Bill C-335 an Act to amend the Bank Act (bank amalgamations). This enactment is to prevent the amalgamation of banks with each other or with federally incorporated bodies to create one bank, unless certain requirements are met. Bank mergers are of interest to the Bank from a competitive and industry perspective and may effect the manner in which the Bank is able to compete with other banks and carry on its business in Canada.
Bill C-429 an Act to amend the Bank Act (automated banking machine charges) with respect to changes to Section 447 of the Act which deals with increases of charges on personal accounts and requirements for disclosure to the customer.
This proposed legislation prohibits a bank from making a charge for transfer of funds whether or not the automated banking machine (ATM) is owned or operated by the Bank. There may be charges associated with use by bank customers of other bank's ATMs. The Bank's interest is with respect to the effects on its customers.
Bill S-211 Canada Securities Act. To regulate securities and to provide for a simple securities commission. The Bank is supportive of a single Canadian securities regulator. The Bank's affiliates will benefit from having to deal with one securities regulator as opposed to several from each province and territory.
Proposed FIE legislation, Bill C-10. An act to amend the Income Tax Act, including amendments in relation to foreign investment entities and non-resident trusts, and to provide for the bijural expansion of the provision of that Act. The Bank has clients which could be affected by non-implementation of this legislation, and are supportive of legislation which may assist its customers.
Legislative Proposal, Bill or Resolution, Regulation
Department of Finance proposal to merge the Bank Act with the Trust and Loan Companies Act. Citibank Canada is a bank and owner of a trust company and changes arising from such merger may adversely affect the Bank or a trust company owned by Citibank Canada.
An amendment to the Bank Act could potentially have an impact on the manner in which the Bank and its affiliates carry on their respective businesses in Canada.