Bail-in) Conversion Regulations
debt obligation has the same meaning as in section 2 of the Bank Act . ( titre de créance )
Bank Recapitalization (Bail-in) Conversion Regulations — Bank Recapitalization (Bail-in) Conversion Regulations
non-viability contingent capital means a share or liability of a federal member institution that, by operation of its terms, may be converted into common shares of the institution as a result of a public announcement related to the institution’s viability that is made by the Superintendent or Her Majesty in right of Canada or a province. ( fonds propres d’urgence en cas de non-viabilité )
Bank Recapitalization (Bail-in) Conversion Regulations — Bank Recapitalization (Bail-in) Conversion Regulations
subordinated indebtedness has the same meaning as in section 2 of the Bank Act . ( titre secondaire )
Bank Recapitalization (Bail-in) Conversion Regulations — 2
 debt obligations are not structured notes: (a) a debt obligation in respect of which the stated term to maturity, or a payment to be made by its issuer, is determined in whole or principally by reference to the performance of a security of that issuer; and (b) a debt obligation that (i) specifies that the return on the debt obligation is determined by a fixed or floating interest rate or a fixed spread above or below a fixed or floating interest rate, regardless of whether the return is subject to a minimum interest rate or whether the interest rate changes between fixed and floating, (ii) has no other terms affecting the stated term to maturity or the return on the debt obligation, with the exception of the right of the issuer to redeem the debt obligation or the right of the holder or issuer to extend its term to maturity, and (iii) is payable in cash.
Bank Recapitalization (Bail-in) Conversion Regulations — 3
Definition of conversion 3 For the purposes of sections 4 and 5, conversion means (a) with respect to non-viability contingent capital, conversion of the shares and liabilities in accordance with their terms; and (b) with respect to other shares and liabilities, conversion under subsection 39.2(2.3) of the Act.
Bank Recapitalization (Bail-in) Conversion Regulations — 4
Conversion amount 4 In carrying out a conversion, the Corporation must take into consideration the requirement, under subsection 485(1) of the Bank Act , for banks to maintain adequate capital.
Bank Recapitalization (Bail-in) Conversion Regulations — 5
Order of conversion 5 (1) The Corporation must use its best efforts to ensure that a prescribed share or liability is converted only if all subordinate prescribed shares and liabilities and any subordinate non-viability contingent capital have previously been converted or are converted at the same time. Same proportion — equal rank (2) The Corporation must use its best efforts to ensure that the converted part of the liquidation entitlement of a prescribed share, or the converted part of the principal amount and accrued and unpaid interest of a prescribed liability, is converted on a pro rata basis for all prescribed shares or liabilities of equal rank that are converted during the same restructuring period. Priority of instruments (3) In a conversion under subsection 39.2(2.3) of the Act, (a) holders of prescribed shares or liabilities must receive a greater number of common shares per dollar of the converted part of the liquidation entitlement of their shares, or the converted part of the principal amount and accrued and unpaid interest of their liabilities, than holders of any subordinate prescribed shares or liabilities that are converted during the same restructuring period or of any subordinate non-viability contingent capital that is converted during the same restructuring period; (b) holders of prescribed shares or liabilities of equal rank that are converted during the same restructuring period must receive the same number of common shares per dollar of the converted part of the liquidation entitlement of their shares or the converted part of the principal amount and accrued and unpaid interest of their liabilities; and (c) holders of prescribed shares or liabilities must receive, if any non-viability contingent capital of equal rank to the shares or liabilities is converted during the same restructuring period, a number of common shares per dollar of the converted part of the liquidation entitlement of their shares, or the converted part of the principal amount and accrued and unpaid interest of their liabilities, that is equal to the largest number of common shares received by any holder of the non-viability contingent capital per dollar of that capital. Ranking (4) In this section, a share or liability of the federal member institution is (a) subordinate to another share or liability of the institution if, in the event that the institution is wound up, the share or liability would rank subordinate in right of payment to that other share or liability; and (b) equal in rank to another share or liability of the institution if, in the event that the institution is wound up, the share or liability would rank equally in right of payment to that other share or liability. Definition of liquidation entitlement (5) In this section, liquidation entitlement means the amount to which the holder of a share of a federal member institution is entitled to be paid, in the event that the institution is wound up, in priority to any amount to be paid to a holder of a subordinate share.
Bank Recapitalization (Bail-in) Conversion Regulations — 180th day after registration
180th day after registration * 6 These Regulations come into force on the 180th day after the day on which they are registered. * [Note: Regulations in force September 23, 2018.]
