Consumer-Driven Banking Act

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Sections732

• 1Short title

  This Act may be cited as the Consumer-Driven Banking Act.

• 2Definitions

  The following definitions apply in this Act.

• 2[p2]

  authentication information means any password or other information that a consumer creates or adopts to be used to authenticate their identity. (authentifiant)

• 2[p3]

  Bank means the Bank of Canada. (Banque)

• 2[p4]

  complaint means an expression of dissatisfaction, whether justified or not, to a participating entity with respect to any activity that it performs under this Act. (plainte)

• 2[p5]

  derived data means, subject to the regulations, data about a consumer, product or service that has been enhanced by a participating entity to significantly increase its usefulness or commercial value. (données dérivées)

• 2[p6]

  entity means a corporation, trust, partnership, fund, unincorporated association or organization or federal or provincial Crown corporation. (entité)

• 2[p7]

  external complaints body means the corporation designated under subsection 114(1). (organisme externe de traitement des plaintes)

• 2[p8]

  federal financial institution means

• 2[p8](a)

  a bank that is listed in Schedule I or II to the Bank Act;

• 2[p8](b)

  an authorized foreign bank as defined in section 2 of the Bank Act;

• 2[p8](c)

  a company to which the Trust and Loan Companies Act applies;

• 2[p8](d)

  an association to which the Cooperative Credit Associations Act applies; or

• 2[p8](e)

  a company, fraternal benefit society or foreign company to which the Insurance Companies Act applies. (institution financière fédérale)

• 2[p14]

  government authority includes the Royal Canadian Mounted Police, the Communications Security Establishment and the Canadian Security Intelligence Service. (autorité administrative)

• 2[p15]

  Governor has the same meaning as in section 2 of the Bank of Canada Act. (gouverneur)

• 2[p16]

  Minister means the Minister of Finance. (ministre)

• 2[p17]

  participating entity means

• 2[p17](a)

  a bank that is listed in the schedule;

• 2[p17](b)

  a federal financial institution or provincial financial institution that is accredited under section 15;

• 2[p17](c)

  a registered payment service provider that is accredited under section 17; or

• 2[p17](d)

  an entity that is accredited under section 19. (entité participante)

• 2[p22]

  provincial financial institution means

• 2[p22](a)

  a cooperative credit society, savings and credit union or caisse populaire that is regulated by a provincial Act;

• 2[p22](b)

  a provincial Crown corporation that offers deposit-taking services; or

• 2[p22](c)

  an insurance company that is regulated by a provincial Act. (institution financière provinciale)

• 2[p26]

  registered payment service provider means a payment service provider, as defined in section 2 of the Retail Payment Activities Act, that is registered, as defined in that section. (fournisseur de services de paiement enregistré)

• 2[p27]

  registry means the registry that is maintained under section 44. (registre)

• 2[p28]

  sharing, in respect of consumer data, means the provision or receipt of that data by participating entities. (partage)

• 2[p29]

  technical standards body means the body designated under subsection 125(1). (organisme de normalisation technique)

• 2[p30]

  third-party service provider means an individual or entity that is not an employee or an agent or mandatary of a participating entity and that, under a contract, provides the participating entity with a service that is related to the activities that the participating entity performs under this Act. (tiers fournisseur de services)

• 3Purpose

  The purpose of this Act is to establish a framework within which consumers, including businesses, can direct that their data be shared among participating entities of their choice, to ensure that the sharing of data among participating entities is safe and secure and to foster competition in the financial sector.

• 4Objects

  The Bank’s objects under this Act are to

• 4(a)

  supervise participating entities, accredited third-party service providers, the external complaints body and the technical standards body to determine whether they are in compliance with

• 4(a)(i)

  the provisions of this Act and the regulations that are applicable to them, and

• 4(a)(ii)

  orders made, undertakings required, compliance agreements entered into and directions made under this Act;

• 4(b)

  monitor and evaluate trends and emerging issues that may have an impact on consumers of consumer-driven banking, including trends and issues in respect of products, services and market developments, and make information on those trends and issues public;

• 4(c)

  foster participation in consumer-driven banking in cooperation with any department, agency or agent corporation of the Government of Canada or any department, agency or agent or mandatary corporation of the government of a province, financial institutions and consumer and other organizations; and

• 4(d)

  foster competition in the financial sector in the interests of consumers.

