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BANK ACTINSURANCE COMPANIES ACTTRUST AND LOAN COMPANIES ACTPublic Accountability Statements (Insurance Companies and Trust and Loan Companies) RegulationsP.C.2002-40220023
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Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsections 459.3(4)a of the Bank Actb, 489.1(4)c of the Insurance Companies Actd and 444.2(4)e of the Trust and Loan Companies Actf, hereby makes the annexed Public Accountability Statements (Banks, Insurance Companies, Trust and Loan Companies) Regulations.S.C. 2001, c. 9, s. 125S.C. 1991, c. 46S.C. 2001, c. 9, s. 425S.C. 1991, c. 47S.C. 2001, c. 9, s. 548S.C. 1991, c. 45Interpretation
DefinitionsThe following definitions apply in these Regulations.community development means the social, cultural, economic or environmental enrichment of a community. (développement communautaire)declarant means[Repealed, SOR/2021-181, s. 100]a company referred to in subsection 489.1(1) of the Insurance Companies Act; ora company referred to in section 444.2(1) of the Trust and Loan Company Act. (déclarant)period means, in relation to a declarant,for the first public accountability statement,all full quarters of the financial year of the declarant that begin after the date of coming into force of these Regulations, orthe financial year of the declarant; andfor all subsequent public accountability statements, the financial year of the declarant. (période)public accountability statement means the statement that is required to be published[Repealed, SOR/2021-181, s. 100]under subsection 489.1(1) of the Insurance Companies Act; orunder subsection 444.2(1) of the Trust and Loan Companies Act. (déclaration annuelle)SOR/2021-181, s. 100
Affiliates of Declarant
Affiliates of declarantFor the purposes of subsection 489.1(1) of the Insurance Companies Act and subsection 444.2(1) of the Trust and Loan Companies Act, the affiliates of a declarant in respect of which a public accountability statement is required to be published arethe affiliates of the declarant that are finance entities as defined in the Finance Entity Regulations except for an affiliate that is a finance entity that makes or refinances loans to, or enters into any other similar arrangements for advancing funds or credit with, only entities that are its affiliates; orthe affiliates of the declarant that are financial institutions with equity of less than one billion dollars, other than foreign institutions that carry on business exclusively outside of Canada.ExceptionFor the purposes of subsection 489.1(1) of the Insurance Companies Act and subsection 444.2(1) of the Trust and Loan Companies Act, the affiliates of a declarant in respect of which a public accountability statement is not required to be published in a given period are the entities referred to in paragraphs (1)(a) and (b) in respect of which a public accountability statement is published by another declarant for that period.SOR/2021-181, s. 101
Content of Public Accountability Statement
What statement must containSubject to subsections (2) to (4), the public accountability statement must containa list of affiliates of the declarant in respect of which the statement is published;a list of affiliates of the declarant in respect of which the public accountability statement of another declarant is published for the period and the name of the other declarant;detailed examples, in relation to the declarant and the affiliates in respect of which the statement is published,of their goals in the area of community development and of their participation during the period in activities for the purpose of community development, including the making of financial contributions for that purpose,of activities undertaken on their behalf during the period by their employees on a voluntary basis for the purpose of community development,of charitable donations that they made during the period,of their philanthropic activities, other than charitable donations, during the period, including their total value in money to the extent that the value of those activities can be expressed in money, andof any new initiatives or technical assistance programs that they undertook during the period in relation tofinancing for small businesses, andinvestments or partnerships in micro-credit programs;the total value in money of eitherthe charitable donations made during the period by the declarant and the affiliates in respect of which the statement is published, orthe charitable donations made during the period by the financial group of which the declarant is a member;a report, in respect of the declarant and the affiliates in respect of which the statement is published, setting out the total amount of money that they authorized to be made available during the period by way of debt financing to firms in Canada, and then setting out that amount broken down, by province, in accordance with the amount of debt financing that was authorized, and the number of firms to which it was authorized, within each of the following ranges, namely,$0 to $24,999,$25,000 to $99,999,$100,000 to $249,999,$250,000 to $499,999,$500,000 to $999,999,$1,000,000 to $4,999,999, and$5,000,000 and greater;an overview of initiatives undertaken during the period, by the declarant and by the affiliates in respect of which the statement is published, to improve access to financial services for low-income individuals, senior citizens and disabled persons;in the case of a declarant that is a bank referred to in subsection 459.3(1) of the Bank Act or a company referred to in subsection 444.2(1) of the Trust and Loan Companies Act, a listing of the street addresses — including, if the address is shared, the precise location — of the facilities that were opened or closed by the declarant in each province during the period, if those facilities are or werebranches that are open to the public and at which a product or service is offered, orfacilities, other than branches, at which the declarant has accepted deposits from customers or disbursed cash to customers;the number of individuals employed in each province at financial year-end by the declarant and by the affiliates in respect of which the statement is published, includingthe number of full-time positions held by those individuals, andthe number of part-time positions held by those individuals; andthe total amount of income and capital taxes paid or payable by the financial group of which the declarant is a member in respect of its financial year, broken down by total amounts paid or payable to federal and provincial governments.Non-applicationSubparagraph (1)(c)(v) and paragraph 1(e) do not apply to insurance companies if they did not participate in the activities described in those provisions over the course of the period.RefusalA declarant may refuse to report the information required under paragraph (1)(e) for the ranges set out in subparagraphs (vi) and (vii) if, by providing that information, a firm could be identified.ExceptionIf a firm could be identified by the declarant reporting, for a province, the information required under paragraph (1)(e) for the ranges set out in subparagraphs (1)(e)(i) to (v), the declarant may report that information together with the information reported for another province, provided that the declarant indicates that fact in the report and identifies the provinces concerned.SOR/2009-40, s. 1
Time and Manner Requirements for Disclosure
Time requirementA declarant must prepare a public accountability statement and file a written copy of it with the Commissioner within 135 days after the end of each period.
Manner of disclosureThe declarant must disclose the public accountability statements to its customers and to the public byinforming its customers and the public within 135 days after the end of each period, through advertising, making public announcements, posting notices, mailing information or otherwise, about any means by which the statement is available to the customers and the public;making copies of the statement available on request to customers and the public at no charge; andposting the statement on its websites through which products or services are offered in Canada.SOR/2009-40, s. 2
Coming into Force
Coming into forceThese Regulations come into force on the day on which they are registered.
SOR/2021-1812022-06-29