Financial Services Commission of Ontario Act, 1997, S.O. 1997, c. 28

JurisdictionOntario

Financial Services Commission of Ontario Act, 1997

S.O. 1997, CHAPTER 28

Historical version for the period July 1, 2019 to December 7, 2020.

Note: This Act is repealed on a day to be named by proclamation of the Lieutenant Governor. (See: 2019, c. 7, Sched. 26, s. 2)

Last amendment: 2019, c. 7, Sched. 26.

CONTENTS

Definitions

Definitions

1 In this Act,

“Commission” means the Financial Services Commission of Ontario established under section 2; (“Commission”)

“Minister” means the Minister of Finance, and “Ministry” has a corresponding meaning; (“ministre”, “ministère”)

“regulated sector” means a sector that consists of,

(a) all co-operative corporations to which the Co-operative Corporations Act applies,

(b) all credit unions, caisses populaires and leagues to which the Credit Unions and Caisses Populaires Act, 1994 applies,

(c) all persons engaged in the business of insurance and governed by the Insurance Act,

(c.1) all holders of a service provider’s licence issued under Part VI (Automobile Insurance) of the Insurance Act,

(d) all corporations registered or incorporated under the Loan and Trust Corporations Act,

(e) all mortgage brokerages, mortgage brokers, mortgage agents and mortgage administrators licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006,

(f) all persons who establish or administer a pension plan within the meaning of the Pension Benefits Act and all employers or other persons on their behalf who are required to contribute to any such pension plan, or

(g) all persons licensed to establish and administer pooled registered pension plans under the Pooled Registered Pension Plans Act, 2015 and all employers who enter into contracts with those persons; (“secteur réglementé”)

“Superintendent” means the Superintendent of Financial Services appointed under section 5; (“surintendant”)

“Tribunal” means the Financial Services Tribunal continued under the Financial Services Tribunal Act, 2017. (“Tribunal”) 1997, c. 28, s. 1; 2006, c. 29, s. 62 (1); 2013, c. 2, Sched. 6, s. 1; 2014, c. 9, Sched. 5, s. 1; 2015, c. 9, s. 29 (1); 2017, c. 34, Sched. 17, s. 20 (1).

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

2006, c. 29, s. 62 (1) - 01/07/2008

2013, c. 2, Sched. 6, s. 1 - 01/06/2014

2014, c. 9, Sched. 5, s. 1 - 01/04/2016

2015, c. 9, s. 29 (1) - 08/11/2016

2017, c. 34, Sched. 17, s. 20 (1) - 01/04/2019

Commission

Commission established

2 (1) There is hereby established a commission to be known in English as the Financial Services Commission of Ontario and in French as Commission des services financiers de l’Ontario. 1997, c. 28, s. 2 (1).

Members

(2) The Commission shall consist of the chair and the two vice-chairs of the Commission and the Superintendent. 1997, c. 28, s. 2 (2); 2014, c. 9, Sched. 5, s. 2.

Quorum

(3) A majority of the members of the Commission constitutes a quorum. 1997, c. 28, s. 2 (3).

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

2014, c. 9, Sched. 5, s. 2 - 01/04/2016

Purposes

3 The purposes of the Commission are,

(a) to provide regulatory services that protect the public interest and enhance public confidence in the regulated sectors;

(b) to make recommendations to the Minister on matters affecting the regulated sectors; and

(c) to provide the resources necessary for the proper functioning of the Tribunal. 1997, c. 28, s. 3.

Chair and vice-chairs

4 (1) The Lieutenant Governor in Council shall appoint the chair and the two vice-chairs of the Commission. 2006, c. 34, s. 33 (1).

Acting chair

(2) If the chair of the Commission is absent or unable to act, or if the office of chair is vacant, the vice-chairs shall designate one of them to act in the place of the chair who shall have the powers of the chair. 1997, c. 28, s. 4 (2).

Acting vice-chair

(3) If a vice-chair of the Commission is absent or unable to act, or if the office of a vice-chair is vacant, the chair of the Commission may designate a member of the Commission to act in the place of the vice-chair who shall have the powers of a vice-chair. 1997, c. 28, s. 4 (3); 2017, c. 34, Sched. 17, s. 20 (2).

Transition

(4) The chair and the vice-chair of the Pension Commission of Ontario holding office immediately before this section comes into force shall be the chair and one of the vice-chairs respectively of the Financial Services Commission of Ontario until the Lieutenant Governor in Council appoints their successors under subsection (1). 1997, c. 28, s. 4 (4).

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

2006, c. 34, s. 33 (1) - 20/12/2006

2017, c. 34, Sched. 17, s. 20 (2) - 01/04/2019

Superintendent

Superintendent

5 (1) There shall be a Superintendent of Financial Services appointed under Part III of the Public Service of Ontario Act, 2006 who shall be the chief executive officer of the Commission. 1997, c. 28, s. 5 (1); 2006, c. 35, Sched. C, s. 43 (1).