• 5Agreements or arrangements

  The Bank may, for the purpose of exercising its powers or performing its duties and functions under this Act, enter into an agreement or arrangement with any government authority or regulatory body.

• 6Guidelines — Bank
• 6(1)

  Subject to subsection (2), the Bank may issue guidelines respecting the manner in which this Act is to be applied.

• 6(2)Guidelines — Minister

  The Minister may issue guidelines respecting the manner in which any provision of this Act that confers powers, duties or functions on the Minister is to be applied.

• 7Publication of information — regulations
• 7(1)

  The Bank must publish, within the time and in the manner provided for in the regulations, the information that is provided for in the regulations respecting consumer-driven banking.

• 7(2)Publication of information as appropriate

  The Bank may publish any information with respect to consumer-driven banking that the Bank considers appropriate.

• 8Personal information

  The Bank may collect any personal information that the Bank considers necessary for carrying out its objects under this Act.

• 9Delegation of Governor’s powers, duties and functions

  The Governor may delegate to an officer of the Bank any of the Governor’s powers, duties or functions under this Act.

• 10Data
• 10(1)

  This Act applies in respect of data that relates to the following products and services, including data that is provided by a consumer and data that is provided for in the regulations:

• 10(1)(a)

  deposit accounts;

• 10(1)(b)

  registered investment accounts;

• 10(1)(c)

  non-registered investment accounts;

• 10(1)(d)

  payment products;

• 10(1)(e)

  lines of credit, mortgages or hypothecs and other kinds of loans; and

• 10(1)(f)

  other products or services provided for in the regulations.

• 10(2)Exclusion

  This Act does not apply in respect of derived data.

• 11Limit — editing data

  Data that is shared between participating entities in accordance with this Act is to be shared in a manner that does not enable the participating entity that receives the data to edit the data on servers that are used by the participating entity that provides the data.

• 12Restriction

  Nothing in this Act affects any restriction imposed under the Bank Act on banks with respect to the sharing of information about a consumer with an insurance company, agent or broker for the business of insurance.

• 13Adding to schedule
• 13(1)

  The Minister may, by order, amend the schedule by adding the name of a bank that is listed in Schedule I to the Bank Act.

• 13(2)Amendment

  The Minister may, by order, amend the schedule by amending the name of a bank.

• 13(3)Deletion

  The Minister may, by order, amend the schedule by deleting the name of a bank if the bank is dissolved or if it is continued, or amalgamated and continued, as a corporation to which another Act of Parliament applies.

• 13(4)Order to be published

  An order made under this section must be published in the Canada Gazette.

• 14Notice to Bank
• 14(1)

  The Minister must, as soon as feasible, notify the Bank of any amendment that is made to the schedule.

• 14(2)Registry

  As soon as feasible after being notified of an amendment to the schedule, the Bank must

• 14(2)(a)

  add to the registry the name of any bank whose name was added to the schedule, the date on which it was added to the schedule and any other relevant information;

• 14(2)(b)

  amend in the registry the name of any bank whose name was amended in the schedule; or

• 14(2)(c)

  delete from the registry the name of any bank whose name was deleted from the schedule and all other information about the bank.

• 14(3)Notice to bank

  As soon as feasible after amending the registry under this section, the Bank must notify the bank to which the amendment relates.

• 15Accreditation
• 15(1)

  Subject to sections 50 and 52, the Bank may, on application made in accordance with the regulations, accredit a federal financial institution, other than a bank that is listed in the schedule, or provincial financial institution if the Bank is satisfied that the federal financial institution or provincial financial institution is in compliance with the technical standard referred to in subsection 125(1) and the security safeguards provided for in the regulations.

• 15(2)Fee

  An applicant must include with the application an accreditation fee determined in accordance with the regulations.

• 15(3)Information

  At the Bank’s request and within the time and in the manner specified by the Bank, an applicant must provide the Bank with any information that is relevant to the application.

