118. Subsections 283(2) to (4) of the Act are repealed.
	119. The portion of subsection 401(1) of the Act before paragraph (a) is replaced by the following:
Disposition of shareholdings	401. (1) Where, with respect to any company, a person contravenes section 48.1 or 375 or fails to comply with an undertaking referred to in subsection 384(2) or with any terms and conditions imposed pursuant to section 389, the Minister may, if the Minister deems it in the public interest to do so, by order,
	120. Subsections 473(2) and (3) of the Act are replaced by the following:
Regulations and guidelines	(2) The Governor in Council may make regulations and the Superintendent may make guidelines respecting the maintenance by companies of adequate capital and adequate and appropriate forms of liquidity.
Directives	(3) Notwithstanding that a company is complying with regulations or guidelines made under subsection (2), the Superintendent may, by order, direct the company
	(a) to increase its capital; or
	(b) to provide additional liquidity in such forms and amounts as the Superintendent may require.
	121. Section 487 of the Act is replaced by the following:
Exemption by order	487. (1) A company may enter into a transaction with a related party of the company if the Superintendent, by order, has exempted the transaction from the provisions of section 477.
Conditions for order	(2) The Superintendent shall not make an order referred to in subsection (1) unless the Superintendent is satisfied that the decision of the company to enter into the transaction has not been and is not likely to be influenced in any significant way by a related party of the company and does not involve in any significant way the interests of a related party of the company.
	122. (1) Subsection 503(1) of the Act is replaced by the following:
Confidential information	503. (1) Subject to sections 504 and 504.1, all information regarding the business or affairs of a company or persons dealing therewith that is obtained by the Superintendent, or by any person acting under the direction of the Superintendent, as a result of the administration or enforcement of any Act of Parliament is confidential and shall be treated accordingly.
	(2) Subsection 503(2) of the Act is amended by striking out the word ``and'' at the end of paragraph (a) and by adding the following after paragraph (a):
	(a.1) to the Canada Deposit Insurance Corporation for purposes related to its operation; and
	123. Paragraph 504(b) of the Act is repealed.
	124. The Act is amended by adding the following after section 504:
Disclosure by Superintenden t	504.1 (1) The Superintendent shall disclose at such times and in such manner as the Minister may determine, such information obtained by the Superintendent under this Act as the Minister considers ought to be disclosed for the purposes of the analysis of the financial condition of a company and that
	(a) is contained in returns filed pursuant to the Superintendent's financial regulatory reporting requirements in respect of companies; or
	(b) has been obtained as a result of an industry-wide or sectoral survey conducted by the Superintendent in relation to an issue or circumstances that could have an impact on the financial condition of companies.
Prior consultation required	(2) The Minister shall consult with the Superintendent before making any determination under subsection (1).
Disclosure by a company	504.2 (1) A company shall make available to the public such information concerning
	(a) the compensation of its executives, as that expression is defined by the regulations, and
	(b) its business and affairs for the purpose of the analysis of its financial condition,
	in such form and manner and at such times as may be required by or pursuant to such regulations as the Governor in Council may make for the purpose.
Exemption by regulation	(2) Paragraph (1)(a) does not apply to a company that is within such class or classes of companies as may be prescribed.
Exceptions to disclosure	504.3 Subject to any regulations made under section 444, no information obtained by a company regarding any of its customers shall be disclosed or made available under subsection 504.1(1) or section 504.2.
Report respecting disclosure	504.4 The Superintendent shall prepare a report, to be included in the report referred to in section 25 of the Office of the Superintendent of Financial Institutions Act, respecting the disclosure of information by companies and describing the state of progress made in enhancing the disclosure of information in the financial services industry.
	125. Section 508 of the Act is repealed.
	126. The Act is amended by adding the following after section 509:
	Disqualification From Election or Appointment
Application	509.1 (1) This section applies only in respect of a company
	(a) that has been notified by the Superintendent that this section so applies where the company is subject to measures requiring it to maintain or improve its safety and soundness, which measures have been specified by the Superintendent by way of
	(i) conditions or limitations in respect of the order approving the commencement and carrying on of the company's business, or
	(ii) a written agreement or undertaking between the company and the Superintendent; or
	(b) that is the subject of
	(i) a direction made pursuant to section 507, or
	(ii) an order made pursuant to subsection 473(3) requiring the company to increase its capital.
