BDC provides financing, capital and advisory services to help create and grow Canadian small and medium‑sized businesses. BDC is subject to various laws.
Business Development Bank of Canada Act
BDC is governed by the Business Development Bank of Canada Act which came into effect in 1995, superseding the Federal Business Development Bank Act. It stipulates that the Act be reviewed five years after coming into force, and every ten years afterwards. The last legislative review was completed in December 2014 with a few amendments made to the Act.
Financial Administration Act
Under Part X of the Financial Administration Act, BDC is required to:
- Maintain financial and management control and information systems and management practices that provide reasonable assurance that its assets are safeguarded and controlled.
- Ensure that its financial, human, and physical resources are managed economically and efficiently.
- Ensure that its operations are carried out effectively.
BDC is also required to have a special examination of these systems and practices carried out at least once every five years. View the Special examination report—2009 (PDF).
BDC is required to submit an action plan to develop the vitality of official language minority communities and to provide a status report.