Vol. 145, No. 8 — April 13, 2011
Registration
SOR/2011-99 March 25, 2011
COOPERATIVE CREDIT ASSOCIATIONS ACT BANK ACT TRUST AND LOAN COMPANIES ACT
ARCHIVED — Registered Products Regulations
P.C. 2011-509 March 25, 2011
His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to sections 448.3 (see footnote a), 459.4 (see footnote b), 566.1 (see footnote c), 576.2 (see footnote d) and 978 (see footnote e) of the Bank Act (see footnote f), sections 385.131 (see footnote g), 385.28 (see footnote h) and 463 (see footnote i) of the Cooperative Credit Associations Act (see footnote j) and sections 434.1 (see footnote k), 444.3 (see footnote l) and 531 (see footnote m) of the Trust and Loan Companies Act (see footnote n), hereby makes the annexed Registered Products Regulations.
REGISTERED PRODUCTS REGULATIONS
INTERPRETATION
Definitions
1. (1) The following definitions apply in these Regulations.
“institution” « institution »
“institution” means
- (a) a bank, as defined in section 2 of the Bank Act;
- (b) an authorized foreign bank, as defined in section 2 of the Bank Act;
- (c) a retail association, as defined in section 2 of the Cooperative Credit Associations Act; or
- (d) a company, as defined in section 2 of the Trust and Loan Companies Act.
“point of service” « point de service »
“point of service” means a physical location to which the public has access and at which an institution provides registered products through a natural person in Canada.
Definition of “registered product”
(2) For the purposes of sections 448.3 and 566.1 of the Bank Act, section 385.131 of the Cooperative Credit Associations Act, section 434.1 of the Trust and Loan Companies Act and these Regulations, “registered product” means a registered education savings plan, a registered retirement savings plan, a registered retirement income fund, a registered disability savings plan or any other plan, arrangement or fund to which Division G of Part I of the Income Tax Act applies that is provided by an institution to a natural person.
MANNER OF DISCLOSURE
Clear and simple language
2. (1) The information that is required to be provided by an institution under subsection 448.3(1) or 566.1(1) of the Bank Act, subsection 385.131(1) of the Cooperative Credit Associations Act, subsection 434.1(1) of the Trust and Loan Companies Act or these Regulations must be made in language, and presented in a manner, that is clear, simple and not misleading.
Manner of providing information
(2) The information must be provided in writing and orally, subject to the following exceptions:
- (a) in the case of an account that is opened by telephone, or an agreement that is entered into by telephone, the institution need only provide the information orally before opening the account or entering into the agreement; and
- (b) in the case of an account that is opened by electronic means or by mail, or an agreement that is entered into by electronic means or by mail, the institution need only provide the information in writing before opening the account or entering into the agreement.
Accounts opened by telephone
(3) An institution that only provides information orally in accordance with paragraph (2)(a) must provide the same information in writing without delay after opening the account or entering into the agreement.
Accounts opened by electronic means
(4) An institution that only provides information in writing in accordance with paragraph (2)(b) must, before opening the account or entering into the agreement, provide the telephone number of a person who is knowledgeable about the terms and conditions of the registered product.
Date of the disclosure
(5) An institution that provides the information in writing referred to in subsections (2) to (4) by mail is considered to have provided that information to the individual on the fifth business day after the postmark date.
CIRCUMSTANCES UNDER WHICH INFORMATION NEED NOT BE PROVIDED
Exception
3. (1) An institution is not required to provide the information referred to in subsection 448.3(1) or 566.1(1) of the Bank Act, subsection 385.131(1) of the Cooperative Credit Associations Act or subsection 434.1(1) of the Trust and Loan Companies Act if
- (a) the account to be opened, or the product or service in respect of which an agreement is to be entered into, will form part of a customer’s existing registered product; and
- (b) the customer has been previously advised in writing of all charges in respect of the registered product.
Trust and loan companies
(2) A company, as defined in section 2 of the Trust and Loan Companies Act, is not required to provide the information referred to in subsection 434.1(1) of that Act or section 4 if
- (a) the account to be opened is being opened by the company solely for the purpose of acting as trustee in respect of the registered product; or
- (b) the agreement to be entered into is an agreement that the company is entering into solely for the purpose of acting as trustee in respect of the registered product.
ADDITIONAL DISCLOSURE
Notice of amendments
4. Before amending any terms and conditions in respect of a registered product, the institution must disclose the proposed amendment in writing to the person to whom the product was provided.
LIST OF CHARGES
Branches and websites
5. (1) An institution must maintain a list of the charges applicable to registered products at each of its branches and points of service where registered products are offered in Canada and on each of its websites through which registered products are offered in Canada.
Making list available
(2) An institution must, on request, make the list available to its customers and to the public for inspection during business hours at each of the branches and points of service referred to in subsection (1).
COMING INTO FORCE
August 1, 2011
6. These Regulations come into force on November 1, 2011.
N.B. The Regulatory Impact Analysis Statement for these Regulations appears, following SOR/2011-98, Deposit Type Instruments Regulations.
Footnote a
S.C. 2007, c. 6, s. 31
Footnote b
S.C. 2007, c. 6, s. 37
Footnote c
S.C. 2007, c. 6, s. 89
Footnote d
S.C. 2007, c. 6, s. 93
Footnote e
S.C. 2005, c. 54, s. 135
Footnote f
S.C. 1991, c. 46
Footnote g
S.C. 2007, c. 6, s. 165
Footnote h
S.C. 2007, c. 6, s. 170
Footnote i
S.C. 2005, c. 54, s. 208
Footnote j
S.C. 1991, c. 48
Footnote k
S.C. 2007, c. 6, s. 363
Footnote l
S.C. 2007, c. 6, s. 368
Footnote m
S.C. 2005, c. 54, s. 449
Footnote n
S.C. 1991, c. 45