An Act to amend the law governing financial institutions and to provide for related and consequential matters

Short title: Financial System Review Act Bill S-5 (41-1) Status: Royal assent received Type: Senate Government Bill Sponsor: Marjory LeBreton, Leader of the Government in the Senate Latest stage: Royal assent Legislative

summary <div>A legislative

summary is currently being prepared for this bill by the Parliamentary Information and Research Service of the Library of Parliament. Meanwhile, the following executive

summary is available. <br/><br/>On November 2011, the Leader of the Government in the Senate introduced Bill S-5,

An Act to amend the law governing financial institutions and to provide for related and consequential matters (Financial System Review Act), in the Senate and it was given first reading.<br/><br/>The Bank Act, Cooperative Credit Associations Act, Insurance Companies Act and Trust and Loan Companies Act must be renewed by April 20, 2012, the statutory sunset date. <br/><br/>Bill S-5 amends a number of Acts governing financial institutions. It also amends legislation related to the regulation of financial institutions. Notable among the amendments are the following:<br/><br/>(

a) amendments to the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act and the Trust and Loan Companies Act aimed at reinforcing stability and fine-tuning the consumer-protection framework; and<br/><br/>(

b) technical amendments to the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act, the Trust and Loan Companies Act, the Bank of Canada Act, the Canada Deposit Insurance Corporation Act, the Canadian Payments Act, the Winding-up and Restructuring Act, the Office of the Superintendent of Financial Institutions Act, the Payment Clearing and Settlement Act and the Financial Consumer Agency of Canada Act.</div> House of Commons — First reading: Completed (2012-01-31) House of Commons — Second reading: Completed (2012-02-14) House of Commons — Consideration in committee: Completed (2012-03-16) House of Commons — Report stage: Completed (2012-03-27) House of Commons — Third reading: Completed (2012-03-28) Senate — First reading: Completed (2011-11-23) Senate — Second reading: Completed (2011-12-06) Senate — Consideration in committee: Completed (2011-12-15) Senate — Third reading: Completed (2011-12-16) Full bill text is not included in the LEGISinfo JSON export.

Open the official Parliament of Canada bill page for the complete document.