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ARTICLE · 12 FEBRUARY 2009

Canada Announces Important Amendments To Financial Institution Statutes

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On February 6, 2009, the Canadian federal government tabled the Budget Implementation Act, 2009 (Bill C-10) to enact a number of important amendments to several financial institution statutes and other related statutes to implement the measures announced in the budget tabled on January 27, 2009.

CanadaFinance and Banking
Blair Keefe
Blair Keefe
Sanjit Sodhi
Sanjit Sodhi
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On February 6, 2009, the Canadian federal government tabled the Budget Implementation Act, 2009 (Bill C-10) to enact a number of important amendments to several financial institution statutes1 and other related statutes to implement the measures announced in the budget tabled on January 27, 2009. We outline certain particularly noteworthy amendments below.

Financial Administration Act

Bill C-10 amends the Financial Administration Act (FAA) to provide authority to the Minister of Finance, with the Cabinet's approval, to enter into any contract that the Minister determines is necessary to promote the stability or maintain the efficiency of the Canadian financial system. This includes the authority to enter into contracts to purchase shares2 or other securities of, provide loans or loan guarantees to, or provide credit insurance on the financial assets of any entity that is operating in Canada. The entity does not need to be incorporated under Canadian laws.

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