O. Reg. 47/18: FINANCIAL ACTIVITIES

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ontario regulation 47/18

made under the

City of Toronto Act, 2006

Made: February 21, 2018
Filed: February 27, 2018
Published on e-Laws: February 27, 2018
Printed in The Ontario Gazette: March 17, 2018

Amending O. Reg. 610/06

(FINANCIAL ACTIVITIES)

1. Subsection 36 (5) of Ontario Regulation 610/06 is amended by striking out “is 180 days or more after the day” and substituting “is on or before the day that is 12 months after the day”.

2. Section 43 of the Regulation is revoked and the following substituted:

Application

43. (1) This Part applies only with respect to,

(a) the investment, in securities, of money that the City does not require immediately; and

(b) the investment by the Investment Board, in securities, of money that another municipality does not require immediately if the municipality has,

(i) entered an agreement with the City and the Investment Board in accordance with paragraph 3 of section 15 of Ontario Regulation 438/97 (Eligible Investments, Related Financial Agreements and Prudent Investment) made under the Municipal Act, 2001, and

(ii) delegated to the Investment Board,

(A) the municipality’s powers to make investments, and

(B) the municipality’s duties under section 418.1 of the Municipal Act, 2001.

(2) The following rules apply in the circumstances referred to in clause (1) (b):

1. Sections 43.1, 46.1, 48.1 and 49.1 and subsection 51 (2.1) apply.

2. Subsections 46 (3) and (4) and sections 48 and 49 do not apply.

When agreement may be terminated

43.1 Neither the City nor the Investment Board shall terminate an agreement described in subclause 43 (1) (b) (i) that the City and the Investment Board enter into with another municipality unless the municipality has withdrawn from the investment arrangement in accordance with section 23 of Ontario Regulation 438/97 (Eligible Investments, Related Financial Agreements and Prudent Investment) made under the Municipal Act, 2001.

3. The Regulation is amended by adding the following sections:

Members of Investment Board, where agreement with municipality

46.1 (1) The following persons may not be appointed as members of the Investment Board:

1. An officer or employee of any municipality for which the Investment Board invests.

2. A member of council of any municipality for which the Investment Board invests.

(2) Subsection (1) does not apply to the treasurer of any municipality for which the Investment Board invests provided that treasurers do not make up more than one quarter of the members.

. . . . .

Investment plan, where agreement with municipality

48.1 (1) The Investment Board shall adopt and maintain an investment plan. 

(2) The investment plan shall deal with how the Investment Board will invest the money of the City and each other municipality referred to in clause 43 (1) (b), set out the Board’s projections of the proportions of each municipality’s portfolio of investments to be invested at the end of the year in each type of security selected by the Investment Board and may include other requirements.

(3) At least annually, following each council’s review of the investment policy under subsection 47 (4) of this Regulation or the investment policy under subsection 18 (4) of Ontario Regulation 438/97  (Eligible Investments, Related Financial Agreements and Prudent Investment) made under the Municipal Act, 2001, as the case may be, the Investment Board shall review the investment plan and update it, as necessary, as a result of the reviews. 

. . . . .

Investment Report, where agreement with municipality

49.1 (1) The Investment Board shall prepare and provide to the council of each municipality referred to in subsection 48.1 (2), each year or more frequently as specified by that council, an investment report.

(2) The investment report shall contain,

(a) a statement about the performance of the municipality’s portfolio of investments during the period covered by the report;

(b) a statement by the treasurer of the municipality as to whether or not, in the opinion of the treasurer, all investments are consistent with the investment policy under section 47 of this Regulation or the investment policy under section 18 of Ontario Regulation 438/97 (Eligible Investments, Related Financial Agreements and Prudent Investment) made under the Municipal Act, 2001, as the case may be, and the investment plan under section 48.1 of this Regulation; and

(c) such other information that the council may require or that, in the opinion of the treasurer, should be included.

4. Section 50 of the Regulation is amended by adding “or 48.1, as the case may be” after “section 48”.

5.  Section 51 of the Regulation is amended by adding the following subsection:

(2.1) For the purposes of applying clause (2) (a) in the circumstances referred to in clause 43 (1) (b), the references to “the investment policy under section 47” and to “the investment plan under section 48” shall be read as “the investment policy under section 47 of this Regulation or the investment policy under section 18 of Ontario Regulation 438/97 (Eligible Investments, Related Financial Agreements and Prudent Investment) made under the Municipal Act, 2001, as the case may be, and the investment plan under section 48.1 of this Regulation”.

Commencement

6. This Regulation comes into force on the later of the day section 72 of Schedule 1 to the Modernizing Ontario’s Municipal Legislation Act, 2017 comes into force and the day this Regulation is filed.

 

 

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