• 15(4)Notice of change to information

  As soon as feasible after an applicant becomes aware that information provided as part of the application has changed or is about to change, the applicant must notify the Bank of the change or anticipated change, and the Bank must then, as soon as feasible, notify the Minister and any designated person or government authority.

• 16Notice and addition to registry

  As soon as feasible after deciding to accredit an applicant or refuse an application, the Bank must notify the applicant in writing of the decision and the reasons for it and, in the case of a decision to accredit, add to the registry the applicant’s name, the date of accreditation and any other relevant information.

• 17Accreditation
• 17(1)

  Subject to sections 50 and 52, the Bank may, on application made in accordance with the regulations, accredit a registered payment service provider if the Bank is satisfied that it meets the requirements provided for in the regulations.

• 17(2)Fee

  An applicant must include with the application an accreditation fee determined in accordance with the regulations.

• 17(3)Information

  At the Bank’s request and within the time and in the manner specified by the Bank, an applicant must provide the Bank with any information that is relevant to the application.

• 17(4)Notice of change to information

  As soon as feasible after an applicant becomes aware that information provided as part of the application has changed or is about to change, the applicant must notify the Bank of the change or anticipated change, and the Bank must then, as soon as feasible, notify the Minister and any designated person or government authority.

• 18Notice and addition to registry

  As soon as feasible after deciding to accredit an applicant or refuse an application, the Bank must notify the applicant in writing of the decision and the reasons for it and, in the case of a decision to accredit, add to the registry the applicant’s name, the date of accreditation and any other relevant information.

• 19Accreditation
• 19(1)

  Subject to sections 50 and 52, the Bank may, on application made in accordance with the regulations, accredit an entity other than a federal financial institution or provincial financial institution or a registered payment service provider, if the Bank is satisfied that the entity meets the requirements provided for in the regulations.

• 19(2)Fee

  An applicant must include with the application an accreditation fee determined in accordance with the regulations.

• 19(3)Information

  At the Bank’s request and within the time and in the manner specified by the Bank, an applicant must provide the Bank with any information that is relevant to the application.

• 19(4)Notice of change to information

  As soon as feasible after an applicant becomes aware that information provided as part of the application has changed or is about to change, the applicant must notify the Bank of the change or anticipated change, and the Bank must then, as soon as feasible, notify the Minister and any designated person or government authority.

• 20Notice and addition to registry

  As soon as feasible after deciding to accredit an applicant or refuse an application, the Bank must notify the applicant in writing of the decision and the reasons for it and, in the case of a decision to accredit, add to the registry the applicant’s name, the date of accreditation and any other relevant information.

• 21Review
• 21(1)

  An applicant that has been notified under section 16, 18 or 20 of a decision to refuse its application for accreditation may, within the period provided for in the regulations, make a request to the Governor for a review of the decision.

• 21(2)Decision

  After giving the applicant an opportunity to make representations, the Governor must, within the period provided for in the regulations, confirm the refusal or accredit the applicant.

• 21(3)Notice and addition to registry

  As soon as feasible after deciding to confirm the refusal or accredit the applicant, the Governor must notify the applicant in writing of the decision and the reasons for it and, in the case of a decision to accredit, add to the registry the applicant’s name, the date of accreditation and any other relevant information.

• 22Request for revocation
• 22(1)

  The Bank must revoke a participating entity’s accreditation at the request of the participating entity if the Bank is satisfied that the participating entity

• 22(1)(a)

  has complied with its duties under this Act;

• 22(1)(b)

  has, in accordance with the regulations and at least 30 days before the day on which it makes the request for revocation, notified in writing any consumers that use the services that it provides in accordance with this Act of its intention to request revocation and provided those consumers with any other information that is provided for in the regulations; and

• 22(1)(c)

  in the case of a participating entity that is a provincial financial institution, has, at least 30 days before the day on which it makes the request for revocation, notified in writing the appropriate provincial authority that regulates or supervises the provincial financial institution of its intention to request revocation.

• 22(2)Notice of decision

  The Bank must, as soon as feasible, notify the participating entity in writing of the decision with respect to the request and the reasons for the decision.

• 22(3)Reference to revocation in registry

  If the Bank decides to revoke the participating entity’s accreditation, the Bank must, as soon as feasible, include a reference to the revocation in the registry.

