Electronic Documents (Banks and Bank Holding Companies) Regulations

Electronic Documents (Banks and Bank Holding Companies) Regulations His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 978(1)a and sections 993b, 995b, 996b, 998b, 1002b and 1003b of the Bank Actc, hereby makes the annexed Electronic Documents (Banks and Bank Holding Companies) Regulations. S.C. 2005, c. 54, s. 135 S.C. 2005, c. 54, s. 138 S.C. 1991, c. 46 In these Regulations, Act means the Bank Act. For the purpose of section 993 of the Act, the prescribed notices, documents or other information is that referred to in sections 82 to 135 of the Act. Notices, documents or other information provided by the originator or the person acting for the originator under these Regulations must be made in a language and presented in a manner that is clear, simple and not misleading. For the purpose of paragraph 995(1)(b) of the Act, an electronic document need not be provided to the designated information system if the electronic document is posted on or made available through a generally accessible electronic source, such as a website; and the addressee is provided in writing with a notice, in paper or electronic form, of the availability and location of the electronic document. Subsection (1) does not apply to a notice, document or other information referred to in section 8. For the purpose of paragraph 995(1)(c) of the Act, the addressee may consent in writing, in paper or electronic form, or orally. Before an addressee consents in writing, the originator or the person acting for the originator must notify the addressee in writing, in paper or electronic form, that the addressee may revoke their consent at any time; that the addressee is responsible for informing the originator of any changes the addressee makes to the designated information system including any changes made to the contact information related to the designated information system; that any electronic documents will be retained for the period specified in the notice and made available to the addressee and that the addressee is responsible for retaining a copy of the document; and of when the consent takes effect. [Repealed, SOR/2020-47, s. 15] If the addressee’s consent is provided in writing, in paper or electronic form, it must include the name of the information system designated by the addressee for the receipt of the electronic document and a list, in paper or electronic form, of the notices, documents or other information that is covered by the consent. If the addressee’s consent is provided orally, the originator or the person acting for the originator shall provide the addressee in writing, in paper or electronic form, with the information referred to in subsection (2) and confirm the information referred to in subsection (4). If the addressee is providing consent for the provision of an electronic document on a one-time basis, subsection (2) does not apply. An addressee may revoke their consent in writing, in paper or electronic form, or orally. If the addressee revokes their consent, the originator or the person acting for the originator must provide the addressee with confirmation, in writing, in paper or electronic form, of the revocation specifying when revocation of consent takes effect. [Repealed, SOR/2020-47, s. 16] For the purpose of paragraphs 996(b) and 998(b) of the Act, if several addressees are to be provided with a notice, document or other information, they are to be provided with it concurrently. If a notice, document or other information is required under the Act to be sent to a specific place, an electronic document may be sent instead to an information system designated by the addressee for the receipt of the electronic document. An electronic document is considered to have been provided to an addressee when it leaves an information system within the control of the originator or the person acting for the originator; or when it is posted on or made available through the secure website of the originator. In the case of a document provided under section 9, the originator or the person acting for the originator must mail a paper copy of the electronic document to the addressee’s recorded address if they have reason to believe that the addressee may not have received it. Subsection (1) does not affect when the electronic document is considered to have been provided under section 9. An electronic document is considered to have been received when it enters the information system designated by the addressee; when it is posted on or made available through the secure website of the originator; or when the notice referred to in paragraph 4(1)(b) is received by the addressee. A signature referred to in section 1002 of the Act may be an electronic signature and must consist of one or more letters, characters, numbers or other symbols in digital form incorporated in, attached to or associated with an electronic document. These Regulations come into force on June 1, 2011.