Jobs and Economic Growth Act (S.C. 2010, c. 12)
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Assented to 2010-07-12
PART 9R.S., c. 32 (2nd Supp.)PENSION BENEFITS STANDARDS ACT, 1985
Amendments to the Act
Marginal note:1998, c. 12, s. 22
1818. Subsection 33.2(1) of the Act is replaced by the following:
Marginal note:Superintendent may bring actions
33.2 (1) In addition to any other action that the Superintendent may take in respect of a pension plan, the Superintendent may bring against the administrator, employer or any other person any cause of action that a member, former member or any other person entitled to a benefit from the plan could bring.
1819. (1) Subparagraph 38(1)(b)(ii) of the English version of the Act is replaced by the following:
(ii) in any record, writing or other document, makes a false or deceptive statement or a false or deceptive entry, or
(2) Subsection 38(5) of the English version of the Act is replaced by the following:
Marginal note:Corporations and other bodies
(5) If a corporation or other body is guilty of an offence under this section, every officer, director, agent or mandatary or member of the corporation or body who directed, authorized, assented to, acquiesced in or participated in the offence is a party to and guilty of the offence and is liable on summary conviction to the punishment provided for the offence, whether or not the corporation or body has been prosecuted or convicted.
1820. (1) Section 39 of the Act is amended by adding the following after paragraph (e):
(e.1) respecting the interest to be paid on the amounts due to the pension fund from the employer or the administrator;
(e.2) respecting the letters of credit referred to in subsection 9.11(1), including regulations
(i) specifying the types of payments that may be replaced by a letter of credit,
(ii) specifying the circumstances in which a payment or part of a payment may be replaced by a letter of credit and the conditions and restrictions that apply,
(iii) specifying the eligibility criteria that the issuer of the letter of credit and the trustee referred to in section 9.13 must meet,
(iv) specifying the terms and conditions that a letter of credit and a trust agreement must contain,
(v) specifying the circumstances in which, on the direction of the employer, a letter of credit may be cancelled or its face value amended and the conditions that apply, and
(vi) specifying the circumstances in which a letter of credit must be cancelled or its face value reduced and the amount — or part of the amount — in respect of which it was obtained to be paid by the employer into the pension fund;
(e.3) respecting the reduction of payments referred to in section 9.16, including specifying the conditions under which they may be reduced and the types of payments that may be reduced;
(2) Section 39 of the Act is amended by adding the following after paragraph (h.1):
(h.2) respecting solvency ratios and solvency ratio levels and the manner in which they are to be determined;
(3) Paragraph 39(i) of the Act is replaced by the following:
(i) authorizing the Superintendent to specify the information in respect of pension plans that is to be provided to the Superintendent by the administrator;
(i.1) authorizing the Superintendent to specify the information in respect of pension plans that is to be provided to the Superintendent by the employer;
(4) Paragraph 39(j) of the French version of the Act is replaced by the following:
j) régir la répartition des actifs d’un régime de pension en liquidation;
Marginal note:1998, c. 12, s. 26(3)
(5) Paragraph 39(j.1) of the Act is replaced by the following:
(j.1) respecting the manner in which the administrator of a pension plan must deal with complaints or inquiries from members of the pension plan, former members and any other persons entitled to pension benefits under the plan;
(6) Section 39 of the Act is amended by adding the following after paragraph (k.1):
(k.2) respecting variable benefits;
(7) Paragraph 39(l) of the French version of the Act is replaced by the following:
l) définir invalidité;
(8) Paragraph 39(m) of the Act is replaced by the following:
(l.1) defining the term “normal cost” for the purposes of paragraph 29(6)(a) and subsections 29.07(1) and 29.1(2);
(m) respecting the meaning of “impair the solvency” for the purposes of section 26.1;
(9) Section 39 of the Act is amended by adding the following after paragraph (m):
(m.1) respecting payment of the amount described in subsection 29(6.1);
(m.2) respecting the manner in which the amount described in subsection 29(6.1) is to be calculated, including the periodic adjustment of that amount between the date of termination and the date of the winding-up of the pension plan;
(m.3) respecting the determination of the portion referred to in subsection 29(6.3) and the reversion of that portion to the benefit of the employer;
(10) The portion of paragraph 39(n) of the French version of the Act before subparagraph (i) is replaced by the following:
n) régir la coordination des paiements suivants :
(11) Section 39 of the Act is amended by adding the following after paragraph (n):
(n.1) respecting the distressed pension plan scheme provided for in sections 29.01 to 29.3, including regulations
(i) specifying the circumstances in which the election referred to in subsection 29.03(1) may not be made,
(ii) specifying the form and content of the notice to be provided under subsection 29.03(5) as well as the manner in which and the period within which it is to be provided,
(iii) respecting the negotiation process,
(iv) respecting the determination of the day on which the negotiation period is to end, and
(v) respecting the funding schedule, including what it may provide for and the requirements that it must meet;
(12) Section 39 of the Act is renumbered as subsection 39(1) and is amended by adding the following:
Marginal note:Classes
(2) A regulation made under this Act may be made applicable generally to all pension plans or specifically to one or more classes of pension plans.