• 23Suspension
• 23(1)

  The Bank may suspend a participating entity’s accreditation if the Bank is satisfied that the participating entity has contravened this Act or the regulations.

• 23(2)Reference to suspension in registry

  The Bank must, as soon as feasible, include a reference to the suspension in the registry.

• 23(3)Conditions

  The Bank may impose any conditions that the Bank considers appropriate on a participating entity whose accreditation is suspended and the participating entity must comply with those conditions.

• 23(4)Notice

  The Bank must, as soon as feasible, notify the participating entity in writing of the suspension and any conditions imposed.

• 23(5)Notice to consumers

  As soon as feasible after being notified of the suspension, the participating entity must notify in writing any consumers that use the services that it provides in accordance with this Act of the suspension and any conditions imposed.

• 24End of suspension

  If the Bank is satisfied that the grounds for suspending a participating entity’s accreditation no longer exist, the Bank must end the suspension and must, as soon as feasible, notify the participating entity in writing that the suspension has ended and remove the reference to the suspension from the registry.

• 25Notice of intent to revoke accreditation

  The Bank may give a participating entity a notice of intent to revoke the participating entity’s accreditation if the Bank is satisfied that the participating entity has contravened this Act or the regulations. A notice of intent must include reasons.

• 26Review of notice of intent
• 26(1)

  A participating entity that has been given a notice of intent to revoke may, within the period provided for in the regulations, make a request to the Governor for a review of the notice of intent.

• 26(2)Decision

  After giving the participating entity an opportunity to make representations, the Governor must, within the period provided for in the regulations, revoke the participating entity’s accreditation or withdraw the notice of intent.

• 26(3)Notice to participating entity

  The Governor must, as soon as feasible, notify the participating entity in writing of the decision and the reasons for it.

• 27Review not requested

  If a participating entity that has been given a notice of intent to revoke does not make a request for a review within the period provided for in the regulations, the Bank must revoke the participating entity’s accreditation or withdraw the notice of intent. The Bank must, as soon as feasible, notify the participating entity in writing of the decision and the reasons for it.

• 28Reference to revocation in registry

  If the Governor revokes a participating entity’s accreditation under subsection 26(2) or the Bank does so under section 27, the Bank must, as soon as feasible, include a reference to the revocation in the registry.

• 29Duties of former participating entity

  A participating entity whose accreditation has been revoked must, as soon as feasible after being notified of the revocation under subsection 26(3) or section 27, comply with its duties under this Act and, in accordance with the regulations, notify in writing any consumers that used the services that it provided in accordance with this Act and provide those consumers with any other information that is provided for in the regulations.

• 30Notice to appropriate provincial authority

  If the Bank gives notice under subsection 22(2) or 23(4) or section 24, 25 or 27 to a participating entity that is a provincial financial institution, or the Governor does so under subsection 26(3), the Bank or the Governor, as the case may be, must, as soon as feasible, notify the appropriate provincial authority that regulates or supervises the provincial financial institution.

• 31Accreditation required

  A participating entity must not use a third-party service provider to perform any of the following activities under this Act unless the third-party service provider is accredited under section 32:

• 31(a)

  obtaining or managing consumers’ consent on behalf of the participating entity;

• 31(b)

  confirming consumers’ authentication information or managing the authentication of consumers on behalf of the participating entity;

• 31(c)

  providing or receiving consumer data on behalf of the participating entity.

• 32Accreditation
• 32(1)

  Subject to sections 50 and 52, the Bank may, on application made in accordance with the regulations, accredit an individual or entity to perform one or more of the activities referred to in paragraphs 31(a) to (c) if the Bank is satisfied that the individual or entity meets the requirements provided for in the regulations.

• 32(2)Fee

  An applicant must include with the application an accreditation fee determined in accordance with the regulations.

• 32(3)Information

  At the Bank’s request and within the time and in the manner specified by the Bank, an applicant must provide the Bank with any information that is relevant to the application.

• 32(4)Notice of change to information

  As soon as feasible after an applicant becomes aware that information provided as part of the application has changed or is about to change, the applicant must notify the Bank of the change or anticipated change, and the Bank must then, as soon as feasible, notify the Minister and any designated person or government authority.

