Regulations Amending the Form of Proxy (Banks and Bank Holding Companies) Regulations made under the Bank Act

Enabling Act: Bank Act

Description

On June 21, 2019, Bill C-97 (An Act to implement certain provisions of the budget tabled in Parliament on March 19, 2019 and other measures) received Royal Assent. This bill included statutory amendments to the Bank Act to modernize the legislative provisions applying to the form and content of proxies and the appointment of proxyholders. Regulatory amendments are now required to update and harmonize the Form of Proxy (Banks and Bank Holding Companies) Regulationswith the Canada Business Corporations Regulations and provincial securities laws.

Potential Impacts on Canadians, including Businesses

The Small Business lens is not expected to apply.

Consultations

Stakeholders were consulted on proposed updates to the Form of Proxy (Banks and Bank Holding Companies) Regulations as part of the 2016 and 2017 consultations on the review of the financial sector legislative and regulatory framework.

The Department of Finance will conduct targeted consultations with stakeholders once draft regulations have been prepared.

Departmental Contact Information

Richard Bilodeau
Director General, Financial Institutions Division
Financial Sector Policy Branch
Department of Finance Canada
90 Elgin St.
Ottawa, Ontario K1A 0G5
Email: richard.bilodeau@canada.ca

Date Regulatory Initiative First Included in Forward Regulatory Plan: July 2020