You're using an outdated browser. This website will not display correctly and some features will not work.
Learn more about the browsers we support for a faster and safer online experience.

Financial Services Regulatory Authority of Ontario Act, 2016, S.O. 2016, c. 37, Sched. 8

Skip to content
Versions

Français

Financial Services Regulatory Authority of Ontario Act, 2016

S.o. 2016, chapter 37
Schedule 8

Consolidation Period:  From December 14, 2017 to the e-Laws currency date.

Last amendment: 2017, c. 34, Sched. 17, s. 21.

Legislative History: 2017, c. 34, Sched. 16; 2017, c. 34, Sched. 17, s. 21.

CONTENTS

Interpretation

1.

Definitions

Establishment, Objects, Powers, etc.

2.

Authority established

3.

Object of the Authority

3.

Objects of the Authority

4.

Preparation to carry out function

5.

Information for preparation, etc.

6.

Powers of the Authority

6.

Powers and duties of the Authority

7.

Application of certain Acts

Directors and Employees

8.

Board of directors

9.

By-laws

10.

Authority staff

Financial Matters

11.

Revenues not part of CRF

11.

Charges

12.

Restriction on certain financial activities

13.

Loans, etc., to the Authority

14.

Payment of judgments against the Authority

15.

Assessment of regulated sector

15.

Assessment of the Authority

16.

Payment of assessment

16.

Payment of assessment

17.

Financial statements

18.

Minister’s request for information

Immunity

19.

Immunity of employees and others

20.

Testimony in civil proceedings

Regulations

21.

Regulations

Rules

21.

Rules re regulated sector

22.

Publication of proposed rules

23.

Delivery of rules to Minister

24.

When rules effective

25.

Returned for reconsideration

26.

Publication

27.

Studies

Regulations

28.

Regulations

 

Interpretation

Definitions

1 In this Act,

“Authority” means the Financial Services Regulatory Authority of Ontario established under subsection 2 (1); (“Office”)

Note: On a day to be named by proclamation of the Lieutenant Governor, section 1 of the Act is amended by adding the following definition: (See: 2017, c. 34, Sched. 16, s. 1 (1))

“Chief Executive Officer” means the Chief Executive Officer appointed under subsection 10 (2); (“Directeur général”)

“DICO” means the Deposit Insurance Corporation of Ontario continued under section 249 of the Credit Unions and Caisses Populaires Act, 1994; (“SOAD”)

“Financial Services Tribunal” means the Financial Services Tribunal established under section 6 of the Financial Services Commission of Ontario Act, 1997; (“Tribunal des services financiers”)

Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of “Financial Services Tribunal” in section 1 of the Act is repealed and the following substituted: (See: 2017, c. 34, Sched. 17, s. 21)

“Financial Services Tribunal” means the Financial Services Tribunal continued under the Financial Services Tribunal Act, 2017; (“Tribunal des services financiers”)

“FSCO” means the Financial Services Commission of Ontario established under the Financial Services Commission of Ontario Act, 1997; (“CSFO”)

“Minister” means the Minister of Finance or such other member of the Executive Council as may be assigned the administration of this Act under the Executive Council Act; (“ministre”)

“regulated sector” has the same meaning as in section 1 of the Financial Services Commission of Ontario Act, 1997; (“secteur réglementé”)

Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of “regulated sector” in section 1 of the Act is amended by adding “Subject to subsection (2)” at the beginning. (See: 2017, c. 34, Sched. 16, s. 1 (2))

“Superintendent of Financial Services” means the Superintendent of Financial Services appointed under section 5 of the Financial Services Commission of Ontario Act, 1997. (“surintendant des services financiers”)

Note: On a day to be named by proclamation of the Lieutenant Governor, section 1 of the Act is amended by adding the following subsection: (See: 2017, c. 34, Sched. 16, s. 1 (3))

Regulated sector

(2) In addition to the persons described in clause (f) of the definition of “regulated sector” in section 1 of the Financial Services Commission of Ontario Act, 1997, the following persons are also included:

1. Any agent of a person who administers a pension plan within the meaning of the Pension Benefits Act.

2. Persons prescribed for the purposes of subsection 22 (6) of the Pension Benefits Act. 2017, c. 34, Sched. 16, s. 1 (3).

Section Amendments with date in force (d/m/y)

2017, c. 34, Sched. 16, s. 1 (1-3) - not in force; 2017, c. 34, Sched. 17, s. 21 - not in force

Establishment, Objects, Powers, etc.

Authority established

2 (1) A corporation without share capital is hereby established under the name Financial Services Regulatory Authority of Ontario in English and Office ontarien de réglementation des services financiers in French.

Membership

(2) The members of the Authority shall consist of the members of its board of directors.

Crown agency

(3) The Authority is an agent of the Crown in right of Ontario.