• 33Notice and addition to registry

  As soon as feasible after deciding to accredit an applicant or refuse an application, the Bank must notify the applicant in writing of the decision and the reasons for it and, in the case of a decision to accredit, add to the registry the applicant’s name, the date of accreditation and any other relevant information.

• 34Review
• 34(1)

  An applicant that has been notified under section 33 of a decision to refuse its application for accreditation may, within the period provided for in the regulations, make a request to the Governor for a review of the decision.

• 34(2)Decision

  After giving the applicant an opportunity to make representations, the Governor must, within the period provided for in the regulations, confirm the refusal or accredit the applicant.

• 34(3)Notice and addition to registry

  The Governor must, as soon as feasible, notify the applicant in writing of the decision and the reasons for it and, in the case of a decision to accredit, add to the registry the applicant’s name, the date of accreditation and any other relevant information.

• 35Request for revocation
• 35(1)

  The Bank must revoke an accredited third-party service provider’s accreditation at the request of the accredited third-party service provider if the Bank is satisfied that the accredited third-party service provider has complied with its duties under this Act.

• 35(2)Notice of decision

  The Bank must, as soon as feasible, notify the accredited third-party service provider in writing of the decision with respect to the request and the reasons for the decision.

• 35(3)Reference to revocation in registry

  If the Bank decides to revoke the accredited third-party service provider’s accreditation, the Bank must, as soon as feasible, include a reference to the revocation in the registry.

• 36Suspension
• 36(1)

  The Bank may suspend an accredited third-party service provider’s accreditation if the Bank is satisfied that the accredited third-party service provider has contravened this Act or the regulations.

• 36(2)Reference to suspension in registry

  The Bank must, as soon as feasible, include a reference to the suspension in the registry.

• 36(3)Conditions

  The Bank may impose any conditions that the Bank considers appropriate on an accredited third-party service provider whose accreditation is suspended and the accredited third-party service provider must comply with those conditions.

• 36(4)Notice

  The Bank must, as soon as feasible, notify the accredited third-party service provider in writing of the suspension and any conditions imposed.

• 36(5)Notice to participating entities

  As soon as feasible after being notified of the suspension, the accredited third-party service provider must notify in writing any participating entities on whose behalf it is performing any of the activities for which it was accredited of the suspension and any conditions imposed.

• 37End of suspension

  If the Bank is satisfied that the grounds for suspending an accredited third-party service provider’s accreditation no longer exist, the Bank must end the suspension and must, as soon as feasible, notify the accredited third-party service provider in writing that the suspension has ended and remove the reference to the suspension from the registry.

• 38Notice of intent to revoke accreditation

  The Bank may give an accredited third-party service provider a notice of intent to revoke the accredited third-party service provider’s accreditation if the Bank is satisfied that the accredited third-party service provider has contravened this Act or the regulations. A notice of intent must include reasons.

• 39Review of notice of intent
• 39(1)

  An accredited third-party service provider that has been given a notice of intent to revoke may, within the period provided for in the regulations, make a request to the Governor for a review of the notice of intent.

• 39(2)Decision

  After giving the accredited third-party service provider an opportunity to make representations, the Governor must, within the period provided for in the regulations, revoke the accredited third-party service provider’s accreditation or withdraw the notice of intent.

• 39(3)Notice to accredited third-party service provider

  The Governor must, as soon as feasible, notify the accredited third-party service provider in writing of the decision and the reasons for it.

• 40Review not requested

  If an accredited third-party service provider that has been given a notice of intent to revoke does not make a request for a review within the period provided for in the regulations, the Bank must revoke the accredited third-party service provider’s accreditation or withdraw the notice of intent. The Bank must, as soon as feasible, notify the accredited third-party service provider in writing of the decision and the reasons for it.

• 41Reference to revocation in registry

  If the Governor revokes an accredited third-party service provider’s accreditation under subsection 39(2) or the Bank does so under section 40, the Bank must, as soon as feasible, include a reference to the revocation in the registry.

• 42Duties of former accredited third-party service provider

  A third-party service provider whose accreditation has been revoked must, as soon as feasible after being notified of the revocation under subsection 39(3) or section 40, comply with its duties under this Act and, in accordance with the regulations, notify in writing any participating entities on whose behalf it was performing, at the time of the revocation, any of the activities for which it was accredited and provide those participating entities with any other information that is provided for in the regulations.