Marginal note:General or specific application
(3) A regulation made for the purposes of subsection 8(4.1) or 9(1), sections 9.11 to 9.15 or subsection 10.1(2) may be made applicable generally to all pension plans or specifically to one or more pension plans.
1821. The Act is amended by adding the following after section 39:
Marginal note:Incorporation by reference
39.1 (1) A regulation made under this Act may incorporate by reference a document produced by a person or body other than the Minister or the Superintendent.
Marginal note:Reproduced or translated document
(2) A regulation may incorporate by reference a document that the Minister or Superintendent reproduces or translates from a document produced by a person or body other than the Minister or Superintendent, with any adaptations of form or reference that will facilitate its incorporation.
Marginal note:Jointly produced document
(3) A regulation may incorporate by reference a document that the Minister or Superintendent produces jointly with a provincial or foreign government or government agency for the purpose of harmonizing the regulation with other laws.
Marginal note:Scope of incorporation
(4) A document may be incorporated by reference as it exists on a particular date or as it is amended from time to time.
Marginal note:Defence
(5) No person may be convicted of an offence or subjected to a penalty for the contravention of a regulation if a document that is relevant to the offence or contravention is incorporated by reference in the regulation unless it is proved that, at the time of the alleged contravention, the document was reasonably accessible to the person or reasonable steps had been taken to ensure that the document was accessible to the public.
Marginal note:Registration and publication
(6) For greater certainty, a document that is incorporated by reference in a regulation is not required to be transmitted for registration or published in the Canada Gazette by reason only that it is incorporated by reference.
Marginal note:Exception
(7) A regulation that is specifically applicable to one pension plan or one employer may not incorporate by reference a document produced by the employer or administrator or any person related to either of them, including any body corporate that — within the meaning of subsections 2(2), (4) and (5) of the Canada Business Corporations Act — is affiliated with either of them or is the holding body corporate or a subsidiary of either of them.
1822. Paragraphs 40(b) to (d) of the Act are repealed.
1823. The heading before section 43 and sections 43 to 45 of the Act are repealed.
Replacement of « acquises » with « accumulées »
1824. The French version of the Act is amended by replacing acquises with accumulées in the following provisions:
(a) paragraph (a) of the definition régime à cotisations déterminées in subsection 2(1);
(b) paragraph 16.1(5)(a); and
(c) paragraph 30(1)(c) and subsection 30(2).
Replacement of “void” with “void or, in Quebec, null”
1825. The English version of the Act is amended by replacing “void” with “void or, in Quebec, null” in the following provisions:
(a) the definition “spouse” in subsection 2(1);
(b) paragraphs 16.1(4)(g) and (5)(c);
(c) subsections 36(1), (2) and (4); and
(d) subsections 37(1) and (2).
Transitional Provision
Marginal note:Adoption of new plan
1826. If, as a result of the adoption of a new plan, employer contributions to a pension plan are suspended or cease before the day on which subsection 29(4) of the Pension Benefits Standards Act, 1985, as enacted by subsection 1816(2), comes into force, the original plan is deemed not to have been terminated, and the pension benefits and other benefits provided under the original plan are deemed to be benefits provided under the new plan in respect of any period of membership before the adoption of the new plan, regardless of whether the assets and liabilities of the original plan have been consolidated with those of the new plan.
