Bill S-5 (Historical)

Financial System Review Act

An Act to amend the law governing financial institutions and to provide for related and consequential matters

This bill was last introduced in the 41st Parliament, 1st Session, which ended in September 2013.

Status

This bill has received Royal Assent and is now law.

Summary

This is from the published bill. The Library of Parliament often publishes better independent summaries.

This enactment amends a number of Acts governing financial institutions. It also amends legislation related to the regulation of financial institutions. Notable among the amendments are the following:
(a) amendments to the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act and the Trust and Loan Companies Act aimed at reinforcing stability and fine-tuning the consumer-protection framework; and
(b) technical amendments to the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act, the Trust and Loan Companies Act, the Bank of Canada Act, the Canada Deposit Insurance Corporation Act, the Canadian Payments Act, the Winding-up and Restructuring Act, the Office of the Superintendent of Financial Institutions Act, the Payment Clearing and Settlement Act and the Financial Consumer Agency of Canada Act.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, an excellent resource from the Library of Parliament. You can also read the full text of the bill.

Votes

March 28, 2012 Passed That the Bill be now read a third time and do pass.
Feb. 14, 2012 Passed That, in relation to Bill S-5, An Act to amend the law governing financial institutions and to provide for related and consequential matters, not more than one further sitting day shall be allotted to the consideration at second reading stage of the Bill; and That, 15 minutes before the expiry of the time provided for Government Orders on the day allotted to the consideration at second reading stage of the said Bill, any proceedings before the House shall be interrupted, if required for the purpose of this Order, and, in turn, every question necessary for the disposal of the said stage of the Bill shall be put forthwith and successively, without further debate or amendment.

Finance Committee, on March 8, 2012

  • Jeremy Rudin, Assistant Deputy Minister, Financial Sector Policy Branch, Department of Finance
  • Terry Campbell, President and Chief Executive Officer, Canadian Bankers Association
  • Frank Swedlove, President, Canadian Life and Health Insurance Association Inc.
  • Ursula Menke, Commissioner, Financial Consumer Agency of Canada
  • Philipe Sarrazin, Managing Director, Legislation and Policy Initiatives, Office of the Superintendent of Financial Institutions

Finance Committee, on March 13, 2012

  • Tyler Sommers, Coordinator, Canadian Community Reinvestment Coalition
  • David Phillips, President and Chief Executive Officer, Credit Union Central of Canada
  • Douglas Melville, Ombudsman, Chief Executive Officer, Ombudsman for Banking Services and Investments
  • Jean-François Vinet, Financial Service Analyst, Representation and Research Department, Option consommateurs

Finance Committee, on March 15, 2012

  • Diane Lafleur, General Director, Financial Sector Policy Branch, Department of Finance
  • Jane Pearse, Director, Financial Institutions Division, Department of Finance
  • Wayne Cole, Procedural Clerk
  • Eleanor Ryan, Senior Chief, Financial Sector Policy Branch, Department of Finance