Object of the Authority

3 The object of the Authority is to regulate the regulated sectors.

Note: On a day to be named by proclamation of the Lieutenant Governor, section 3 of the Act is repealed and the following substituted: (See: 2017, c. 34, Sched. 16, s. 2)

Objects of the Authority

3 (1) The objects of the Authority are,

(a) to regulate and generally supervise the regulated sectors;

(b) to contribute to public confidence in the regulated sectors;

(c) to monitor and evaluate developments and trends in the regulated sectors;

(d) to cooperate and collaborate with other regulators where appropriate;

(e) to promote public education and knowledge about the regulated sectors;

(f) to promote transparency and disclosure of information by the regulated sectors;

(g) to deter deceptive or fraudulent conduct, practices and activities by the regulated sectors; and

(h) to carry out such other objects as may be prescribed. 2017, c. 34, Sched. 16, s. 2.

Same, financial services sectors

(2) In addition to the objects set out in subsection (1), the objects of the Authority in respect of the financial services sectors are,

(a) to promote high standards of business conduct;

(b) to protect the rights and interests of consumers; and

(c) to foster strong, sustainable, competitive and innovative financial services sectors. 2017, c. 34, Sched. 16, s. 2.

Same, pension plans

(3) In addition to the objects set out in subsection (1), the objects of the Authority in respect of pension plans are,

(a) to promote good administration of pension plans; and

(b) to protect and safeguard the pension benefits and rights of pension plan beneficiaries. 2017, c. 34, Sched. 16, s. 2.

Section Amendments with date in force (d/m/y)

2017, c. 34, Sched. 16, s. 2 - not in force

Preparation to carry out function

4 The Authority shall work with the Minister to prepare for the Authority to carry out the regulatory function described in section 3.

Information for preparation, etc.

5 (1) The Minister or the Authority may require FSCO, the Superintendent of Financial Services and DICO to provide information for the purpose of preparing for the Authority to carry out the regulatory function described in section 3 and for the transition from that function being carried out by FSCO, the Superintendent of Financial Services and DICO to that function being carried out by the Authority.

Format

(2) The Minister or the Authority may require that the information be provided in the format specified by the Minister or the Authority.

Compliance

(3) FSCO, the Superintendent of Financial Services and DICO shall comply with a requirement under this section.

Information shared between Minister and Authority

(4) Information, including information collected otherwise than in accordance with this section, may be provided for the purpose described in subsection (1),

(a) from the Minister to the Authority; or

(b) from the Authority to the Minister.

No notice to individual

(5) Any collection by the Minister or the Authority of personal information under this section is exempt from the application of subsection 39 (2) of the Freedom of Information and Protection of Privacy Act.

Deemed consistent purpose

(6) For the purposes of the Freedom of Information and Protection of Privacy Act, personal information in the custody or control of the Ministry that has been collected otherwise than in accordance with this section may be used by the Ministry for the purpose described in subsection (1), and that use shall be deemed to be for a purpose that is consistent with the purpose for which the personal information was obtained or compiled.

Powers of the Authority

6 The Authority has the capacity, rights, powers and privileges of a natural person for carrying out its objects, subject to the limitations under this Act.

Note: On a day to be named by proclamation of the Lieutenant Governor, section 6 of the Act is repealed and the following substituted: (See: 2017, c. 34, Sched. 16, s. 3)

Powers and duties of the Authority

6 (1) The Authority has the capacity, rights, powers and privileges of a natural person for carrying out its objects, subject to the limitations under this Act. 2017, c. 34, Sched. 16, s. 3.

Same

(2) The Authority shall,

(a) exercise the powers and duties conferred on or assigned to the Authority; and

(b) administer and enforce this Act and every other Act that confers powers on or assigns duties to the Authority. 2017, c. 34, Sched. 16, s. 3.

Section Amendments with date in force (d/m/y)

2017, c. 34, Sched. 16, s. 3 - not in force

Application of certain Acts

7 (1) The Corporations Information Act does not apply to the Authority.

Business Corporations Act

(2) Section 132, subsections 134 (1) and (3), and sections 135 and 136 of the Business Corporations Act apply, with necessary modifications, to the Authority and its directors and officers.

Corporations Act

(3) The Corporations Act does not apply to the Authority except as prescribed in the regulations made under this Act.

Note: On the later of the day subsection 7 (3) of the Financial Services Regulatory Authority of Ontario Act, 2016 comes into force and the day subsection 4 (1) of the Not-for-Profit Corporations Act, 2010 comes into force, subsection 7 (3) of this Act is repealed and the following substituted: (See: 2016, c. 37, Sched. 8, s. 22)

Not-for-Profit Corporations Act, 2010

(3) The Not-for-Profit Corporations Act, 2010 does not apply to the Authority except as prescribed in the regulations made under this Act. 2016, c. 37, Sched. 8, s. 22.