Information to be provided	(2) A company shall provide the Superintendent with the name of
	(a) each person who has been nominated for election or appointment as a member of its board of directors,
	(b) each person who has been selected by the directors of the company for appointment as chief executive officer, secretary, treasurer, controller, or any other officer reporting directly to the company's board of directors or chief executive officer, and
	(c) each person who is newly elected as a director of the company at a meeting of shareholders and who was not proposed for election by anyone involved in the management of the company,
	together with such other information about the background, business record and experience of the person as the Superintendent may require.
When information to be provided	(3) The information required by subsection (2) shall be provided to the Superintendent
	(a) at least thirty days prior to the date or proposed date of the election or appointment or within such shorter period as the Superintendent may allow; or
	(b) in the case of a person referred to in paragraph (2)(c), within fifteen days after the date of the election of the person.
Disqualificati on	(4) Where, in respect of a company, the Superintendent is of the opinion that on the basis of the competence, business record, experience or character of a person referred to in
	(a) paragraph (2)(a) or (c), the person is not suitable for a position as a member of the board of directors of the company, or
	(b) paragraph (2)(b), the person is not suitable for the discharge of the duties and responsibilities associated with the position referred to in that paragraph,
	the Superintendent may, subject to subsection (5), by order, disqualify the person from being elected or appointed to the position or, in the case of a person referred to in paragraph (2)(c), from continuing to hold office as a director.
Representatio ns may be made	(5) The Superintendent must in writing notify the company and the person concerned of any action that the Superintendent proposes to take under subsection (4) and must afford them an opportunity within fifteen days after the date of the notice to make representations to the Superintendent in relation to the matter.
Prohibition	(6) Where an order has been made under subsection (4) disqualifying a person
	(a) from being elected or appointed to a position, the person shall not be, and the company shall not permit the person to be, elected or appointed to the position; or
	(b) from continuing to hold office as a director, the person shall not hold, and the company shall not permit the person to continue to hold, office as a director.
	127. (1) Subsections 510(1) and (2) of the Act are replaced by the following:
Superintenden t may take control	510. (1) Subject to this Act, where any of the circumstances described in subsection (1.1) exist in respect of a company, the Superintendent may
	(a) take control, for a period not exceeding sixteen days, of the assets of the company and the assets held in trust by or under the administration of the company; or
	(b) unless the Minister advises the Superintendent that the Minister is of the opinion that it is not in the public interest to do so,
	(i) take control, for a period exceeding sixteen days, of the assets of the company and the assets held in trust by or under the administration of the company,
	(ii) where control of assets has been taken under paragraph (a), continue the control beyond the sixteen days referred to in that paragraph, or
	(iii) take control of the company.
Circumstances for taking control	(1.1) Control by the Superintendent under subsection (1) may be taken in respect of a company where
	(a) the company has failed to pay its liabilities or, in the opinion of the Superintendent, will not be able to pay its liabilities as they become due and payable;
	(b) in the opinion of the Superintendent, a practice or state of affairs exists in respect of the company that may be materially prejudicial to the interests of the company's depositors or creditors or the beneficiaries of any trust under the administration of the company;
	(c) the assets of the company are not, in the opinion of the Superintendent, sufficient to give adequate protection to the company's depositors and creditors;
	(d) any asset appearing on the books or records of the company or held in trust by or under the administration of the company is not, in the opinion of the Superintendent, satisfactorily accounted for;
	(e) the regulatory capital of the company has, in the opinion of the Superintendent, reached a level or is eroding in a manner that may detrimentally affect the company's depositors or creditors;
	(f) the company has failed to comply with an order of the Superintendent under paragraph 473(3)(a); or
	(g) the company's deposit insurance has been terminated by the Canada Deposit Insurance Corporation.
