Regulatory Initiative: Form of Proxy (Banks and Bank Holding Companies) Regulations, 2023 – Forward Regulatory Plan 2023-2025

Title or working title of the regulatory initiative:

Form of Proxy (Banks and Bank Holding Companies) Regulations, 2023

Enabling act:

Bank Act

Description of the objective: 

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 required to update and harmonize the Form of Proxy (Banks and Bank Holding Companies) Regulations with the Canada Business Corporations Regulations and provincial securities laws.

Potential impacts on Canadians, including businesses:

The Small Business Lens is not expected to apply. 

Public consultation opportunities: 

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 2023 Regulations were open for public comment from May 6th to June 5th, 2023, following pre-publication in Canada Gazette, Part 1. 

Departmental Contact Information: 

Manuel Dussault
Director General, Financial Institutions Division
Financial Sector Policy Branch
Department of Finance Canada
90 Elgin St.
Ottawa, Ontario K1A 0G5
Email: Manuel.Dussault@fin.gc.ca

Date Regulatory Initiative First Included in Forward Regulatory Plan: 

July 2020

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