Note: On the later of the day section 11 of Schedule 16 to the Stronger, Fairer Ontario Act (Budget Measures), 2017 comes into force and the day subsection 4 (1) of the Not-for-Profit Corporations Act, 2010 comes into force, subsection 7 (3) of the Act is repealed and the following substituted: (See: 2017, c. 34, Sched. 16, s. 4)

Not-for-Profit Corporations Act, 2010

(3) The Not-for-Profit Corporations Act, 2010 does not apply to the Authority except as prescribed in the regulations made under this Act. 2017, c. 34, Sched. 16, s. 4.

Section Amendments with date in force (d/m/y)

2017, c. 34, Sched. 16, s. 4 - not in force

Directors and Employees

Board of directors

8 (1) The board of directors shall supervise the management of the Authority’s affairs.

Composition

(2) The board of directors shall consist of at least three and not more than 11 directors.

Appointment

(3) Each director shall be appointed by the Lieutenant Governor in Council, on the recommendation of the Minister.

Ineligibility

(4) A person who is an officer or other employee of the Authority is ineligible to be a director of the Authority.

Quorum

(5) A majority of the directors constitutes a quorum of the board of directors.  However, the by-laws may provide for a higher threshold for quorum.

Chair

(6) The Lieutenant Governor in Council shall, on the recommendation of the Minister, designate a director as chair.

Same

(7) The chair holds office for the term specified by the Lieutenant Governor in Council which shall not exceed his or her term as a director.

Acting chair

(8) If the chair is absent at any meeting of the board of directors or if the office of the chair is vacant, one of the directors who is chosen to so act by the directors present shall preside and have all the powers, duties and functions of the chair.

By-laws

9 (1) Subject to the approval of the Minister, the board of directors may make by-laws,

(a) governing the administration, management and conduct of the affairs of the Authority;

(b) governing the appointment of an auditor;

(c) setting out the powers, functions and duties of the chair and the officers employed by the Authority;

(d) delegating to employees of the Authority the exercise or performance of any power or duty conferred or imposed on an officer of the Authority under this Act and fixing the terms or conditions of the delegation;

(e) governing the remuneration and benefits of the employees;

(f) governing the time, place and method for holding meetings of the board of directors and the procedure at such meetings; and

(g) governing the appointment, operation or dissolution of committees of the board of directors and delegating duties of the board to the committees.

Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 9 (1) of the Act is amended by striking out “and” at the end of clause (f), by adding “and” at the end of clause (g) and by adding the following clause: (See: 2017, c. 34, Sched. 16, s. 5 (1))

(h) governing the refund of amounts paid to the Authority under this or any other Act and authorizing employees of the Authority to approve refunds subject to such conditions and in such circumstances as the Authority considers appropriate.

Notice to Minister

(2) The Authority shall deliver to the Minister a copy of every by-law.

Minister’s review

(3) Within 60 days after delivery of the by-law, the Minister may approve, reject or return it to the Authority for further consideration.

Effect of approval

(4) A by-law that is approved by the Minister becomes effective on the date of the approval or on such later date as the by-law may provide.

Effect of rejection

(5) A by-law that is rejected by the Minister does not become effective.

Effect of return for further consideration

(6) A by-law that is returned to the Authority for further consideration does not become effective until the Authority returns it to the Minister and the Minister approves it.

Expiry of review period

(7) If within the 60-day period the Minister does not approve, reject or return the by-law for further consideration, the by-law becomes effective on the 75th day after it is delivered to the Minister or on such later date as the by-law may provide.

Financial by-laws

(8) The following apply with respect to a by-law relating to borrowing, investing or managing financial risks:

1. Subsections (3) to (7) do not apply.

2. The by-law does not take effect unless it is approved by the Minister and, if the Minister is not the Minister of Finance, the Minister of Finance.

3. The by-law becomes effective upon being approved under paragraph 2 or on such later date as the by-law provides.

Publication

(9) The Authority shall publish each by-law on the Internet as soon as practicable after the by-law becomes effective.

Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 9 (9) of the Act is amended by striking out “the Internet” and substituting “the website of the Authority”. (See: 2017, c. 34, Sched. 16, s. 5 (2))

Legislation Act, 2006, Part III

(10) Part III (Regulations) of the Legislation Act, 2006 does not apply to a by-law.

Section Amendments with date in force (d/m/y)

2017, c. 34, Sched. 16, s. 5 (1, 2) - not in force

Authority staff

10 (1) The Authority may employ such persons as it considers necessary to enable it effectively to perform its duties and exercise its powers.

Chief Executive Officer

(2) The board of directors shall appoint a Chief Executive Officer who shall be responsible for the management and administration of the Authority, subject to the supervision and direction of the board.

Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 10 (2) of the Act is repealed and the following substituted: (See: 2017, c. 34, Sched. 16, s. 6)

Chief Executive Officer

(2) The board of directors shall appoint a Chief Executive Officer who shall, subject to the supervision and direction of the board of directors,

(a) be responsible for the management and administration of the Authority; and

(b) exercise the powers and duties conferred on or assigned to the Chief Executive Officer under any Act. 2017, c. 34, Sched. 16, s. 6.

Delegation of powers and duties

(2.1) A quorum of the board of directors may in writing delegate any of its powers and duties under this Act or any other Act to the Chief Executive Officer and may impose conditions and restrictions on the delegation. 2017, c. 34, Sched. 16, s. 6.

Same, exception

(2.2) Despite subsection (2.1), the board of directors may not delegate the power to make rules under section 21. 2017, c. 34, Sched. 16, s. 6.

Same, delegation

(2.3) Subject to the written approval of the board of directors, the Chief Executive Officer may in writing delegate any of the Chief Executive Officer’s powers and duties that have been conferred on or assigned to the Chief Executive Officer under any Act, or that have been delegated to the Chief Executive Officer under subsection (2.1), to an officer or other employee of the Authority and may impose conditions and restrictions on the delegation. 2017, c. 34, Sched. 16, s. 6.

Other officers

(3) The Authority may appoint from among its employees such other officers as it considers necessary.

Agreement for services

(4) The Authority and a ministry of the Crown may enter into agreements for the provision by employees of the Crown of any service required by the Authority to carry out its duties and powers. The Authority shall pay the agreed amount for services provided to it.

Section Amendments with date in force (d/m/y)

2017, c. 34, Sched. 16, s. 6 - not in force

Financial Matters

Revenues not part of CRF

11 (1) Despite Part I of the Financial Administration Act, the revenues and investments of the Authority do not form part of the Consolidated Revenue Fund.

Same

(2) The revenues of the Authority shall be applied to carrying out its objects.

Note: On a day to be named by proclamation of the Lieutenant Governor, section 11 of the Act is repealed and the following substituted: (See: 2017, c. 34, Sched. 16, s. 7)

Charges

11 (1) The Authority may collect and enforce the payment of such fees, levies, sector assessments and other charges as may be established by a rule of the Authority. 2017, c. 34, Sched. 16, s. 7.

Authority re income

(2) Despite Part I of the Financial Administration Act, amounts payable to the Authority under this or any other Act and the revenues and investments of the Authority do not form part of the Consolidated Revenue Fund and shall be applied to carrying out the objects of, and the powers conferred and duties imposed on, the Authority under this or any other Act. 2017, c. 34, Sched. 16, s. 7.

Exceptions

(3) Despite subsection (2), and subject to the regulations made under this Act, the Authority shall pay into the Consolidated Revenue Fund all money received by the Authority,

(a) pursuant to the terms of an order or settlement; and

(b) from administrative penalties. 2017, c. 34, Sched. 16, s. 7.

Same, regulation

(4) A regulation made under subsection (3) may permit money to not be paid into the Consolidated Revenue Fund and may require that it be used for a specified purpose. 2017, c. 34, Sched. 16, s. 7.

Section Amendments with date in force (d/m/y)

2017, c. 34, Sched. 16, s. 7 - not in force

Restriction on certain financial activities

12 (1) The Authority shall not borrow, invest funds or manage financial risks unless,

(a) the activity is authorized by a by-law of the Authority; and

(b) the by-law is approved in accordance with paragraph 2 of subsection 9 (8).

Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 12 (1) of the Act is amended by striking out “and” at the end of clause (a), by adding “and” at the end of clause (b) and by adding the following clause: (See: 2017, c. 34, Sched. 16, s. 8)

(c) it complies with such additional requirements as may be prescribed.

Co-ordination of certain financial activities

(2) The Ontario Financing Authority shall co-ordinate and arrange all borrowing, investing of funds and managing of financial risks of the Authority.

Same

(3) The Minister of Finance may in writing direct a person other than the Ontario Financing Authority to perform the functions referred to in subsection (2).

Direction of Minister

(4) A direction of the Minister of Finance under subsection (3) may be general or specific and may include terms and conditions that the Minister of Finance considers advisable.

Non-application of Legislation Act, 2006, Part III

(5) Part III (Regulations) of the Legislation Act, 2006 does not apply to a direction issued under subsection (3).

Section Amendments with date in force (d/m/y)

2017, c. 34, Sched. 16, s. 8 - not in force

Loans, etc., to the Authority

13 (1) The Lieutenant Governor in Council may, by order, authorize the Minister of Finance to purchase securities of, or make loans to, the Authority in the amounts, at the times and on the terms determined by the Minister, subject to the maximum principal amount specified by the Lieutenant Governor in Council that may be purchased or advanced or that may be outstanding at any time.

