Jobs, Growth and Long-term Prosperity Act (S.C. 2012, c. 19)
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Assented to 2012-06-29
PART 4VARIOUS MEASURES
2011, c. 15Supporting Vulnerable Seniors and Strengthening Canada’s Economy Act
357. Section 23 of the Supporting Vulnerable Seniors and Strengthening Canada’s Economy Act is amended by replacing the subsection 8.1(1) that it enacts with the following:
Marginal note:Regulations — Minister of Finance
8.1 (1) The Minister of Finance may, after consulting the Governor of the Bank of Canada and the Superintendent, make regulations respecting classes of housing loans and the criteria to be met by loans in each of those classes in order for the Corporation to be able to provide insurance against risks relating to those loans.
358. Section 24 of the Act is amended by replacing the section 21.1 that it enacts with the following:
Marginal note:Obligation to retain information, books and records
21.1 (1) The Corporation shall keep and retain books and records, and retain information, in respect of its activities under this Part and Part I.1, including any books, records or information that are prescribed by regulation.
Marginal note:Obligation to provide information or copies
(2) At the request of the Minister of Finance, the Corporation shall, without delay, provide that Minister with any information or copies of any books or records that it is required to retain.
Marginal note:Power to disclose
(3) The Minister of Finance may disclose to the Superintendent, the Governor of the Bank of Canada, the Chairperson of the Canada Deposit Insurance Corporation and the Commissioner of the Financial Consumer Agency of Canada any information or copies of any books or records received under subsection (2).
Marginal note:Public information
(4) The Corporation shall make available to the public the books, records and information that are prescribed by regulation.
Marginal note:Regulations
(5) The Governor in Council may, on the Minister of Finance’s recommendation, make regulations respecting the manner in which books and records are to be kept and retained, the manner in which information is to be retained and the manner in which books, records and information are to be made available to the public.
Marginal note:Examination or inquiry
21.2 (1) The Superintendent, from time to time but at least once in each calendar year, shall make or cause to be made any examination or inquiry that the Superintendent considers to be necessary or expedient to determine whether the Corporation is carrying on any or all of its activities under this Part and Part I.1 in a safe and sound manner, including whether it is carrying on those activities with due regard to its exposure to loss.
Marginal note:Access to records
(2) For the purposes of the examination or inquiry, the Superintendent or a person acting under his or her direction
(a) has a right of access to any books or records that are held by or on behalf of the Corporation in respect of its activities; and
(b) may require the Corporation’s directors, officers and auditors to provide information and explanations to the Superintendent, to the extent that they are reasonably able to do so, in respect of the Corporation’s activities.
Marginal note:Report to Corporation and Ministers
(3) The Superintendent shall report the results of the examination or inquiry, including any recommendations, to
(a) the Corporation’s board of directors; and
(b) the Minister and the Minister of Finance.
Marginal note:Proposal in corporate plan
(4) The Corporation’s corporate plan that is required under section 122 of the Financial Administration Act must contain a proposal indicating how the Corporation will address the recommendations.
Marginal note:Obligation to provide information or copies
(5) At the request of the Superintendent, the Corporation shall, without delay, provide him or her with any information or copies of any books or records that it is required to retain in respect of its activities under this Part and Part I.1.
Marginal note:Confidentiality
(6) Subject to any other provision of this Act, all information in respect of the Corporation’s activities under this Part and Part I.1, including regarding a person dealing with the Corporation, that is obtained by the Superintendent or a person acting under his or her direction is confidential and shall be treated accordingly.
Marginal note:Power to disclose
(7) The Superintendent may disclose any information or copies of any books or records that are received under this Part or Part I.1 to
(a) the Minister and the Minister of Finance;
(b) the Governor of the Bank of Canada;
(c) the Chairperson of the Canada Deposit Insurance Corporation; and
(d) the Commissioner of the Financial Consumer Agency of Canada.
Marginal note:Superintendent to ascertain expenses
21.3 (1) The Superintendent shall, before December 31 in each year, ascertain the total amount of expenses incurred during the preceding fiscal year in connection with the administration of section 21.2.
Marginal note:Obligation to pay
(2) The Corporation shall pay the amount within 30 days after the day on which the Superintendent notifies it in writing of the amount.
Marginal note:Fiscal year
(3) For the purpose of subsection (1), the fiscal year is the period beginning on April 1 in one year and ending on March 31 in the next year.
