Bank Act

Marginal note:Examination of banks

• 659 (1) The Commissioner, from time to time but at least once in each calendar year, shall make or cause to be made any examination and inquiry that the Commissioner considers necessary for the purposes of satisfying the Commissioner that the applicable consumer provisions are being complied with and, after the conclusion of each examination and inquiry, shall report on it to the Minister.

• Marginal note:Special audit

  (1.1) The Commissioner may direct that a special audit be made in accordance with any terms and conditions that he or she considers appropriate if, in the opinion of the Commissioner, it is required for the purposes of the administration of the Financial Consumer Agency of Canada Act and the consumer provisions, and may appoint for that purpose

  • (a) with respect to a bank or an authorized foreign bank, a firm of accountants qualified under subsection 315(1); and

  • (b) with respect to the external complaints body, a firm of accountants, as defined in section 313.

• Marginal note:Report to Commissioner

  (1.2) If a bank, an authorized foreign bank or the external complaints body is the subject of a special audit, it shall provide the Commissioner with the results of the audit.

• Marginal note:Expenses payable

  (1.3) The expenses incurred in respect of any special audit are payable by the bank, the authorized foreign bank or the external complaints body that is the subject of the audit.

• Marginal note:Access to records of bank

  (2) The Commissioner, or a person acting under the Commissioner’s direction, in carrying out his or her duties under this section

  • (a) has a right of access to any records, including electronic records, of a bank, authorized foreign bank or external complaints body; and

  • (b) may require the directors or officers of a bank, authorized foreign bank or external complaints body to provide information and explanations, to the extent that they are reasonably able to do so, in respect of any matter subject to examination, inquiry or audit under this section.