Same

(2) The Minister of Finance may pay out of the Consolidated Revenue Fund any amount required for the purposes of subsection (1).

Delegation of Minister’s authority

(3) The Lieutenant Governor in Council may, by order, delegate all or part of the authority of the Minister of Finance under subsection (1) to a public servant who works in the Ministry of Finance, other than in the office of the Minister, or who works in the Ontario Financing Authority.

Payment of judgments against the Authority

14 The Minister of Finance shall pay from the Consolidated Revenue Fund the amount of any judgment against the Authority that remains unpaid after the Authority has made reasonable efforts, including liquidating assets, to pay the amount of the judgment.

Assessment of regulated sector

15 (1) The Lieutenant Governor in Council may assess all entities that form part of a regulated sector with respect to all expenses and expenditures that the Ministry and the Authority have incurred and made in respect of the work described in section 4 and other work that relates to the object of the Authority under section 3.

Determination of amount

(2) If an assessment is made under subsection (1), the share of the assessment in respect of the regulated sector and the share of the assessment payable by an entity that forms part of the sector shall be determined in the manner prescribed by the regulations made under this Act.

Same, variations

(3) The manner of determining the share may vary for each regulated sector or for the entities that form part of the sector.

Recommendation of Authority

(4) On request, the Authority shall recommend to the Lieutenant Governor in Council the manner in which the regulations made under this Act should determine the share of the assessment in respect of a regulated sector and the share of the assessment payable by an entity that forms part of the sector.

Note: On a day to be named by proclamation of the Lieutenant Governor, section 15 of the Act is repealed and the following substituted: (See: 2017, c. 34, Sched. 16, s. 9)

Assessment of the Authority

15 (1) The Lieutenant Governor in Council may assess the Authority annually with respect to all expenses and expenditures that the Ministry has incurred and made in respect of preparing the Authority to carry out its regulatory function and in respect of the regulated sectors. 2017, c. 34, Sched. 16, s. 9.

Same, prescribed requirements

(2) An assessment under subsection (1) shall be determined in the manner prescribed by the regulations made under this Act. 2017, c. 34, Sched. 16, s. 9.

Section Amendments with date in force (d/m/y)

2017, c. 34, Sched. 16, s. 9 - not in force

Payment of assessment

16 (1) An entity that is assessed under section 15 shall pay the assessment.

Unpaid assessments

(2) If an entity that is assessed does not pay the assessment, the unpaid amount of the assessment is a debt due to the Crown and the Crown may recover the debt by action or by any other remedy or procedure available by law to the Crown for the collection of debts owed to the Crown, whether or not the Superintendent of Financial Services exercises the rights set out in subsection (3), (4) or (5).

Insurer

(3) If an insurer that is assessed does not pay the assessment, the Superintendent of Financial Services may suspend or cancel the insurer’s licence issued under the Insurance Act.

Loan and trust corporations

(4) If a corporation registered under the Loan and Trust Corporations Act that is assessed does not pay the assessment, the Superintendent of Financial Services may revoke the registration of the corporation under that Act.

Mortgage brokerages, etc.

(5) If a person or entity who has a licence issued under the Mortgage Brokerages, Lenders and Administrators Act, 2006 and who is assessed does not pay the assessment, the Superintendent of Financial Services may revoke the person’s or entity’s licence.

Holder of service provider’s licence

(6) If a person or entity who holds a service provider’s licence issued under Part VI (Automobile Insurance) of the Insurance Act and who is assessed does not pay the assessment, the Superintendent of Financial Services may revoke the licence.

Revival

(7) The Superintendent of Financial Services may revive the licence or restore the registration, as the case may be, if the entity that is assessed pays the amount owing on the assessment.

Note: On a day to be named by proclamation of the Lieutenant Governor, section 16 of the Act is repealed and the following substituted: (See: 2017, c. 34, Sched. 16, s. 9)

Payment of assessment

16 (1) The Authority shall pay the amount of the assessment into the Consolidated Revenue Fund. 2017, c. 34, Sched. 16, s. 9.

Unpaid assessment

(2) If the Authority does not pay the assessment, the unpaid amount of the assessment is a debt due to the Crown and the Crown may recover the debt by action or by any other remedy or procedure available by law to the Crown for the collection of debts owed to the Crown. 2017, c. 34, Sched. 16, s. 9.

Section Amendments with date in force (d/m/y)

2017, c. 34, Sched. 16, s. 9 - not in force

Financial statements

17 (1) The Authority shall prepare annual financial statements in accordance with generally accepted accounting principles. The financial statements must present the financial position, financial performance and changes in the financial position of the Authority for its most recent fiscal year.

