What changed

Examination of authorized foreign banks

• (1)

  The Superintendent, from time to time, but, in the case of an authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2), at least once in each calendar year, shall make or cause to be made any examination and inquiry into the business and affairs of each authorized foreign bank that the Superintendent considers to be necessary or expedient to determine whether the authorized foreign bank is complying with the provisions of this Act and, afterwhether the authorized foreign bank has adequate policies and procedures to protect itself against threats to its integrity or security in relation to its business in Canada. After the conclusion of each examination and inquiry, the Superintendent shall report on it to the Minister.

• (1.1)

  The Superintendent[Repealed, from time to time2023, shall make or cause to be made any examination and inquiry into the business and affairs of any authorized foreign bank that the Superintendent considers to be necessary or expedient to determine whether the authorized foreign bank has adequate policies and procedures to protect itself against threats to its integrity or security in relation to its business in Canadac. After the conclusion of each examination and inquiry26, thes. Superintendent shall report on it to the Minister.544]

Examination of banks

• (1)

  The Superintendent, from time to time, but at least once in each calendar year, shall make or cause to be made any examination and inquiry into the business and affairs of each bank that the Superintendent considers to be necessary or expedient to determine whether the bank is complying with the provisions of this Act and, whether the bank is in a sound financial condition and, afterwhether the bank has adequate policies and procedures to protect itself against threats to its integrity or security. After the conclusion of each examination and inquiry, the Superintendent shall report on it to the Minister.

• (1.1)

  The Superintendent[Repealed, from time to time2023, shall make or cause to be made any examination and inquiry into the business and affairs of any bank that the Superintendent considers to be necessary or expedient to determine whether the bank has adequate policies and procedures to protect itself against threats to its integrity or securityc. After the conclusion of each examination and inquiry26, thes. Superintendent shall report on it to the Minister.556]