Vol. 148, No. 25 — December 3, 2014

Registration

SOR/2014-273 November 21, 2014

BANK ACT
COOPERATIVE CREDIT ASSOCIATIONS ACT
TRUST AND LOAN COMPANIES ACT
INSURANCE COMPANIES ACT

Regulations Amending Certain Department of Finance Regulations (Miscellaneous Program)

P.C. 2014-1276 November 20, 2014

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, makes the annexed Regulations Amending Certain Department of Finance Regulations (Miscellaneous Program) pursuant to

REGULATIONS AMENDING CERTAIN DEPARTMENT OF FINANCE REGULATIONS (MISCELLANEOUS PROGRAM)

BANK ACT

DISCLOSURE OF INTEREST (BANKS) REGULATIONS

1. Subparagraph 3(1)(b)(i) of the French version of the Disclosure of Interest (Banks) Regulations (see footnote 1) is replaced by the following:

2. Paragraph 4(b) of the French version of the Regulations is replaced by the following:

DISCLOSURE OF INTEREST (AUTHORIZED FOREIGN BANKS) REGULATIONS

3. Subparagraph 3(1)(b)(i) of the French version of the Disclosure of Interest (Authorized Foreign Banks) Regulations (see footnote 2) is replaced by the following:

4. Paragraph 4(b) of the French version of the Regulations is replaced by the following:

COST OF BORROWING (BANKS) REGULATIONS

5. Subparagraph 6(2.4)(a)(ii) of the French version of the Cost of Borrowing (Banks) Regulations (see footnote 3) is replaced by the following:

6. Paragraph 7(2)(d) of the French version of the Regulations is replaced by the following:

7. Subsection 11(2) of the French version of the Regulations is replaced by the following:

(2) Si la demande de carte de crédit ou le document l’accompagnant comprend l’encadré informatif prévu à l’annexe 4 contenant les renseignements visés aux alinéas 6(2.1)b) ou (2.2)b), la banque est réputée s’être conformée au paragraphe (1).

8. Subparagraphs 12(5)(d)(ii) and (iii) of the French version of the Regulations are replaced by the following:

NOTICE OF BRANCH CLOSURE (BANKS) REGULATIONS

9. Paragraph 9(a) of the French version of the Notice of Branch Closure (Banks) Regulations (see footnote 4) is replaced by the following:

COST OF BORROWING (AUTHORIZED FOREIGN BANKS) REGULATIONS

10. Subparagraph 6(2.4)(a)(ii) of the French version of the Cost of Borrowing (Authorized Foreign Banks) Regulations (see footnote 5) is replaced by the following:

11. Paragraph 7(2)(d) of the French version of the Regulations is replaced by the following:

12. Subsection 11(2) of the French version of the Regulations is replaced by the following:

(2) Si la demande de carte de crédit ou le document l’accompagnant comprend l’encadré informatif prévu à l’annexe 4 contenant les renseignements visés aux alinéas 6(2.1)b) ou (2.2)b), la banque étrangère autorisée est réputée s’être conformée au paragraphe (1).

13. Subparagraphs 12(5)(d)(ii) and (iii) of the French version of the Regulations are replaced by the following:

ANNUAL STATEMENT (BANKS AND BANK HOLDING COMPANIES) REGULATIONS

14. Paragraphs 1(b) to ( d) of the French version of the Annual Statement (Banks and Bank Holding Companies) Regulations (see footnote 6) are replaced by the following:

EXEMPTION FOR PUBLIC NOTICES OR DOCUMENTS (BANKS AND BANK HOLDING COMPANIES) REGULATIONS

15. The title of the French version of the Exemption for Public Notices or Documents (Banks and Bank Holding Companies) Regulations (see footnote 7) is replaced by the following:

RÈGLEMENT CONCERNANT LA DISPENSE D’AVIS OU DE DOCUMENTS PUBLICS (BANQUES ET SOCIÉTÉS DE PORTEFEUILLE BANCAIRES)

COOPERATIVE CREDIT ASSOCIATIONS ACT

NOTICE OF BRANCH CLOSURE (COOPERATIVE CREDIT ASSOCIATIONS) REGULATIONS

16. The title of the French version of the Notice of Branch Closure (Cooperative Credit Associations) Regulations (see footnote 8) is replaced by the following:

RÈGLEMENT SUR LES PRÉAVIS DE FERMETURE DE BUREAUX (ASSOCIATIONS COOPÉRATIVES DE CRÉDIT)

17. The French version of the Regulations is amended by replacing “succursale” with “bureau”, with any necessary modifications, except in section 1 and in the term “succursale de dépôt de détail”.