• 43Right of appeal
• 43(1)

  An applicant that has been notified under subsection 21(3) or 34(3) of a decision to refuse accreditation, a participating entity that has been notified under subsection 26(3) of a decision to revoke its accreditation or an accredited third-party service provider that has been notified under subsection 39(3) of a decision to revoke its accreditation may appeal the decision to the Federal Court within the period provided for in the regulations or any longer period that the Court allows.

• 43(2)Powers of Federal Court

  The Federal Court may dismiss the appeal or set aside the decision and refer the matter back to the Governor for redetermination.

• 44Registry

  The Bank must maintain a public registry that includes the following information:

• 44(a)

  the name and address of each participating entity;

• 44(b)

  in the case of a participating entity that is a bank that is listed in the schedule, the date on which its name was added to the schedule;

• 44(c)

  in the case of a participating entity that is accredited under section 15, 17 or 19, the date on which it was accredited;

• 44(d)

  the status of each participating entity, the date of any change to its status and, if applicable, the reasons for which its accreditation was revoked;

• 44(e)

  any other information provided for in the regulations in relation to a participating entity or the activities that it performs under this Act;

• 44(f)

  the name and address of each accredited third-party service provider and the date on which it was accredited;

• 44(g)

  the status of each accredited third-party service provider, the date of any change to its status and, if applicable, the reasons for which its accreditation was revoked; and

• 44(h)

  any other information provided for in the regulations in relation to an accredited third-party service provider or the activities that it performs under this Act.

• 45Designation

  The Minister may designate a person or government authority for the purposes of subsections 15(4), 17(4), 19(4) and 32(4), section 46, paragraph 51(e), section 54, paragraph 66(1)(e), sections 71 and 73, subsections 98(3) and 120(3) and sections 132, 137, 139 and 173.

• 46Copy of application

  The Bank must, as soon as feasible after determining that an application for accreditation is complete, provide the Minister and any designated person or government authority with a copy of the application.

• 47Decision to review application
• 47(1)

  The Minister may, within the period provided for in the regulations, decide to review an application for accreditation if the Minister is of the opinion that it is necessary to do so for reasons related to national security. In that case, the Minister must notify the Bank of the decision and the Bank must then notify the applicant.

• 47(2)Extension of period

  The Minister may extend the period for one or more periods provided for in the regulations if the Minister considers it necessary to do so and notifies the Bank. In that case, the Bank must notify the applicant of the extension.

• 48Review
• 48(1)

  If the Minister decides to review an application for accreditation, the Minister must conduct the review within the period provided for in the regulations. After completing the review, the Minister must issue a directive to refuse accreditation to the Bank under section 51 or notify the Bank that the Minister has decided not to issue a directive under that section.

• 48(2)Extension of period

  The Minister may extend the period for conducting the review for one or more periods provided for in the regulations if the Minister considers it necessary to do so and notifies the Bank. In that case, the Bank must notify the applicant of the extension.

• 49Notice to applicant

  If the Bank is notified that the Minister has decided not to issue a directive under section 51, the Bank must notify the applicant of the decision.

• 50No accreditation

  The Bank must not accredit an applicant during a period referred to in subsection 47(1) or (2) unless the Minister notifies the Bank that the Minister has decided not to review the application. If the Minister notifies the Bank that the Minister has decided to review the application, the Bank must not accredit the applicant unless the Minister notifies the Bank that the Minister has decided not to issue a directive under section 51.

• 51Directive to refuse accreditation

  The Minister may issue a directive to the Bank to refuse to accredit an applicant if

• 51(a)

  there are reasons related to national security;

• 51(b)

  the applicant has failed to provide additional information in accordance with section 54;

• 51(c)

  an order made under section 55, or an undertaking required under that section, that relates to the application for accreditation has not been complied with;

• 51(d)

  a term or condition imposed under section 56 that relates to the application for accreditation has not been complied with; or

• 51(e)

  the applicant has provided false or misleading information to the Bank, the Minister or a designated person or government authority.

