Budget Implementation Act, 2017, No. 1 (S.C. 2017, c. 20)

the authorized transaction may be undertaken, in whole or in part, in the currency of a country other than Canada, and for that purpose the specific or maximum number of dollars shall be construed as an equivalent amount in the currency of the other country, calculated at the daily average rate of exchange between the Canadian dollar and the currency concerned quoted by the Bank of Canada on the day immediately preceding the day on which the money is borrowed, the proceeds from the issue of securities are received or the guarantee is given, as the case may be, or at any other rate of exchange in use between those currencies that the Minister considers appropriate.

• (a) where the guarantee is in respect of an amount that together with all guaranteed principal amounts outstanding at the time is in excess of the maximum aggregate principal amount guaranteed at any prior time, the daily average rate of exchange between the Canadian dollar and the currency concerned quoted by the Bank of Canada on the day immediately preceding the day on which the benefit of the guarantee is extended by certificate under paragraph (2)(b) to the amount in excess; or

• (d) to act as the resolution authority for its members.

Resolution Plans

Marginal note:Submission of plan

39.01 A domestic systemically important bank shall, on the request of the Corporation, develop and maintain a resolution plan that meets the requirements referred to in paragraph 11(2)(e) and shall submit that plan to the Corporation.

• Marginal note:Superintendent’s order

  (1.2) For each domestic systemically important bank, the Superintendent shall, by order made after consulting with the other members of the committee established under subsection 18(1) of the Office of the Superintendent of Financial Institutions Act, provide for the amount that constitutes the bank’s minimum capacity to absorb losses.

• Marginal note:Amount — subsection (1.2)

  (1.21) The amount set under subsection (1.2) consists of capital, prescribed shares and prescribed liabilities, which have the value determined in accordance with any criteria the Superintendent considers appropriate.

Marginal note:Minister

7 The Minister may, for the purpose of providing services under this Act, exercise any of the powers, or perform any of the duties or functions, that are set out in paragraph 6(a), (b), (c) or (g) of the Department of Public Works and Government Services Act in respect of departments, Crown corporations, persons, organizations and governments to which those services are provided.

Marginal note:Delegation — appropriate Minister

• 7.1 (1) For the purpose of providing services under this Act to a department through Shared Services Canada, the Minister may delegate any of his or her powers under section 7 in respect of that department, for any period and under any terms and conditions that he or she considers suitable, to that department’s appropriate Minister.

• Marginal note:Delegation — chief executive

  (2) For the purpose of providing services under this Act, through Shared Services Canada, to a department over which the Minister does not preside but for which he or she is the appropriate Minister, the Minister may delegate any of his or her powers under section 7 in respect of that department, for any period and under any terms and conditions that he or she considers suitable, to that department’s chief executive.

• Marginal note:Subdelegation — chief executive

  (3) The appropriate Minister for a department may, subject to and in accordance with the delegation under subsection (1), subdelegate to the chief executive of that department, for any period and under any terms and conditions that the appropriate Minister considers suitable, the power that was delegated to him or her under that subsection.

• Marginal note:Subdelegation — subordinate

  (4) The chief executive of a department may, subject to and in accordance with the delegation under subsection (2) or the subdelegation under subsection (3), subdelegate to any person under his or her jurisdiction, for any period and under any terms and conditions that the chief executive considers suitable, the power that was delegated or subdelegated, as the case may be, to him or her under that subsection.

• Marginal note:Definitions

  (5) The following definitions apply in this section.

  appropriate Minister

  appropriate Minister has the same meaning as in section 2 of the Financial Administration Act. (ministre compétent)

  chief executive

  chief executive means

  • (a) with respect to a department named in Part I of Schedule VI to the Financial Administration Act, its deputy minister;

  • (b) with respect to a department named in Part II or III of that Schedule, the person occupying the position set out opposite that name; and

  • (c) with respect to a department that is not named in that Schedule, the chief executive officer, the deputy head or the person who occupies any other similar position, however called, in that department. (administrateur principal)

Marginal note:Authorization

• 9.1 (1) Despite the Governor in Council having specified, under paragraph 6(c), that a department must obtain a service that is specified under paragraph 6(a) exclusively from the Minister through Shared Services Canada and is not permitted to meet its requirement for that service internally, the Minister may, if the Minister considers that exceptional circumstances justify it, and under any terms and conditions that the Minister specifies,

  • (a) authorize that department to obtain part of that service other than from the Minister through Shared Services Canada, including by meeting its requirement for that part of the service internally; or

  • (b) authorize that department to obtain all of that service in respect of one or more portions of the department — but not all of the department — other than from the Minister through Shared Services Canada, including by meeting its requirement for that service internally.

• Marginal note:Power exercised personally

  (2) The Minister must personally exercise the power that is set out in subsection (1).

• Marginal note:Instructions

  (3) A department that is authorized, under subsection (1), to obtain all or part of a service other than from the Minister through Shared Services Canada, including by meeting its requirement for that service or that part of the service internally, must do so in accordance with any instructions that the Minister provides.