ARCHIVED — Vol. 147, No. 8 — April 10, 2013

Registration

SI/2013-32 April 10, 2013

SUSTAINING CANADA’S ECONOMIC RECOVERY ACT

Order Fixing September 2, 2013 as the Day on which Part 4 of the Act Comes into Force

P.C. 2013-306 March 21, 2013

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 165 of the Sustaining Canada’s Economic Recovery Act, chapter 25 of the Statutes of Canada, 2010, fixes September 2, 2013 as the day on which Part 4 of that Act comes into force, other than sections 163 and 164, which came into force on assent.

EXPLANATORY NOTE

(This note is not part of the Order.)

Proposal

To fix September 2, 2013, as the date on which Part 4 of the Sustaining Canada’s Economic Recovery Act (the Act) comes into force, other than sections 163 and 164, which came into force on assent.

Objective

To enhance the consumer protection framework in Canada by establishing the requirement that banks and authorized foreign banks be members of an external complaints body (whose purpose is dealing with complaints made by customers of banks and authorized foreign banks) incorporated either under Part II of the Canada Not-for-profit Corporations Actor under the Canada Business Corporations Act and approved by the Minister of Finance, and to grant authority to the Minister of Finance to approve external complaints bodies.

Background

The Act received Royal Assent on December 15, 2010. Part 4 of the Act requires banks and authorized foreign banks to be a member of an approved external complaints body and provides regulation-making authority to the Governor in Council respecting requirements for the approval of an external complaints body.

Implications

Part 4 of the Act authorizes the establishment of a regulatory framework for external complaints bodies. The Financial Consumer Agency of Canada will use this framework to supervise external complaints bodies to determine whether they are in compliance with the consumer provisions applicable to them, promote the adoption of policies and procedures designed to implement those provisions, and promote consumer awareness of the obligations of external complaints bodies.

The Complaints (Banks, Authorized Foreign Banks and External Complaints Bodies) Regulations will come into force on September 2, 2013.

Departmental contact

Jane Pearse
Director
Financial Institutions Division
Department of Finance Canada
140 O’Connor Street
Ottawa, Ontario
K1A 0G5
Telephone: 613-992-1631
Fax: 613-943-1334
Email: finlegis@fin.gc.ca