Bank Recapitalization (Bail-in) Issuance Regulations — a
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 485(2) a , section 485.01 b and subsection 978(1) c of the Bank Act d , makes the annexed Bank Recapitalization (Bail-in) Issuance Regulations . a S.C. 2016, c. 7, s. 160(1) b S.C. 2016, c. 7, s. 161 c S.C. 2010, c. 12, s. 2092 d S.C. 1991, c. 46
Bank Recapitalization (Bail-in) Issuance Regulations — 1
Prescribed shares and liabilities 1 For the purposes of subsection 485(1.21) and section 485.01 of the Bank Act , the prescribed shares and liabilities are the shares and liabilities that are prescribed under the Bank Recapitalization (Bail-in) Conversion Regulations .
Bank Recapitalization (Bail-in) Issuance Regulations — 2
Prescribed liability 2 A domestic systemically important bank must ensure that a prescribed liability issued by the bank includes terms that provide for each of the following: (a) the holder of the liability is bound, in respect of that liability, by the Canada Deposit Insurance Corporation Act , including the conversion of the liability into common shares under subsection 39.2(2.3) of that Act and the variation or extinguishment of the liability in consequence, and by the application of the laws of Canada or of a province in respect of the operation of that Act with respect to that liability; (b) the holder of the liability attorns to the jurisdiction of courts in Canada with respect to that Act and those laws; and (c) the terms referred to in paragraphs (a) and (b) are binding on the holder of the liability despite any other terms of the liability, any other law that governs the liability and any other agreement, arrangement or understanding between the parties with respect to the liability.
Bank Recapitalization (Bail-in) Issuance Regulations — 3
Prescribed share 3 A domestic systemically important bank must ensure that the terms attached to a prescribed share issued by the bank provide that the share is subject to conversion into common shares under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act .
Bank Recapitalization (Bail-in) Issuance Regulations — 4
Disclosure 4 A domestic systemically important bank must disclose, in a prospectus, information circular, other offering document or similar document related to a prescribed share or liability, that the share or liability is subject to conversion into common shares under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act .
Bank Recapitalization (Bail-in) Issuance Regulations — 5
Promotion as deposit — prohibition 5 A domestic systemically important bank must not advertise or otherwise promote a prescribed liability, including in its name, to a purchaser in Canada, as a deposit or any variation of that term.
Bank Recapitalization (Bail-in) Issuance Regulations — 180th day after registration
180th day after registration * 6 These Regulations come into force on the 180th day after the day on which they are registered. * [Note: Regulations in force September 23, 2018.]
Compensation Regulations — a
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 39.28(1) a of the Canada Deposit Insurance Corporation Act b , makes the annexed Compensation Regulations . a S.C. 2016, c. 7, s. 142 b R.S., c. C-3
Compensation Regulations — 1
Definitions 1 (1) The following definitions apply in these Regulations. Act means the Canada Deposit Insurance Corporation Act . ( Loi ) liquidation entitlement means the amount to which the holder of a share of a federal member institution is entitled to be paid, in the event that the institution is wound up, in priority to any amount to be paid to a holder of another share of the institution that ranks subordinate in right of payment to that share. ( part de liquidation ) share does not include (a) a conversion or exchange privilege, issued by a federal member institution, that is convertible at any time into a share; or (b) an option or right, issued by a federal member institution, to acquire a share or privilege referred to in paragraph (a). ( action ) subordinated debt does not include (a) a conversion or exchange privilege, issued by a federal member institution, that is convertible at any time into subordinated debt; or (b) an option or right, issued by a federal member institution, to acquire subordinated debt or a privilege referred to in paragraph (a). ( dette subordonnée ) Same class (2) For the purposes of these Regulations, shares and liabilities of a federal member institution are of the same class if (a) in the event of a winding-up of the federal member institution, they rank equally in right of payment; and (b) following the making of an order under subsection 39.13(1) of the Act, they receive treatment that is substantially equivalent as a result of the making of the order and any actions taken in furtherance of the order or in accordance with their terms, having regard to the manner in which their resolution value is estimated.