Notice of proposed action	(1.2) The Superintendent must notify a company of any action proposed to be taken in respect of it under paragraph (1)(b) and of its right to make written representations to the Superintendent within the time specified in the notice not exceeding ten days after it receives the notice.
Objectives of Superintenden t	(2) Where, pursuant to subsection (1), the Superintendent has control of the assets of a company referred to in that subsection, the Superintendent may do all things necessary or expedient to protect the rights and interests of the depositors and creditors of the company or the beneficiaries of any trust under the administration of the company.
	128. Sections 511 to 513 of the Act are repealed.
	129. Sections 514 to 517 of the Act are replaced by the following:
Powers of directors and officers suspended	514. (1) Where the Superintendent takes control of a company pursuant to subparagraph 510(1)(b)(iii), the powers, duties, functions, rights and privileges of the directors of the company and of the officers of the company responsible for its management are suspended.
Superintenden t to manage company	(2) Where the Superintendent takes control of a company pursuant to subparagraph 510(1)(b)(iii), the Superintendent shall manage the business and affairs of the company and in so doing the Superintendent
	(a) may perform any of the duties and functions that the persons referred to in subsection (1) were performing prior to the taking of control; and
	(b) has and may exercise any power, right or privilege that any such person had or could have exercised prior to the taking of control.
Persons to assist	(3) Where the Superintendent takes control of a company pursuant to subparagraph 510(1)(b)(iii), the Superintendent may appoint one or more persons to assist in the management of the company.
Expiration of control	515. Control by the Superintendent under subsection 510(1) of a company or of the assets of a company and the assets held in trust by or under the administration of the company expires on the day on which a notice by the Superintendent is sent to the directors and officers who conducted the business and affairs of the company stating that the Superintendent is of the opinion that the circumstances leading to the taking of control by the Superintendent have been substantially rectified and that the company can resume control of its business and affairs.
Superintenden t may request winding-up	515.1 The Superintendent may, at any time before the receipt of a request under section 516 to relinquish control of a company or of the assets of a company and the assets held in trust by or under the administration of the company, request the Attorney General of Canada to apply for a winding-up order under section 10.1 of the Winding-up and Restructuring Act in respect of the company where
	(a) the assets of the company and the assets held in trust by or under the administration of the company are under the control of the Superintendent pursuant to subparagraph 510(1)(b)(i) or (ii); or
	(b) the company is under the control of the Superintendent pursuant to subparagraph 510(1)(b)(iii).
Requirement to relinquish control	516. Where no action has been taken by the Superintendent under section 515.1 and, after thirty days following the taking of control by the Superintendent under subsection 510(1) of a company or of the assets of a company and the assets held in trust by or under the administration of the company, the Superintendent receives from its board of directors a notice in writing requesting the Superintendent to relinquish control, the Superintendent must, not later than twelve days after receipt of the notice,
	(a) comply with the request; or
	(b) request the Attorney General of Canada to apply for a winding-up order under section 10.1 of the Winding-up and Restructuring Act in respect of the company.
Advisory committee	517. The Superintendent may, from among the companies that are subject to an assessment under section 23 of the Office of the Superintendent of Financial Institutions Act and required to share in the expenses resulting from the taking of control of a company pursuant to subsection 510(1), appoint a committee of not more than six members to advise the Superintendent in respect of assets, management and all other matters pertinent to the duties and responsibilities of the Superintendent in exercising control of the company.
	130. Subsection 518(1) of the Act is replaced by the following:
Expenses payable by company	518. (1) Where the Superintendent has taken control of a company pursuant to subparagraph 510(1)(b)(iii) and the control expires or is relinquished pursuant to section 515 or paragraph 516(a), the Superintendent may direct that the company be liable for repayment of all or part of the expenses resulting from the taking of control of the company and assessed against and paid by other companies pursuant to section 23 of the Office of the Superintendent of Financial Institutions Act, together with such interest in respect thereof at such rate as is specified by the Superintendent.