Marginal note:Regulations
21.4 The Governor in Council may, on the Minister of Finance’s recommendation, make regulations respecting the Corporation’s activities under this Part, including regulations
(a) respecting the conditions and limitations to which those activities are subject;
(b) respecting the terms and conditions on which and manner in which the Corporation may exercise its powers under this Part; and
(c) prescribing anything that is to be prescribed by this Part.
Marginal note:Coming into force
359. Despite section 26 of the Supporting Vulnerable Seniors and Strengthening Canada’s Economy Act, sections 22 to 24 of that Act come into force on the day on which this Act receives royal assent.
R.S., c. C-7Canada Mortgage and Housing Corporation Act
Marginal note:1999, c. 27, s. 25(1); 2006, c. 9, par. 233(a)(E)
360. Subsection 6(1) of the Canada Mortgage and Housing Corporation Act is replaced by the following:
Marginal note:Board of Directors
6. (1) The Board of Directors shall consist of
(a) the Chairperson;
(b) the President;
(c) the Minister’s Deputy Minister;
(d) the Deputy Minister of Finance; and
(e) eight other directors.
Marginal note:Exception
(1.1) Subsections (4) to (6) do not apply to the directors referred to in paragraphs (1)(c) and (d).
Marginal note:Alternate director
(1.2) A director referred to in paragraph (1)(c) or (d) may designate an alternate to attend in the director’s absence at any meeting of the Board of Directors.
1991, c. 45Trust and Loan Companies Act
361. The Trust and Loan Companies Act is amended by adding the following after section 415:
Marginal note:Prohibition
415.1 (1) It is prohibited for a company to issue a debt obligation in relation to which the amounts of principal and interest owing are guaranteed to be paid from loans or other assets held by an entity that is created and organized for the principal purpose of holding those loans or other assets and with the intention of legally isolating those loans or other assets from the company, unless
(a) the debt obligation is a covered bond as defined in section 21.5 of the National Housing Act;
(b) the company is a registered issuer as defined in section 21.5 of that Act other than one whose right to issue covered bonds has been suspended; and
(c) the debt obligation is issued under a registered program as defined in section 21.5 of that Act.
Marginal note:Exception
(2) The Governor in Council may make regulations exempting any type of debt obligation from the application of subsection (1).
1991, c. 46Bank Act
362. The Bank Act is amended by adding the following after section 415:
Marginal note:Prohibition
415.1 (1) It is prohibited for a bank to issue a debt obligation in relation to which the amounts of principal and interest owing are guaranteed to be paid from loans or other assets held by an entity that is created and organized for the principal purpose of holding those loans or other assets and with the intention of legally isolating those loans or other assets from the bank, unless
(a) the debt obligation is a covered bond as defined in section 21.5 of the National Housing Act;
(b) the bank is a registered issuer as defined in section 21.5 of that Act other than one whose right to issue covered bonds has been suspended; and
(c) the debt obligation is issued under a registered program as defined in section 21.5 of that Act.
Marginal note:Exception
(2) The Governor in Council may make regulations exempting any type of debt obligation from the application of subsection (1).
1991, c. 47Insurance Companies Act
363. The Insurance Companies Act is amended by adding the following after section 468:
Marginal note:Prohibition
468.1 (1) It is prohibited for a company to issue a debt obligation in relation to which the amounts of principal and interest owing are guaranteed to be paid from loans or other assets held by an entity that is created and organized for the principal purpose of holding those loans or other assets and with the intention of legally isolating those loans or other assets from the company, unless
(a) the debt obligation is a covered bond as defined in section 21.5 of the National Housing Act;
(b) the company is a registered issuer as defined in section 21.5 of that Act other than one whose right to issue covered bonds has been suspended; and
(c) the debt obligation is issued under a registered program as defined in section 21.5 of that Act.
Marginal note:Exception
(2) The Governor in Council may make regulations exempting any type of debt obligation from the application of subsection (1).
1991, c. 48Cooperative Credit Associations Act
364. The Cooperative Credit Associations Act is amended by adding the following after section 380:
Marginal note:Prohibition
380.1 (1) It is prohibited for an association to issue a debt obligation in relation to which the amounts of principal and interest owing are guaranteed to be paid from loans or other assets held by an entity that is created and organized for the principal purpose of holding those loans or other assets and with the intention of legally isolating those loans or other assets from the association, unless
(a) the debt obligation is a covered bond as defined in section 21.5 of the National Housing Act;
(b) the association is a registered issuer as defined in section 21.5 of that Act other than one whose right to issue covered bonds has been suspended; and
(c) the debt obligation is issued under a registered program as defined in section 21.5 of that Act.
Marginal note:Exception
(2) The Governor in Council may make regulations exempting any type of debt obligation from the application of subsection (1).