Auditors

(2) The Authority shall appoint one or more auditors licensed under the Public Accounting Act, 2004 to audit the financial statements of the Authority for each fiscal year.

Auditor General

(3) The Auditor General may also audit the financial statements of the Authority.

Minister’s request for information

18 (1) The Authority shall promptly give the Minister such information about its activities, operations and financial affairs as the Minister requests.

Examination

(2) The Minister may designate a person to examine any financial or accounting procedures, activities or practices of the Authority. The person designated shall do so and report the results of the examination to the Minister.

Duty to assist, etc.

(3) The directors and employees of the Authority shall give the person designated by the Minister all the assistance and co-operation necessary to enable him or her to complete the examination.

Immunity

Immunity of employees and others

19 (1) No action or other civil proceeding shall be commenced against a director, employee or agent of the Authority for an act done in good faith in the exercise or performance or intended exercise or performance of a power or duty under this Act or the regulations made under this Act or under the by-laws of the Authority or for neglect or default in the exercise or performance in good faith of the power or duty.

Immunity of the Crown

(2) No action or other civil proceeding shall be commenced against the Crown for any act, neglect or default by a person referred to in subsection (1) or for any act, neglect or default by the Authority.

Exception

(3) Subsection (2) does not apply to a proceeding to enforce against the Crown its obligations under a written contract to which it is a party.

Same

(4) Subsections (1) and (2) do not relieve the Authority of any liability to which it would otherwise be subject with respect to a cause of action arising from any act, neglect or default mentioned in subsection (1).

Testimony in civil proceedings

20 No director, employee or agent of the Authority shall be required to testify in a civil proceeding, in a proceeding before the Superintendent of Financial Services or the Financial Services Tribunal or in a proceeding before any other tribunal respecting information obtained in the discharge of the person’s duties under this Act.

Note: On a day to be named by proclamation of the Lieutenant Governor, section 20 of the Act is amended by striking out “the Superintendent of Financial Services or”. (See: 2017, c. 34, Sched. 16, s. 10)

Section Amendments with date in force (d/m/y)

2017, c. 34, Sched. 16, s. 10 - not in force

Regulations

Regulations

21 The Lieutenant Governor in Council may make regulations prescribing any matter mentioned in this Act as prescribed.

Note: On a day to be named by proclamation of the Lieutenant Governor, section 21 of the Act is repealed and the following substituted: (See: 2017, c. 34, Sched. 16, s. 11)

Rules

Rules re regulated sector

21 (1) If an Act provides that the Authority may make rules, the Authority may make rules in respect of any matter over which the Act gives the Authority rule-making authority. 2017, c. 34, Sched. 16, s. 11.

Rules re charges

(2) The Authority may make rules governing fees, levies, sector assessments and other charges that the Authority may impose, including, but not limited to,

(a) for filing;

(b) for applications for licences or registration;

(c) in respect of compliance reviews and audits made by the Authority; and

(d) in connection with the work described in sections 4 and 6, and other work that relates to the objects of the Authority under section 3, including any assessment that the Authority is required to pay under this Act or any other Act. 2017, c. 34, Sched. 16, s. 11.

Exception

(3) Despite subsection (2), the Authority may not make rules in respect of administrative penalties. 2017, c. 34, Sched. 16, s. 11.

Legislation Act, 2006, Part III

(4) Part III (Regulations) of the Legislation Act, 2006 does not apply to the rules made under this Act. 2017, c. 34, Sched. 16, s. 11.

Conflict: regulations, rules

(5) If there is a conflict or an inconsistency between a regulation made by the Lieutenant Governor in Council under this Act and a rule made under this Act, the regulation prevails, but in all other respects a rule has the same force and effect as a regulation. 2017, c. 34, Sched. 16, s. 11.

Section Amendments with date in force (d/m/y)

2017, c. 34, Sched. 16, s. 11 - not in force

22 Omitted (provides for amendments to this Act).

Note: On a day to be named by proclamation of the Lieutenant Governor, section 22 of the Act is repealed and the following substituted: (See: 2017, c. 34, Sched. 16, s. 11)

Publication of proposed rules

22 (1) The Authority shall publish notice of every rule that it proposes to make on the website of the Authority. 2017, c. 34, Sched. 16, s. 11.

Notice

(2) The notice must include the following:

1. The proposed rule.

2. A statement of the substance and purpose of the proposed rule.

3. A summary of the proposed rule.

4. A discussion of all alternatives to the proposed rule that were considered by the Authority and the reasons for not proposing the adoption of the alternatives considered.

5. A reference to any significant unpublished study, report or other written materials on which the Authority relies in proposing the rule.

6. A description of the anticipated costs and benefits of the proposed rule.

7. A description of any recommendations that the Authority proposes with respect to the amendment or revocation of a regulation or provision in a regulation that relates to the implementation of the proposed rule. 2017, c. 34, Sched. 16, s. 11.

