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O. Reg. 141/05: ASSESSMENT OF EXPENSES AND EXPENDITURES

filed March 24, 2005 under Financial Services Commission of Ontario Act, 1997, S.O. 1997, c. 28

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ontario regulation 141/05

made under the

financial services commission of ontario act, 1997

Made: March 23, 2005
Filed: March 24, 2005
Printed in The Ontario Gazette: April 9, 2005

Amending O. Reg. 11/01

(Assessment of Expenses and Expenditures)

1. Section 2 of Ontario Regulation 11/01 is revoked and the following substituted:

2. A credit union’s share of an assessment of the credit unions sector under section 25 of the Act for an assessment period is the greater of $200 or the sum of the following amounts:

1. The amount calculated using the formula,

(A – B) × C/D

in which,

“A” is the total of all expenses incurred and expenditures made by the Commission in respect of the credit unions sector for the assessment period,

“B” is the total of all amounts recovered or recoverable during the assessment period through fees and additional assessments paid or payable by the credit unions sector to the Commission under the Act or to the Minister of Finance under the Credit Unions and Caisses Populaires Act, 1994 for the assessment period,

“C” is the amount of the total assets of the credit union, and

“D” is the amount of the total assets of the credit unions sector excluding the total assets of all leagues.

2. The amount that is the total of any additional expenses incurred and expenditures made by the Commission during the assessment period in connection with a request under subsection 217 (6) of the Credit Unions and Caisses Populaires Act, 1994 for an order directing the board of directors of the credit union to call a general meeting of the members or a meeting of shareholders.

2.1 (1) Subject to subsection (2), a league’s share of an assessment of the credit unions sector under section 25 of the Act for an assessment period is zero.

(2) If the Commission does work during an assessment period in response to a request by a league and the work is not related to an examination, investigation or inspection conducted under section 229 of the Credit Unions and Caisses Populaires Act, 1994, the league’s share of an assessment of the credit unions sector under section 25 of the Act for the assessment period is the sum of any expenses incurred and expenditures made during the assessment period by the Commission for the work done.

2. The definition of “loan or trust corporation” in section 5 of the Regulation is revoked and the following substituted:

“loan or trust corporation” means a corporation registered under the Loan and Trust Corporations Act;

3. Section 6 of the Regulation is revoked and the following substituted:

6. A loan or trust corporation’s share of an assessment of the loan and trust sector under section 25 of the Act for an assessment period is the amount calculated using the formula,

(A – B)/C

in which,

  “A” is the total of all expenses incurred and expenditures made by the Commission in respect of the loan and trust sector for the assessment period,

  “B” is the total of all fees paid or payable during the assessment period by the loan and trust sector to the Commission under the Act or to the Minister of Finance under the Loan and Trust Corporations Act, and

  “C” is the number of loan or trust corporations registered under the Loan and Trust Corporations Act at any time during the assessment period.

4. Part IV of the Regulation is revoked.