Office of the Superintendent of Financial Institutions Act — O-2.7 22
Information is confidential 22 (1) Subject to subsection (3), the following information, and any information prepared from it, is confidential and shall be treated accordingly: (a) information regarding the business or affairs of a financial institution, foreign bank, bank holding company or insurance holding company or regarding persons dealing with any of them 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; (b) information received by any member of the committee established by subsection 18(1), or by any person referred to in subsection 18(5) designated by any member of that committee, in the course of an exchange of information permitted by subsection 18(3); and (c) information furnished to the Superintendent pursuant to section 522.27 of the Bank Act . Disclosure by Superintendent (1.1) Despite subsection (1), subsections 606(1) and 636(1) of the Bank Act , subsection 435(1) of the Cooperative Credit Associations Act , subsection 672(1) of the Insurance Companies Act and subsection 503(1) of the Trust and Loan Companies Act , the Superintendent may disclose to the Financial Transactions and Reports Analysis Centre of Canada established by section 41 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act information relating to policies and procedures that financial institutions adopt to ensure their compliance with Parts 1 and 1.1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act . 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.001) 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, (a.01) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision, (a.1) to the Canada Deposit Insurance Corporation or any compensation association designated by order of the Minister pursuant to subsection 449(1) or 591(1) of the Insurance Companies Act , for purposes related to its operation, and (b) 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. Regulations (2.1) The Governor in Council may make regulations prohibiting, limiting or restricting the disclosure by financial institutions, bank holding companies or insurance holding companies of prescribed supervisory information. Disclosure (3) The Superintendent shall disclose, at such times and in such manner as the Minister may determine, such information obtained by the Superintendent under the Bank Act , the Cooperative Credit Associations Act , the Insurance Companies Act and the Trust and Loan Companies Act as the Minister considers ought to be disclosed for the purposes of the analysis of the financial condition of a financial institution and that (a) is contained in returns filed pursuant to the Superintendent’s financial regulatory reporting requirements; 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 financial condition of financial instit