ARCHIVED — Vol. 147, No. 8 — April 10, 2013
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.
(This note is not part of the Order.)
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.
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.
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.
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.
Financial Institutions Division
Department of Finance Canada
140 O’Connor Street