18. Paragraph 9(a) of the French version of the Regulations is replaced by the following:

COST OF BORROWING (RETAIL ASSOCIATIONS) REGULATIONS

19. Subparagraph 6(2.4)(a)(ii) of the French version of the Cost of Borrowing (Retail Associations) Regulations (see footnote 9) is replaced by the following:

20. Paragraph 7(2)(d) of the French version of the Regulations is replaced by the following:

21. Subsection 11(2) of the French version of the Regulations is replaced by the following:

(2) Si la demande de carte de crédit ou le document l’accompagnant comprend l’encadré informatif prévu à l’annexe 4 contenant les renseignements visés aux alinéas 6(2.1)b) ou (2.2)b), l’association de détail est réputée s’être conformée au paragraphe (1).

22. Subparagraphs 12(5)(d)(ii) and (iii) of the French version of the Regulations are replaced by the following:

DISCLOSURE OF CHARGES (RETAIL ASSOCIATIONS) REGULATIONS

23. Paragraph 3(a) of the French version of the Disclosure of Charges (Retail Associations) Regulations (see footnote 10) is replaced by the following:

24. Paragraph 5(a) of the French version of the Regulations is replaced by the following:

ANNUAL STATEMENT (COOPERATIVE CREDIT ASSOCIATIONS) REGULATIONS

25. Paragraphs 1(b) to ( d) of the French version of the Annual Statement (Cooperative Credit Associations) Regulations (see footnote 11) are replaced by the following:

EXEMPTION FOR PUBLIC NOTICES OR DOCUMENTS (COOPERATIVE CREDIT ASSOCIATIONS) REGULATIONS

26. The title of the French version of the Exemption for Public Notices or Documents (Cooperative Credit Associations) Regulations (see footnote 12) is replaced by the following:

RÈGLEMENT CONCERNANT LA DISPENSE D’AVIS OU DE DOCUMENTS PUBLICS (ASSOCIATIONS COOPÉRATIVES DE CRÉDIT)

INSURANCE COMPANIES ACT

COST OF BORROWING (CANADIAN INSURANCE COMPANIES) REGULATIONS

27. Subparagraph 6(2.4)(a)(ii) of the French version of the Cost of Borrowing (Canadian Insurance Companies) Regulations (see footnote 13) is replaced by the following:

28. Paragraph 7(2)(d) of the French version of the Regulations is replaced by the following:

29. Subsection 11(2) of the French version of the Regulations is replaced by the following:

(2) Si la demande de carte de crédit ou le document l’accompagnant comprend l’encadré informatif prévu à l’annexe 4 contenant les renseignements visés aux alinéas 6(2.1)b) ou (2.2)b), la société émettrice est réputée s’être conformée au paragraphe (1).

30. Subparagraphs 12(5)(d)(ii) and (iii) of the French version of the Regulations are replaced by the following:

COST OF BORROWING (FOREIGN INSURANCE COMPANIES) REGULATIONS

31. Subparagraph 6(2.4)(a)(ii) of the French version of the Cost of Borrowing (Foreign Insurance Companies) Regulations (see footnote 14) is replaced by the following:

32. Paragraph 7(2)(d) of the French version of the Regulations is replaced by the following:

33. Subsection 11(2) of the French version of the Regulations is replaced by the following:

(2) Si la demande de carte de crédit ou le document l’accompagnant comprend l’encadré informatif prévu à l’annexe 4 contenant les renseignements visés aux alinéas 6(2.1)b) ou (2.2)b), la société est réputée s’être conformée au paragraphe (1).

34. Subparagraphs 12(5)(d)(ii) and (iii) of the French version of the Regulations are replaced by the following:

ANNUAL STATEMENT (INSURANCE COMPANIES AND INSURANCE HOLDING COMPANIES) REGULATIONS

35. Paragraphs 1(b) to ( d) of the French version of the Annual Statement (Insurance Companies and Insurance Holding Companies) Regulations (see footnote 15) are replaced by the following:

EXEMPTION FOR PUBLIC NOTICES OR DOCUMENTS (INSURANCE COMPANIES AND INSURANCE HOLDING COMPANIES) REGULATIONS

36. The title of the French version of the Exemption for Public Notices or Documents (Insurance Companies and Insurance Holding Companies) Regulations (see footnote 16) is replaced by the following:

RÈGLEMENT CONCERNANT LA DISPENSE D’AVIS OU DE DOCUMENTS PUBLICS (SOCIÉTÉS D’ASSURANCES ET SOCIÉTÉS DE PORTEFEUILLE D’ASSURANCES)