Coming into Force
Marginal note:Order in council
1827. The provisions of this Part — other than sections 1788, 1789, 1792, 1793, 1794, 1796, 1798, 1799, 1801, 1803, 1810 and 1811, subsection 1813(2), section 1814, subsections 1816(1) and (3), section 1819, subsections 1820(2) to (5), (7), (8) and (10) and sections 1821, 1824 and 1825 — come into force on a day or days to be fixed by order of the Governor in Council.
PART 10AGREEMENT ON SOCIAL SECURITY BETWEEN CANADA AND THE REPUBLIC OF POLAND — RETROACTIVE COMING INTO FORCE
Marginal note:Coming into force of Agreement
1828. Despite sections 41 and 42 of the Old Age Security Act, the Agreement on Social Security between Canada and the Republic of Poland, signed on April 2, 2008, is deemed to have come into force in Canada on October 1, 2009.
Marginal note:Actions taken
1829. All actions taken in accordance with the conditions of the Agreement referred to in section 1828 during the period beginning on October 1, 2009 and ending on the day on which section 1828 comes into force, including the exchange of information — with respect to a person — that is obtained under the Old Age Security Act or prepared under that Act from that information between the competent authorities or competent institutions of Canada and the Republic of Poland and the payment of any benefits purporting to have been made under that Act, are deemed to be lawful.
Marginal note:Interpretation
1830. For the purposes of section 1829, “competent authority” and “competent institution” have the same meanings as in the Agreement referred to in section 1828.
PART 11R.S., c. E-20; 2001, c. 33, s. 2(F)EXPORT DEVELOPMENT ACT
Marginal note:1993, c. 26, s. 4(1)
1831. Paragraph 10(1.1)(h) of the Export Development Act is replaced by the following:
(h) make any investment or enter into any transaction, including any transaction whose object is the management of portfolio risks, that is necessary or desirable for the financial management of the Corporation;
Marginal note:1993, c. 26, s. 6
1832. Section 17 of the Act is replaced by the following:
Marginal note:Offices
17. (1) The Corporation may establish offices in and outside Canada, and the Corporation’s head office shall be in the National Capital Region as described in the schedule to the National Capital Act.
Marginal note:Approval
(2) The Corporation shall obtain the approval of the Minister and the Minister of Foreign Affairs before establishing any office outside Canada.
Marginal note:Conditions
(3) The approval may be of a limited duration and may be subject to conditions.
Marginal note:Revocation
(4) Either the Minister or the Minister of Foreign Affairs may, if he or she considers it appropriate, revoke the approval by giving notice to the Corporation of the revocation and of its effective date.
Marginal note:1993, c. 26, s. 8
1833. Subsection 23(6) of the Act is replaced by the following:
Marginal note:Financial management
(6) The Minister, with the concurrence of the Minister of Finance, may authorize the Corporation to make any investment or enter into any transaction or any class of transactions — including the forgiveness in whole or in part of any debt or obligation — that is necessary or desirable for the management of assets and liabilities arising out of any transaction that may be entered into under this section.
PART 12PAYMENT CARD NETWORKS
Enactment of Payment Card Networks Act
Marginal note:Enactment
1834. The Payment Card Networks Act is enacted as follows:
An Act respecting payment card networks
SHORT TITLE
Marginal note:Short title
1. This Act may be cited as the Payment Card Networks Act.
PURPOSE
Marginal note:Purpose
2. The purpose of this Act is to regulate national payment card networks and the commercial practices of payment card network operators.
INTERPRETATION
Marginal note:Definitions
3. The following definitions apply in this Act.
“acquirer”
« acquéreur »
“acquirer” means an entity that enables merchants to accept payments by payment card by providing merchants with access to a payment card network for the transmission or processing of those payments. It does not include that entity’s agent or mandatary.
“entity”
« entité »
“entity” means a corporation, trust or partnership, or an unincorporated association or organization.
“issuer”
« émetteur »
“issuer” means an entity or provincial Crown corporation that issues payment cards.
“Minister”
« ministre »
“Minister” means the Minister of Finance.
