Bank Act

Banking Act is the Canadian federal law that regulates the activities of the banking industry in Canada, the regulation of whose financial safety, capital adequacy, and consumer protection is carried out mostly through OSFI and FCAC respectively. Originally enacted in 1871 and revised in 1991, the Act determines the way how banks should be operating and prohibits them from carrying out any prohibited commercial operations ensuring deposit insurance at the same time. In order to keep up with the modern financial environment, the Banking Act has its own special sunset clause in the form of periodic review and renewal of the Act until June 30, 2033.