Bill S-5 · 41th Parliament · Stephen Harper
Financial System Review Act
An Act to amend the law governing financial institutions and to provide for related and consequential matters
Government bill. Became law.
- IntroducedNov. 22, 2011
- Debated in principleDec. 5, 2011
- Studied by a committeeDone
- Passed its first chamberDec. 15, 2011
- Passed the second chamberMarch 28, 2012
- Became lawMarch 28, 2012
Leading supporters
Ranked by the part each played: who is responsible for the bill, who carried it, and who spoke for it most.
- Stephen HarperPrime Minister
- Stephen GreeneSenate · Sponsor in the Senate
- Dean AllisonStates he is grateful for the opportunity to lend his voice in strong support of the bill and focuses on consumer protections.
- Robert Chisholmstates official opposition will support the bill at second reading in principle
- Greg RickfordDescribes the bill as essential for the continued strength and security of Canada's financial system.
- Kevin Lamoureuxstates the bill has overwhelming support and recognizes the importance of the banking industry
- Bernard TrottierDescribes the bill as important for regulating financial services and ensuring system strength.
- Shelly Gloverpresents bill as mandatory and essential for financial sector safety
Who carries this bill
Arrows run from the person responsible to those who answer to them on this bill. The critic leads the Senate’s scrutiny and answers to no one on it.
What it set out to do
On 23 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. 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. 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: (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 (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…
Summary by the Library of Parliament.
Where members stand
That · 2012-02-14 · Passed
How it changed on the way
71% of the text as introduced was changed or removed by the time it became law (55,415 words introduced, 32,914 passed).
substantial changeintent mostly kept
The core framework of amendments to the Bank Act and related statutes remained intact from introduction to royal assent. Several new sections on control prohibitions and reorganization restrictions were added, along with updated parliamentary session references.
- Updated session reference in the bill header to reflect passage.
Before: “First Session, Forty-first Parliament, 60 Elizabeth II, 2011”
After: “First Session, Forty-first Parliament, 60-61 Elizabeth II, 2011-2012”
How precisely it is written
mostly preciseChallenging the law: HardDisputing a charge: Moderate
The text relies heavily on fixed dollar thresholds such as twelve billion dollars and fixed time periods such as one year or three years after a triggering event. It also delegates many details to regulations via the repeated phrase prescribed time place and form and leaves certain timing and control issues to ministerial agreements.
Open to argument
“at the prescribed time and place and in the prescribed form and manner”
This phrase appears multiple times and shifts core disclosure rules to future regulations without objective criteria in the statute.“or on the day that is after any shorter period specified by the Minister”
Grants the Minister open-ended power to shorten statutory timelines without statutory standards.
Clear-cut
“bank with equity of twelve billion dollars or more”
Uses a clear numerical threshold that triggers immediate legal consequences without subjective judgment.“on the day that is three years after the day the bank's equity reached twelve billion dollars”
Fixes an exact calendar trigger and deadline that can be verified by objective records.
Discretion. Ministers may shorten statutory periods by agreement, approve control arrangements, and set many disclosure and service details through regulations.
Challenging the law itself. The provisions contain measurable numerical tests and defined terms that reduce the scope for a successful vagueness or overbreadth claim under the Charter.
Disputing a charge under it. Fixed equity thresholds and anniversary dates make factual disputes straightforward, but the many references to prescribed requirements allow argument over whether regulations were followed.
Read by a language model from the royal assent text; every quoted phrase appears in the bill. A reading of the drafting, not legal advice.
Did it work?
no evaluation found
Who lobbied on it
No lobbying registration naming this bill is loaded.
Stages and dates from LEGISinfo.