“payment card”
« carte de paiement »
“payment card” means a credit or debit card — or any other prescribed device — used to access a credit or debit account on terms specified by the issuer. It does not include a credit card issued for use only with the merchants identified on the card.
“payment card network”
« réseau de cartes de paiement »
“payment card network” means an electronic payment system — other than a prescribed payment system — used to accept, transmit or process transactions made by payment card for money, goods or services and to transfer information and funds among issuers, acquirers, merchants and payment card users.
“payment card network operator”
« exploitant de réseau de cartes de paiement »
“payment card network operator” means an entity that operates or manages a payment card network, including by establishing standards and procedures for the acceptance, transmission or processing of payment transactions and by facilitating the electronic transfer of information and funds.
APPLICATION
Marginal note:Application
4. This Act applies to payment card network operators.
FINANCIAL CONSUMER AGENCY OF CANADA
Marginal note:Supervision
5. (1) The Financial Consumer Agency of Canada, established under section 3 of the Financial Consumer Agency of Canada Act, is responsible for supervising payment card network operators to determine whether they are in compliance with the provisions of this Act and the regulations.
Marginal note:Examination and inquiry
(2) The Commissioner of the Financial Consumer Agency of Canada, appointed under section 4 of the Financial Consumer Agency of Canada Act, must, from time to time but at least once in each year, make or cause to be made any examination and inquiry that the Commissioner considers necessary to determine whether the provisions of this Act and the regulations are being complied with and, after the conclusion of each examination and inquiry, must report on it to the Minister.
Marginal note:Power of Commissioner on inquiry
(3) For the purposes of this section, the Commissioner has all the powers of a person appointed as a commissioner under Part II of the Inquiries Act for the purpose of obtaining evidence under oath, and may delegate those powers to any person acting under the Commissioner’s direction.
Marginal note:Access to records
(4) For the purposes of this section, the Commissioner or a person acting under the Commissioner’s direction
(a) has a right of access to any records, including electronic records, of a payment card network operator; and
(b) may require the directors or officers of a payment card network operator to provide information and explanations, to the extent that they are reasonably able to do so.
Marginal note:Required information
(5) A payment card network operator must provide the Commissioner with any information that the Commissioner may require for the purposes of this section.
Marginal note:Confidential information
(6) Subject to subsection (7), information regarding the business or affairs of a payment card network operator, or regarding persons dealing with one, that is obtained by the Commissioner or by a person acting under the Commissioner’s direction, in the course of the exercise or performance of powers, duties and functions under this section or under subsection 5(1.1) or (2.1) of the Financial Consumer Agency of Canada Act, and any information prepared from that information, is confidential and must be treated accordingly.
Marginal note:Disclosure permitted
(7) If the Commissioner is satisfied that the information will be treated as confidential by the person to whom it is disclosed, the Commissioner may disclose it to the Deputy Minister of Finance, or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance, for the purpose of policy analysis related to the regulation of payment card network operators.
Marginal note:Compliance agreement
(8) The Commissioner may enter into an agreement, called a “compliance agreement”, with a payment card network operator for the purpose of implementing any measure designed to further compliance by it with the provisions of this Act and the regulations.
REGULATIONS
Marginal note:Regulations
6. The Governor in Council may, on the recommendation of the Minister, make regulations
(a) respecting payment card networks;
(b) specifying the types of rates that a payment card network operator must disclose and the manner in which the disclosure must be made;
(c) prescribing the time and manner in which a payment card network operator must give notice of any new rates or any changes in its rates or fee schedules, as well as to whom the notice must be given;
(d) prescribing conditions regarding the issuance of payment cards that a payment card network operator must include in any agreement entered into with an issuer;
(e) prescribing conditions that a payment card network operator must include in any agreement entered into with an acquirer;
(f) prescribing anything that by this Act is to be prescribed; and
(g) generally for carrying out the purposes and provisions of this Act.
GENERAL
Marginal note:Enforcing conditions
7. A payment card network operator that is a party to an agreement containing any of the conditions required by regulations made under paragraph 6(d) or (e) must take reasonable measures to enforce those conditions.
Marginal note:Exemption
8. The Minister may, by order, exempt a payment card network operator from any of the provisions of this Act or the regulations.
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