Exception

(3) The Authority does not have to make reference to written material that, in the opinion of the Authority, should be held in confidence because it discloses sensitive financial, personal or other information and the desirability of avoiding disclosure of the substance of it or its existence in the interests of any person affected outweighs the desirability of making it or knowledge of its existence available to the public. 2017, c. 34, Sched. 16, s. 11.

Representations

(4) Upon publication of a notice under subsection (1), the Authority shall invite, and shall give reasonable opportunity to, interested persons to make written representations with respect to the proposed rule within a period of at least 90 days after the publication. 2017, c. 34, Sched. 16, s. 11.

Exceptions to notice requirement

(5) Publication of a notice is not required if,

(a) all persons who would be subject to the proposed rule are named, the information set out in subsection (2) is sent to each of them and they and any other person whose interests are likely to be substantially affected by the proposed rule are given an opportunity to make written representations with respect to it;

(b) the proposed rule grants an exemption or removes a restriction and is not likely to have a substantial effect on the interests of persons other than those who benefit under it;

(c) what is proposed is only an amendment that does not materially change an existing rule; or

(d) the Authority,

(i) believes that there is an urgent need for the proposed rule and that, without it, there is a substantial risk of material harm to consumers, investors, pension plan beneficiaries, persons who establish pension plans or the integrity of a regulated sector, and

(ii) has the approval of the Minister to make the rule without publication of notice. 2017, c. 34, Sched. 16, s. 11.

Publication

(6) When a rule to which clause (5) (d) applies comes into force, the Authority shall publish a statement setting out the substance and purpose of the rule and the nature of the urgency and the risk on the website of the Authority. 2017, c. 34, Sched. 16, s. 11.

Changes to proposal

(7) If, following the publication of the notice and consideration of the submissions, the Authority proposes material changes to the proposed rule, the Authority shall publish notice of the proposed changes on the website of the Authority. 2017, c. 34, Sched. 16, s. 11.

Notice of changes

(8) The notice must include the following:

1. The proposed rule with the changes incorporated.

2. A concise statement of the purpose of the changes.

3. The reasons for the changes. 2017, c. 34, Sched. 16, s. 11.

Representations re changes

(9) Upon publication of a notice of changes, the Authority shall invite, and shall give a reasonable opportunity to, interested persons to make written representations with respect to the changes within such period as the Authority considers appropriate. 2017, c. 34, Sched. 16, s. 11.

Making rule

(10) In cases where a notice and comment process is required, the Authority may make the rule only at the end of the notice and comment process and after considering all representations made as a result of that process. 2017, c. 34, Sched. 16, s. 11.

Inspection of material

(11) The Authority shall make all written representations made under this section available for public inspection during the normal business hours of the Authority. 2017, c. 34, Sched. 16, s. 11.

Same

(12) Despite subsection (11), the Authority may hold written representations in confidence so long as the Authority is of the opinion that the representations so held disclose sensitive financial, personal or other information and that the desirability of avoiding disclosure thereof in the interests of any person affected outweighs the desirability of adhering to the principle that representations made to the Authority be available to the public for inspection. 2017, c. 34, Sched. 16, s. 11.

Interpretation

(13) In this section and in section 23,

“rule” includes an amendment to and a revocation of a rule. 2017, c. 34, Sched. 16, s. 11.

Section Amendments with date in force (d/m/y)

2017, c. 34, Sched. 16, s. 11 - not in force

23 Omitted (provides for coming into force of provisions of this Act).

Note: On a day to be named by proclamation of the Lieutenant Governor, section 23 of the Act is repealed and the following substituted: (See: 2017, c. 34, Sched. 16, s. 11)

Delivery of rules to Minister

23 (1) The Authority must deliver to the Minister a copy of every rule made by it together with the following:

1. A copy of the notices published under section 22, unless publication of the notice was not required, and copies of all documents referred to in the notices.

2. A summary of the representations made and other documents submitted in respect of the rule as proposed.

3. All other information that was considered by the Authority in connection with the making of the rule. 2017, c. 34, Sched. 16, s. 11.

Publication

(2) The Authority shall publish every rule made by it on the website of the Authority as soon as practicable after the rule is made together with the following:

1. The date on which the rule and the material required under subsection (1) were delivered to the Minister.

2. The date the rule is to come into force if an action is not taken by the Minister under subsection (3).

3. A statement of the substance and purpose of the rule.

4. A summary of the written comments received during the comment periods if notice and comment were required.

5. A statement of the Authority setting out its response to the significant issues and concerns brought to the attention of the Authority during the comment periods. 2017, c. 34, Sched. 16, s. 11.