Compensation Regulations — Compensation Regulations
Act means the Canada Deposit Insurance Corporation Act . ( Loi )
Compensation Regulations — Compensation Regulations
liquidation entitlement means the amount to which the holder of a share of a federal member institution is entitled to be paid, in the event that the institution is wound up, in priority to any amount to be paid to a holder of another share of the institution that ranks subordinate in right of payment to that share. ( part de liquidation )
Compensation Regulations — (a)
share does not include (a) a conversion or exchange privilege, issued by a federal member institution, that is convertible at any time into a share; or (b) an option or right, issued by a federal member institution, to acquire a share or privilege referred to in paragraph (a). ( action )
Compensation Regulations — (a)
subordinated debt does not include (a) a conversion or exchange privilege, issued by a federal member institution, that is convertible at any time into subordinated debt; or (b) an option or right, issued by a federal member institution, to acquire subordinated debt or a privilege referred to in paragraph (a). ( dette subordonnée )
Compensation Regulations — Compensation Regulations
intermediary means a natural person, corporation, trust, partnership or entity that, in the ordinary course of its business, owns or holds shares or liabilities on behalf of another person and is acting in that capacity, other than a natural person, corporation, trust, partnership or entity that, in the ordinary course of its business, manages or administers a pension fund, a mutual fund, an investment fund or similar type of fund and is acting in that capacity. ( intermédiaire )
Compensation Regulations — (a)
liability means a debt of at least $100 owed immediately before the making of an order under subsection 39.13(1) of the Act by the federal member institution and excludes any claim against the federal member institution if (a) the value of the debt is too uncertain to be provable against the institution in a winding-up proceeding; or (b) the debt is for a monetary loss resulting from the ownership, purchase or sale of an equity interest in the institution or from the rescission, or, in Quebec, the annulment, of a purchase or sale of an equity interest in the institution, or for contribution or indemnity in respect of the claim. ( élément du passif )
Compensation Regulations — 4
Notice — offer of compensation 4 (1) Within a reasonable period of time after the day set out in subsection (2), the Corporation must give each prescribed person (a) a notice containing an offer of compensation in an amount equal to, or in a value estimated by the Corporation to be equal to, the compensation to which that person is entitled; or (b) a notice stating that no offer of compensation is being made because that person is not entitled to compensation. Day (2) A day is (a) with respect to a share or liability referred to in any of paragraphs 2 (1)(a) to (c), the earlier of the date on which a notice referred to in subsection 39.2(3) of the Act with respect to the federal member institution is to take effect or the day on which a winding-up order is made in respect of that institution; (b) with respect to a liability referred to in paragraph 2 (1)(d), the day on which the winding-up order is made in respect of the federal member institution; (c) with respect to a liability referred to in paragraph 2 (1)(e), the day on which the order is made to liquidate the corporation described in subsection 10(2) of the Act; or (d) with respect to a liability referred to in paragraph 2 (1)(f), the day on which the winding-up order is made in respect of the bridge institution.
Compensation Regulations — 5
Contents of notice 5 The notice referred to in section 4 must (a) state that an order has been made under subsection 39.13(1) of the Act; (b) set out a description of the order’s effects; (c) state that the prescribed person has 45 days from the day on which a summary of the notice is published in the Canada Gazette to notify the Corporation of their decision to accept or object to the offer, or to object to the absence of an offer, and; (d) state that the compensation to be paid will be determined by an assessor if the offer or the absence of an offer is objected to by prescribed persons who together own, in the case of (i) common shares, at least 10% of the shares of the same class, (ii) shares other than common shares, at least 10% of the liquidation entitlement of the shares of the same class, or (iii) liabilities, at least 10% of the principal amount and accrued and unpaid interest of the liabilities of the same class; and (e) state that, if the prescribed person does not notify the Corporation of their objection within the period set out in paragraph (c), the prescribed person will receive the compensation offered or no compensation, as the case may be, and will not be permitted to contest its amount or value or the fact that no compensation is offered.
Compensation Regulations — 6
Publication 6 A summary of the notice referred to in section 4 must be published in the Canada Gazette and on the website of the federal member institution.
Compensation Regulations — 7
Payment of compensation 7 The Corporation must pay a prescribed person any compensation offered under paragraph 4 (1)(a) if (a) the prescribed person notifies the Corporation of their acceptance of the offer within the period set out in paragraph 5 (c); (b) the prescribed person does not notify the Corporation of their acceptance of, or objection to, the offer within the period set out in paragraph 5 (c); or (c) the prescribed person notifies the Corporation of their objection to the offer but the condition set out in paragraph 5 (d) is not met by the end of that period.
Compensation Regulations — 8
Appointment of assessor 8 An assessor is to be appointed under section 39.26 of the Act if the condition referred to in paragraph 5 (d) is met within the period referred to in paragraph 5 (c).
