The Bank Act – Explained
Now updated yearly, The 2019 Annotated Bank Act with Associated Regulations is the latest innovation in banking law guidance. This text explains, in simple language, each section of the federal Bank Act, and provides commentary on related regulations and case law. This is the only softcover text available on the market that comprehensively cross references each section of the Bank Act to all current regulations, regulatory guidance from the Office of the Superintendent of Financial Institutions (OSFI), the Financial Consumer Agency of Canada (FCAC), the Canada Deposit Insurance Corporation (CDIC), and the Bank of Canada. This edition also references all voluntary commitments and codes of conduct issued by the Canadian Bankers Association (CBA), and relevant guidance from the Investment Industry Regulatory Organization of Canada (IIROC). This essential resource for practitioners, academics, and financial institutions is co-authored by a senior economic policy advisor from Finance Canada, and a senior practitioner from Gowling Lafleur Henderson LLP.
- CD-ROM to enable searching of terms, full-text access to case law, regulations, regulatory guidance, and more
- Summary of the latest legislative and regulatory developments under a separate chapter entitled "Recent Developments"
- Overview of each part of the Bank Act under a separate chapter entitled "Key Elements of the Bank Act"
- Full text of the Bank Act and all associated regulations
- Comprehensive Table of Regulatory Guidance that cross references all relevant sections of the Bank Act, and includes all OSFI guidelines, advisories, rulings, letters, and guidance notes; FCAC Commissioner's Guidance and Bulletins; and CBA voluntary codes of conduct
- Comprehensive Table of Case Law, highlighting the latest cases for easy reference
- Comprehensive Table of Concordance and Index, updated annually
The 2019 Annotated Bank Act with Associated Regulations is an essential resource for anyone with an interest in the process for incorporating a bank, the rights of bank shareholders, the duties of bank directors and officers, the business of banking, consumer provisions, the ownership and investment rules, capital adequacy requirements, foreign banks, or bank holding companies.
New and Updated in this edition
Amendments to the Bank Act:
- Amendments to Part X – Adequacy of Capital and Liquidity – came into force on March 26, 2018. These amendments implement the government’s bail-in framework announced with the 2016 budget (Bill C-15). A summary of these developments is provided in the Recent Developments section of the 2019 edition, and a full discussion can be found in the commentary to section 485 of the Act.
- Additional amendments came into force on royal assent of the Budget Implementation Act 2018, No. 1, 2018, c. 12 (Bill C-74) on June 22, 2018.
New and amended regulations referred to in the annotations:
- Bank Recapitalization (Bail-in) Issuance Regulations, SOR/2018-58
- Bank Recapitalization (Bail-in) Conversion Regulations, SOR/2018-57
- Compensation Regulations, SOR/2018-59
- Canada Deposit Insurance Corporation Differential Premiums By-Law, SOR/99-120, amended by SOR/2018-8
New and updated regulatory and other guidance referred to in the annotations:
- The annotations have been updated to reflect new and amended guidance from regulatory bodies, including the Canada Deposit Insurance Corporation, the Financial Consumer Agency of Canada, and the Office of the Superintendent of Financial Institutions
Significant recent decisions referred to in the annotations:
- Yip v. HSBC Holdings plc, 2018 ONCA 626
- Zriek et al v. Bank of Montreal, 2018 ONSC 44