TRUST AND LOAN COMPANIES ACT

DISCLOSURE OF INTEREST (TRUSTS AND LOAN COMPANIES) REGULATIONS

37. Subparagraph 3(1)(b)(i) of the French version of the Disclosure of Interest (Trust and Loan Companies) Regulations (see footnote 17) is replaced by the following:

38. Paragraph 4(b) of the French version of the Regulations is replaced by the following:

COST OF BORROWING (TRUST AND LOAN COMPANIES) REGULATIONS

39. Subparagraph 6(2.4)(a)(ii) of the French version of the Cost of Borrowing (Trust and Loan Companies) Regulations (see footnote 18) is replaced by the following:

40. Paragraph 7(2)(d) of the French version of the Regulations is replaced by the following:

41. Subsection 11(2) of the French version of the Regulations is replaced by the following:

(2) Si la demande de carte de crédit ou le document l’accompagnant comprend l’encadré informatif prévu à l’annexe 4 contenant les renseignements visés aux alinéas 6(2.1)b) ou (2.2)b), la société est réputée s’être conformée au paragraphe (1).

42. Subparagraphs 12(5)(d)(ii) and (iii) of the French version of the Regulations are replaced by the following:

NOTICE OF BRANCH CLOSURE (TRUST AND LOAN COMPANIES) REGULATIONS

43. The title of the French version of the Notice of Branch Closure (Trust and Loan Companies) Regulations (see footnote 19) is replaced by the following:

RÈGLEMENT SUR LES PRÉAVIS DE FERMETURE DE BUREAUX (SOCIÉTÉS DE FIDUCIE ET DE PRÊT)

44. The French version of the Regulations is amended by replacing “succursale” with “bureau”, with any necessary modifications, except in section 1 and in the term “succursale de dépôt de détail”.

45. Paragraph 9(a) of the French version of the Regulations is replaced by the following:

ANNUAL STATEMENT (TRUST AND LOAN COMPANIES) REGULATIONS

46. Paragraphs 1(b) to ( d) of the French version of the Annual Statement (Trust and Loan Companies) Regulations (see footnote 20) are replaced by the following:

EXEMPTION FOR PUBLIC NOTICES OR DOCUMENTS (TRUST AND LOAN COMPANIES) REGULATIONS

47. The title of the French version of the Exemption for Public Notices or Documents (Trust and Loan Companies) Regulations (see footnote 21) is replaced by the following:

RÈGLEMENT CONCERNANT LA DISPENSE D’AVIS OU DE DOCUMENTS PUBLICS (SOCIÉTÉS DE FIDUCIE ET DE PRÊT)

COMING INTO FORCE

48. These Regulations come into force on the day on which they are registered.

REGULATORY IMPACT ANALYSIS STATEMENT

(This statement is not part of the Regulations.)

Issues

In the course of drafting regulations made under the financial institutions statutes, various drafting errors were made such that the French version of 47 provisions in 21 regulations either differed in places from the English version or did not use the terms provided in the enabling legislation or related regulations. The Standing Joint Committee for the Scrutiny of Regulations has requested that these linguistic discrepancies be rectified.

Objectives

The objective of the Regulations Amending Certain Department of Finance Regulations (Miscellaneous Program) [the Regulations] is to correct linguistic disagreements to allow for clear and coherent regulations and consistency in the English and French versions of regulations.

Description

The Regulations Amending Certain Department of Finance Regulations (Miscellaneous Program) modifies the French language version of the various provisions in regulations that fall under the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act, and the Trust and Loan Companies Act, so that they match the enabling legislation, other regulations on the same subject, and/or the English version of the provisions.

“One-for-One” Rule

The “One-for-One” rule does not apply to the Regulations, as there is no change in administrative costs to business.

Small business lens

The small business lens does not apply to the Regulations, as there are no incremental costs on small business.

Rationale

Over the past several years, the Department of Finance has received requests from the Standing Joint Committee for the Scrutiny of Regulations to remove various linguistic disagreements in a number of regulations. The Regulations correct linguistic disagreements to allow for clear and coherent regulations and consistency in the English and French versions of the regulations. The amendments have no substantive impact and merely correct drafting errors.

Exemption from prepublication

The proposal responds to comments of the Standing Joint Committee for the Scrutiny of Regulations and makes no substantive modifications.

Contact

Glenn Campbell
Director
Financial Institutions Division
Department of Finance
90 Elgin Street
Ottawa, Ontario
K1P 5E9
Telephone: 613-369-3945
Email: finlegis@fin.gc.ca