• 52Refusal to accredit

  The Bank must refuse to accredit an applicant if the Minister issues a directive to that effect and must, as soon as feasible, notify the applicant in writing that the application has been refused in accordance with a directive issued by the Minister.

• 53Review of directive
• 53(1)

  An applicant that has been notified under section 52 may, within the period provided for in the regulations, request a review by the Minister of the directive to refuse accreditation. The request must be submitted to the Bank, which must then, as soon as feasible, transmit it to the Minister.

• 53(2)Decision and notice

  On completion of the review and after giving the applicant an opportunity to make representations, the Minister must confirm or revoke the directive. The Minister must notify the Bank of the decision and the Bank must then, as soon as feasible, notify the applicant in writing.

• 54Additional information
• 54(1)

  An applicant must provide the Minister and any designated person or government authority with any additional information that the Minister or the designated person or government authority requests, for reasons related to national security, in relation to the applicant or the activities that the applicant plans to perform under this Act.

• 54(2)Manner

  A request for information under subsection (1) must be submitted to the Bank, which must then, as soon as feasible, transmit it to the applicant. The applicant must, within the period provided for in the regulations, provide the requested information to the Bank, which must then, as soon as feasible, provide it to the Minister and any designated person or government authority.

• 55Undertakings

  The Minister may, by order, require any individual or entity to provide an undertaking in relation to an application for accreditation or in relation to a participating entity or accredited third-party service provider if the Minister is of the opinion that it is necessary to do so for reasons related to national security.

• 56Terms and conditions

  The Minister may, by order, impose terms and conditions on any individual or entity in relation to an application for accreditation or in relation to a participating entity or accredited third-party service provider if the Minister is of the opinion that it is necessary to do so for reasons related to national security.

• 57Revocation, suspension or amendment

  The Minister may, by order, revoke or suspend an undertaking required by the Minister or approve its amendment, or revoke, suspend or amend any terms and conditions imposed by the Minister.

• 58Effect on accreditation

  Unless otherwise expressly provided in this Act, a failure to comply with an order made under section 55, an undertaking required under that section or any terms and conditions imposed under section 56 does not invalidate an accreditation to which the order, undertaking or terms and conditions relate.

• 59Copy to Bank

  The Minister must provide a copy of each order made under sections 55 to 57 to the Bank, which must then, as soon as feasible, provide a copy to the individual or entity in question.

• 60National security order
• 60(1)

  The Minister may, by order, direct a participating entity, an accredited third-party service provider or any director, officer or agent or mandatary of a participating entity or accredited third-party service provider to take or refrain from taking any measures related to the activities that the participating entity or accredited third-party service provider performs under this Act if the Minister is of the opinion that it is necessary to do so for reasons related to national security.

• 60(2)Representations

  Subject to subsection (3), the Minister must not make an order under subsection (1) unless the participating entity, accredited third-party service provider, entity or individual in question is provided with an opportunity to make representations in respect of the matter.

• 60(3)Temporary order

  If, in the Minister’s opinion, the length of time required for representations to be made might be prejudicial to the public interest, the Minister may make a temporary order that has the same effect as an order made under subsection (1).

• 60(4)End of temporary order

  A temporary order ceases to have effect on the earlier of

• 60(4)(a)

  the end of the 30-day period after the day on which it is made or of any shorter period that is specified in the temporary order, and

• 60(4)(b)

  the day on which an order is made under subsection (1).

• 61National security order — revocation
• 61(1)

  The Minister may, by order, direct a participating entity or third-party service provider whose accreditation is revoked under subsection 69(1), or any director, officer or agent or mandatary of the participating entity or third-party service provider, to take or refrain from taking any measures related to the activities that the participating entity or third-party service provider performed under this Act if the Minister is of the opinion that it is necessary to do so for reasons related to national security.

• 61(2)Representations

  Subject to subsection (3), the Minister must not make an order under subsection (1) unless the participating entity, third-party service provider, entity or individual in question is provided with an opportunity to make representations in respect of the matter.

• 61(3)Temporary order

  If, in the Minister’s opinion, the length of time required for representations to be made might be prejudicial to the public interest, the Minister may make a temporary order that has the same effect as an order made under subsection (1).