Powers and duties

(2) The Superintendent shall,

(a) be responsible for the financial and administrative affairs of the Commission;

(b) exercise the powers and duties conferred on or assigned to the Superintendent;

(c) administer and enforce this Act and every other Act that confers powers on or assigns duties to the Superintendent; and

(d) supervise generally the regulated sectors. 1997, c. 28, s. 5 (2).

Same

(2.1) If an agreement under section 100 of the Pension Benefits Act provides for the delegation to the Superintendent of any powers or duties of a person who has supervisory or regulatory powers under the pension benefits legislation of another jurisdiction, the Superintendent is authorized to exercise those powers and perform those duties. 2010, c. 1, Sched. 8, s. 1.

Same

(2.2) If an agreement under section 5 (Bilateral agreement) or 6 (Multilateral agreement) of the Pooled Registered Pension Plans Act (Canada), as those sections apply for the purposes of the Pooled Registered Pension Plans Act, 2015, provides for the delegation to the Superintendent of any powers or duties of a person who has supervisory or regulatory powers under the pooled registered pension plan legislation of another jurisdiction, the Superintendent is authorized to exercise those powers and perform those duties. 2015, c. 9, s. 29 (2).

Delegation of powers and duties

(3) The Superintendent may, subject to the conditions that the Superintendent considers appropriate, delegate in writing to any person employed in the Commission the exercise of any power or the performance of any duty conferred on or assigned to the Superintendent under,

(a) this Act;

(b) any other Act;

(c) an agreement under section 100 of the Pension Benefits Act; or

(d) an agreement under section 5 (Bilateral agreement) or 6 (Multilateral agreement) of the Pooled Registered Pension Plans Act (Canada), as those sections apply for the purposes of the Pooled Registered Pension Plans Act, 2015. 2015, c. 9, s. 29 (3); 2019, c. 7, Sched. 26, s. 1 (1).

Delegation to Ministry employee

(3.0.1) The Minister may, subject to the conditions that the Minister considers appropriate, delegate in writing to any person employed in the Ministry the exercise of any power or the performance of any duty conferred on or assigned to the Superintendent or the Commission under this Act or any other Act. 2019, c. 7, Sched. 26, s. 1 (2).

Same

(3.0.2) If a delegation of a power or duty is given under subsection (3.0.1), any delegation of the same power or duty under subsection (3) ceases to have effect. 2019, c. 7, Sched. 26, s. 1 (2).

Effect of delegation

(3.1) An act done or decision made under a delegation given under this section is as valid and effective as if it had been done or made by the Superintendent or by the Commission, as the case may be. 2015, c. 9, s. 29 (3); 2019, c. 7, Sched. 26, s. 1 (3).

Same, hearings

(4) The Superintendent may appoint in writing any employee of the Commission, or any other person, to hold a hearing on behalf of the Superintendent and to exercise the powers and perform the duties of the Superintendent relating to the hearing. 1997, c. 28, s. 5 (4).

Oaths

(5) The Superintendent may administer an oath required under this Act and any other Act that confers powers on or assigns duties to the Superintendent. 1997, c. 28, s. 5 (5).

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

2006, c. 35, Sched. C, s. 43 (1) - 20/08/2007

2010, c. 1, Sched. 8, s. 1 - 01/10/2010; 2010, c. 26, Sched. 8, s. 1 - 08/12/2010

2015, c. 9, s. 29 (2, 3) - 08/11/2016

2019, c. 7, Sched. 26, s. 1 (1); - 29/05/2019; 2019, c. 7, Sched. 26, s. 1 (2, 3) - 08/06/2019

6 Repealed: 2017, c. 34, Sched. 17, s. 20 (3).

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

2006, c. 34, s. 33 (2) - 20/12/2006

2017, c. 34, Sched. 17, s. 20 (3) - 01/04/2019

7 Repealed: 2017, c. 34, Sched. 17, s. 20 (3).

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

2017, c. 34, Sched. 17, s. 20 (3) - 01/04/2019

General

Employees

8 (1) Such employees as are considered necessary for the proper conduct of the affairs of the Commission may be appointed under Part III of the Public Service of Ontario Act, 2006. 2006, c. 35, Sched. C, s. 43 (2).

Professional assistance

(2) The Superintendent may,

(a) engage persons, other than those mentioned in subsection (1), to provide professional, technical or other assistance to the Commission; and

(b) establish the terms of engagement and provide for the payment of the remuneration and expenses of the persons engaged under clause (a). 1997, c. 28, s. 8 (2); 2017, c. 34, Sched. 17, s. 20 (4).

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

2006, c. 35, Sched. C, s. 43 (2) -...

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