Action by Minister

(3) Within 60 days, or if the rule is a rule under subsection 21 (2), 90 days, after a rule is delivered to the Minister, the Minister may,

(a) approve the rule;

(b) reject the rule; or

(c) return it to the Authority for further consideration. 2017, c. 34, Sched. 16, s. 11.

Section Amendments with date in force (d/m/y)

2017, c. 34, Sched. 16, s. 11 - not in force

24 Omitted (enacts short title of this Act).

Note: On a day to be named by proclamation of the Lieutenant Governor, section 24 of the Act is repealed and the following substituted: (See: 2017, c. 34, Sched. 16, s. 11)

When rules effective

24 (1) A rule that is approved by the Minister comes into force 15 days after it is approved unless there is a later day specified in the rule in which case it comes into force on that later day. 2017, c. 34, Sched. 16, s. 11.

Same

(2) If the Minister does not approve a rule, reject it or return it to the Authority for further consideration and a coming into force day,

(a) that is at least 75 days, or if the rule is a rule under subsection 21 (2), 105 days, after the rule is delivered to the Minister, is specified in the rule, the rule comes into force on the specified day;

(b) is not specified in the rule, the rule comes into force on the 75th day, or if the rule is a rule under subsection 21 (2), the 105th day, after the rule is delivered to the Minister; or

(c) that is within 75 days, or if the rule is a rule under subsection 21 (2), 105 days, after the rule is delivered to the Minister, is specified in the rule, the rule comes into force on the 75th day, or if the rule is a rule under subsection 21 (2), the 105th day, after the rule is delivered to the Minister. 2017, c. 34, Sched. 16, s. 11.

Same

(3) A rule that is returned to the Authority for further consideration cannot come into force until it is returned by the Authority to the Minister at which time this section applies as if the rule were delivered for the first time. 2017, c. 34, Sched. 16, s. 11.

Same

(4) A rule that is rejected by the Minister does not come into force. 2017, c. 34, Sched. 16, s. 11.

Same

(5) A rule to which clause 22 (5) (d) applies that is approved by the Minister comes into force on the day it is published on the website of the Authority. 2017, c. 34, Sched. 16, s. 11.

Revocation by operation of law

(6) A rule to which clause 22 (5) (d) applies is revoked on the 275th day after it comes into force. 2017, c. 34, Sched. 16, s. 11.

Publication

(7) The Authority shall publish every rule that comes into force in The Ontario Gazette and on the website of the Authority. 2017, c. 34, Sched. 16, s. 11.

Deemed notice

(8) Every person affected by a rule shall be deemed to have notice of it when it is published on the website of the Authority. 2017, c. 34, Sched. 16, s. 11.

Section Amendments with date in force (d/m/y)

2017, c. 34, Sched. 16, s. 11 - not in force

Returned for reconsideration

25 (1) If the Minister returns a rule to the Authority for further consideration, the Minister may specify what is to be considered, the conditions that apply and the process to be followed. 2017, c. 34, Sched. 16, s. 11.

Same

(2) Subject to any instruction that the Authority receives under subsection (1), the Authority shall consider any rule returned to it in the manner and following the process that it feels is appropriate. 2017, c. 34, Sched. 16, s. 11.

Section Amendments with date in force (d/m/y)

2017, c. 34, Sched. 16, s. 11 - not in force

Publication

26 The Authority shall publish on its website notice of,

(a) any action taken by the Minister under subsection 23 (3) in respect of every rule that the Authority has delivered to the Minister; and

(b) any matter specified by the Minister under subsection 25 (1) to be considered. 2017, c. 34, Sched. 16, s. 11.

Section Amendments with date in force (d/m/y)

2017, c. 34, Sched. 16, s. 11 - not in force

Studies

27 (1) The Minister may in writing require the Authority,

(a) to study and make recommendations in respect of any matter of a general nature under or affecting a statute, regulation or rule that governs a regulated sector; and

(b) to consider making a rule in respect of a matter specified by the Minister. 2017, c. 34, Sched. 16, s. 11.

Publication

(2) The Authority shall publish notice of every requirement from the Minister made under subsection (1) on the website of the Authority. 2017, c. 34, Sched. 16, s. 11.

Notice

(3) The notice must include the following:

1. A statement of the substance of the requirement.

2. A reference to every unpublished study, report or other written materials provided to the Authority by the Minister other than materials that the Minister has asked the Authority to treat as confidential. 2017, c. 34, Sched. 16, s. 11.

Section Amendments with date in force (d/m/y)

2017, c. 34, Sched. 16, s. 11 - not in force

Regulations

Regulations

28 The Lieutenant Governor in Council may make regulations prescribing any matter mentioned in this Act as prescribed. 2017, c. 34, Sched. 16, s. 11.

Section Amendments with date in force (d/m/y)

2017, c. 34, Sched. 16, s. 11 - not in force

______________

 

Français