Transitional Provision
Marginal note:Guarantees made before section 352 comes into force
365. A guarantee made by the Canada Mortgage and Housing Corporation under section 14 of the National Housing Act before the day on which section 352 of this Act comes into force does not require the Minister’s approval.
Coordinating Amendment
Marginal note:2011, c. 15
366. On the first day on which both Part 7 of the Supporting Vulnerable Seniors and Strengthening Canada’s Economy Act and subsection 21.6(4) of the National Housing Act, as enacted by section 356, are in force, the National Housing Act is amended by replacing that subsection 21.6(4) with the following:
Marginal note:Exceptions
(4) Despite subsections (1) and (2), the following loans must not be held as covered bond collateral:
(a) a loan made on the security of residential property if the loan is insured by the Corporation;
(b) a loan made on the security of residential property if the loan is insured and that insurance is protected under the Protection of Residential Mortgage or Hypothecary Insurance Act; and
(c) a loan made on the security of residential property if the amount of the loan, together with the amount then outstanding of any mortgage or hypothecary loan having an equal or prior claim against the property, exceeds 80 per cent of the value of the property at the time of the loan.
Coming into Force
Marginal note:January 1, 2013 or royal assent
367. (1) Sections 352 and 354 come into force on the later of January 1, 2013 and the day on which this Act receives royal assent.
Marginal note:Order in council
(2) Paragraph 21.52(1)(b) of the National Housing Act, as enacted by section 356, comes into force on a day to be fixed by order of the Governor in Council.
Marginal note:Order in council
(3) Sections 361 to 364 come into force on a day to be fixed by order of the Governor in Council.
Division 12Integrated Cross-border Law Enforcement Operations Act
Enactment of Act
Marginal note:Enactment
368. The Integrated Cross-border Law Enforcement Operations Act is enacted as follows:
An Act to implement a Framework Agreement on Integrated Cross-Border Law Enforment Operations between the Government of Canada and the Government of the United States of America
SHORT TITLE
Marginal note:Short title
1. This Act may be cited as the Integrated Cross-border Law Enforcement Operations Act.
INTERPRETATION
Marginal note:Definitions
2. The following definitions apply in this Act.
“Agreement”
« accord »
“Agreement” means the Framework Agreement on Integrated Cross-Border Maritime Law Enforcement Operations between the Government of Canada and the Government of the United States of America signed on May 26, 2009.
“designated officer”
« agent désigné »
“designated officer” means an individual appointed as a cross-border maritime law enforcement officer by
(a) the Central Authority for Canada under subsection 7(1) or 8(1); and
(b) the person designated as the Central Authority for the United States for the application of the Agreement.
“integrated cross-border operation”
« opération transfrontalière intégrée »
“integrated cross-border operation” means the deployment of a vessel crewed jointly by designated officers from Canada and the United States for cross-border law enforcement purposes in undisputed areas of the sea or internal waters along the international boundary between Canada and the United States.
PURPOSE
Marginal note:Purpose
3. The purpose of this Act is to implement the Agreement, the objectives of which are to provide additional means to prevent, detect and suppress criminal offences and violations of the law in undisputed areas of the sea or internal waters along the international boundary between Canada and the United States and to facilitate the investigation and prosecution of such offences and violations.
PRINCIPLES
Marginal note:Statement
4. It is recognized and declared that
(a) Canada and the United States have a common interest in the security of the undisputed areas of the sea or internal waters along the international boundary between Canada and the United States;
(b) integrated cross-border operations must
(i) respect the sovereignty of Canada and the United States,
(ii) be conducted in accordance with the rule of law, and
(iii) be conducted as directed by a designated officer from the host country; and
(c) in Canada, integrated cross-border operations must be conducted in a manner respecting the rights and freedoms guaranteed by the Canadian Charter of Rights and Freedoms.
CENTRAL AUTHORITY FOR CANADA
Marginal note:Designation
5. For the purposes of implementing the Agreement, the Central Authority for Canada is the Commissioner of the Royal Canadian Mounted Police or his or her delegate.
Marginal note:Direction and management
6. The Central Authority for Canada has, in cooperation with the person designated as the Central Authority for the United States for the purposes of implementing the Agreement, responsibility for the direction and management of integrated cross-border operations.
Marginal note:Appointment of officers from Canada
7. (1) The Central Authority for Canada may appoint as a cross-border maritime law enforcement officer an individual who is
(a) a member of the Royal Canadian Mounted Police;
(b) a police officer appointed or employed under the law of a province; or
(c) a pilot, co-pilot, observer or other member of the crew of an aircraft that is operated by the Royal Canadian Mounted Police or a police service established under the law of a province and that is used to provide aerial support in an integrated cross-border operation.