Compensation Regulations — 9
Corporation’s notice to dissenters 9 Within 45 days after the day on which an assessor is appointed, the Corporation must provide, to each prescribed person whose compensation is to be determined by the assessor, a notice of the appointment of the assessor indicating that the prescribed person is bound by the assessor’s determination of the amount of compensation to be paid which may be lower or higher than that contained in the offer.
Compensation Regulations — 10
Assessor’s determination 10 For the purpose of reviewing a decision made by the Corporation and determining the amount of compensation to be paid to a prescribed person under section 39.26 of the Act, the assessor must consider (a) whether the Corporation based its determination on an unreasonable estimate or on an erroneous finding of fact that it made in a perverse or capricious manner or without regard for the material before it; and (b) the manner of determining compensation set out in section 3 .
Compensation Regulations — 11
Assessor’s notice 11 (1) The assessor must provide, to every prescribed person whose compensation is determined by the assessor, a notice (a) setting out the assessor’s determination of the amount of compensation that the person is entitled to; (b) stating that the person is bound by the assessor’s determination as to the amount of compensation to be paid; and (c) stating that the Corporation must pay the compensation within 90 days after the date of the notice. Copy to Corporation (2) The assessor must provide the Corporation with a copy of each notice.
Compensation Regulations — 12
Payment of compensation 12 The Corporation must pay a prescribed person the compensation that they are entitled to receive within (a) if a notice referred to in subsection 11 (1) is provided to the person, 90 days after the date of that notice; or (b) in any other case, 135 days after the day on which a summary of the notice referred to in section 4 is published in the Canada Gazette .
Compensation Regulations — Compensation Regulations
S.C. 2016, c. 7 * 13 These Regulations come into force on the day on which section 142 of the Budget Implementation Act, 2016, No. 1 comes into force, but if they are registered after that day, they come into force on the day on which they are registered. * [Note: Regulations in force March 27, 2018.]
Breach of Security Safeguards Regulations — a
Her Excellency the Governor General in Council, on the recommendation of the Minister of Industry, pursuant to subsection 26(1) a of the Personal Information Protection and Electronic Documents Act b , makes the annexed Breach of Security Safeguards Regulations . a S.C. 2015, c. 32, s. 21 b S.C. 2000, c. 5
Breach of Security Safeguards Regulations — 1
Definition of Act 1 In these Regulations, Act means the Personal Information Protection and Electronic Documents Act .
Breach of Security Safeguards Regulations — 2
Report — content, form and manner 2 (1) A report of a breach of security safeguards referred to in subsection 10.1(2) of the Act must be in writing and must contain (a) a description of the circumstances of the breach and, if known, the cause; (b) the day on which, or the period during which, the breach occurred or, if neither is known, the approximate period; (c) a description of the personal information that is the subject of the breach to the extent that the information is known; (d) the number of individuals affected by the breach or, if unknown, the approximate number; (e) a description of the steps that the organization has taken to reduce the risk of harm to affected individuals that could result from the breach or to mitigate that harm; (f) a description of the steps that the organization has taken or intends to take to notify affected individuals of the breach in accordance with subsection 10.1(3) of the Act; and (g) the name and contact information of a person who can answer, on behalf of the organization, the Commissioner’s questions about the breach. New information (2) An organization may submit to the Commissioner any new information referred to in subsection (1) that the organization becomes aware of after having made the report. Means of communication (3) The report may be sent to the Commissioner by any secure means of communication.
Breach of Security Safeguards Regulations — 3
Contents of notification 3 A notification provided by an organization, in accordance with subsection 10.1(3) of the Act, to an affected individual with respect to a breach of security safeguards must contain (a) a description of the circumstances of the breach; (b) the day on which, or period during which, the breach occurred or, if neither is known, the approximate period; (c) a description of the personal information that is the subject of the breach to the extent that the information is known; (d) a description of the steps that the organization has taken to reduce the risk of harm that could result from the breach; (e) a description of the steps that affected individuals could take to reduce the risk of harm that could result from the breach or to mitigate that harm; and (f) contact information that the affected individual can use to obtain further information about the breach.
Breach of Security Safeguards Regulations — 4
Direct notification — form and manner 4 For the purposes of subsection 10.1(5) of the Act, direct notification must be given to the affected individual in person, by telephone, mail, email or any other form of communication that a reasonable person would consider appropriate in the circumstances.