Library of Parliament Legislative Summary of Bill S-5, the Financial System Review Act
It is possible to follow the progress of Bill S-5 through the federal Parliament on the LEGISinfo website.
"The bill amends the four primary statutes under which federally regulated financial institutions are governed:
- the Bank Act;
- the Cooperative Credit Associations Act;
- the Insurance Companies Act; and
- the Trust and Loan Companies Act"
"Amendments to 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, the Financial Consumer Agency of Canada Act, the Jobs and Economic Growth Act and the Sustaining Canada’s Economic Recovery Act are also included in the bill."
"Bill S-5 contains various measures that update the law governing financial institutions; in particular, the bill includes amendments in relation to:
- the shares of a Canadian financial institution being held by foreign financial institutions controlled by foreign governments;
- acquisitions of foreign entities by Canadian financial institutions;
- the widely held ownership threshold for banks;
- the authority of the Superintendent of Financial Institutions over certain types of transactions;
- the administration of unclaimed insured deposit accounts by the Canada Deposit Insurance Corporation (CDIC) and the Bank of Canada;
- the insolvency of financial institutions and the liability of the CDIC when acting as a receiver during receivership of an insolvent financial institution;
- compliance panel orders of the Canadian Payments Association;
- restructuring of insurance companies; and
- the liability of officials and employees of the Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC)."