Marginal note:Criterion for appointment
(2) An individual may be appointed under subsection (1) only if they have satisfactorily completed the required training, approved by the Central Authority for Canada, for appointment as a designated officer.
Marginal note:Appointment of officers from United States
8. (1) The Central Authority for Canada may appoint as a cross-border maritime law enforcement officer an individual who is
(a) a commissioned, warrant or petty officer of the United States Coast Guard;
(b) a police officer or other law enforcement officer appointed or employed under the law of the United States or of a state of the United States; or
(c) a pilot, co-pilot, observer or other member of the crew of an aircraft that is operated by the United States Coast Guard or a police service, or other law enforcement agency of the United States or of a state of the United States, and that is used to provide aerial support in an integrated cross-border operation.
Marginal note:Criteria for appointment
(2) An individual may be appointed under subsection (1) only if
(a) they have been recommended for appointment by the person designated as the Central Authority for the United States for the application of the Agreement; and
(b) they have satisfactorily completed the required training, approved by the Central Authority for Canada, for appointment as a designated officer.
Marginal note:Suspension or revocation
9. The Central Authority for Canada may suspend or revoke the appointment of any designated officer.
Marginal note:Certificates
10. (1) The Central Authority for Canada may issue a certificate to any designated officer stating that the person to whom it is issued is a designated officer for the purposes of this Act.
Marginal note:Evidence of appointment or designation
(2) Any document purporting to be a certificate referred to in subsection (1) is evidence in all courts and in all proceedings of the facts stated in it.
Marginal note:Recommendation for appointment
11. The Central Authority for Canada may recommend, to the person designated as the Central Authority for the United States for the purposes of implementing the Agreement, that an individual described in paragraph 7(1)(a), (b) or (c) be appointed as a cross-border maritime law enforcement officer in the United States.
POWERS OF DESIGNATED OFFICERS
Marginal note:Powers — designated officer
12. Every designated officer has the same power to enforce an Act of Parliament as a member of the Royal Canadian Mounted Police when
(a) participating in an integrated cross-border operation; or
(b) engaging in an activity incidental to such an operation, including travel for the purpose of participating in the operation and appearances in court arising from the operation.
DETENTION OF PERSONS
Marginal note:Persons taken into custody
13. (1) The laws of Canada apply to any person detained or taken into custody within Canada in the course of an integrated cross-border operation.
Marginal note:Removal from Canada
(2) No person referred to in subsection (1) may be removed from Canada, except in accordance with the laws of Canada.
SEIZURE
Marginal note:Vessel, etc., seized in Canada
14. (1) The laws of Canada apply to any vessel or other thing seized within Canada in the course of an integrated cross-border operation.
Marginal note:Removal from Canada
(2) Subject to subsection (3), no vessel or other thing referred to in subsection (1) may be removed from Canada, except in accordance with the laws of Canada.
Marginal note:Exception
(3) A vessel or other thing referred to in subsection (1) may be removed from Canada in situations of operational or geographical necessity, including situations in which
(a) before delivering the vessel or thing to the place where it is to be delivered in Canada, designated officers are required to participate in a continuing integrated cross-border operation or respond to an emergency in the waters of the United States;
(b) due to poor weather or mechanical difficulties with a vessel operated by designated officers, it is necessary to transit through the waters of the United States in order to reach the nearest port; or
(c) the navigable shipping channels between the location in Canada where the vessel or thing was seized and the place where the vessel or thing is to be delivered in Canada pass through the waters of the United States.
Marginal note:Vessel, etc., seized in United States
15. A vessel or other thing seized in the United States in the course of an integrated cross-border operation remains in the custody and control of the American designated officer if it is brought into Canada in situations of operational or geographical necessity, including situations in which
(a) before delivering the vessel or thing to the place where it is to be delivered in the United States, designated officers are required to participate in a continuing integrated cross-border operation or respond to an emergency in the waters of Canada;
(b) due to poor weather or mechanical difficulties with a vessel operated by designated officers, it is necessary to transit through the waters of Canada in order to reach the nearest port; or
(c) the navigable shipping channels between the location in the United States where the vessel or thing was seized and the place where the vessel or thing is to be delivered in the United States pass through the waters of Canada.
Marginal note:Non-application of certain laws
16. No Act of Parliament relating to the import or export of goods applies to the import or export of a vessel or other thing by a designated officer in the circumstances described in subsection 14(3) or section 15.
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