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

JurisdictionOntario

Financial Services Regulatory Authority of Ontario Act, 2016

S.o. 2016, chapter 37
Schedule 8

Consolidation Period: From April 27, 2021 to the e-Laws currency date.

Last amendment: 2021, c. 8, Sched. 4, s. 3.

CONTENTS

Interpretation

Definitions

1 (1) In this Act,

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

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

“credit union” and “deposit” have the same meanings as in the Credit Unions and Caisses Populaires Act, 1994; (“caisse”, “caisse populaire”, “dépôt”)

Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of ““credit union” and “deposit”” in subsection 1 (1) of the Act is amended by striking out “Credit Unions and Caisses Populaires Act, 1994” at the end and substituting “Credit Unions and Caisses Populaires Act, 2020”. (See: 2020, c. 36, Sched. 7, s. 313 (1))

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

Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of “DICO” in subsection 1 (1) of the Act is amended by adding “as it read before its repeal” at the end. (See: 2020, c. 36, Sched. 7, s. 313 (2))

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

“FSCO” means the former Financial Services Commission of Ontario that was established under the repealed Financial Services Commission of Ontario Act, 1997; (“CSFO”)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

“predecessor Authority” means the Financial Services Regulatory Authority of Ontario continued under subsection 2 (1) as that subsection read immediately before section 2 of Schedule 17 to the Restoring Trust, Transparency and Accountability Act, 2018 comes into force; (“ancienne Autorité”)

“regulated sector” means a sector that is subject to,

(a) the Credit Unions and Caisses Populaires Act, 1994,

Note: On a day to be named by proclamation of the Lieutenant Governor, clause (a) of the definition of “regulated sector” in subsection 1 (1) of the Act is repealed and the following substituted: (See: 2020, c. 36, Sched. 7, s. 313 (3))

(a) the Credit Unions and Caisses Populaires Act, 2020,

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 the following clause: (See: 2019, c. 7, Sched. 25, s. 18 (1))

(a.1) the Financial Professionals Title Protection Act, 2019,

(b) the Insurance Act,

(c) the Loan and Trust Corporations Act,

(d) the Mortgage Brokerages, Lenders and Administrators Act, 2006,

(e) the Pension Benefits Act,

(f) the Pooled Registered Pension Plans Act, 2015, or

(g) such other legislation as may be prescribed; (“secteur réglementé”)

“Superintendent of Financial Services” means the former position of Superintendent of Financial Services under the repealed Financial Services Commission of Ontario Act, 1997. (“surintendent des services financiers”) 2016, c. 37, Sched. 8, s. 1; 2017, c. 34, Sched. 16, s. 1 (1); 2017, c. 34, Sched. 17, s. 21; 2018, c. 8, Sched. 11, s. 2 (1-3); 2018, c. 17, Sched. 17, s. 1; 2020, c. 36, Sched. 15, s. 1.

Pension sector

(2) For the purposes of clause (e) of the definition of “regulated sector” in subsection (1), the following persons are included in the sector that is subject to the Pension Benefits Act:

1. 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.

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

3. Persons prescribed for the purposes of subsection 22 (6) of the Pension Benefits Act. 2018, c. 8, Sched. 11, s. 2 (4).

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

2017, c. 34, Sched. 16, s. 1 (1) - 08/06/2019; 2017, c. 34, Sched. 16, s. 1 (2, 3); - no effect - see 2018, c. 8, Sched. 11, s. 12 - 08/05/2018; 2017, c. 34, Sched. 17, s. 21 - 01/04/2019

2018, c. 8, Sched. 11, s. 2 (1, 2) - 08/05/2018; 2018, c. 8, Sched. 11, s. 2 (3, 4) - 08/06/2019; 2018, c. 17, Sched. 17, s. 1 - 08/06/2019

2019, c. 7, Sched. 25, s. 18 (1) - not in force

2020, c. 36, Sched. 7, s. 313 (1-3) - not in force; 2020, c. 36, Sched. 15, s. 1 - 08/12/2020

Establishment, Objects, Powers, etc.

Authority and DICO amalgamated, Authority continued

2 (1) The predecessor Authority and DICO are amalgamated and shall continue as one corporation without share capital under the name Financial Services Regulatory Authority of Ontario in English and Autorité ontarienne de réglementation des services financiers in French. 2018, c. 17, Sched. 17, s. 2.

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.

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

2018, c. 8, Sched. 11, s. 3 - 08/05/2018; CTS 04 SE 18 - 4; 2018, c. 17, Sched. 17, s. 2 - 08/06/2019

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.

Same, credit unions

(4) In addition to the objects set out in subsections (1) and (2), the objects of the Authority in respect of credit unions are,

(a) to provide insurance against the loss of part or all of deposits with credit unions;

(b) to promote and otherwise contribute to the stability of the credit union sector in Ontario with due regard to the need to allow credit unions to compete effectively while taking reasonable risks; and

(c) to pursue the objects set out in clauses (a) and (b) for the benefit of persons having deposits with credit unions and in such manner as will minimize the exposure of the Deposit Insurance Reserve Fund to loss. 2018, c. 17, Sched. 17, s. 3.

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

2017, c. 34, Sched. 16, s. 2 - 08/06/2019

CTS 04 SE 18 - 4; 2018, c. 17, Sched. 17, s. 3 - 08/06/2019

Note: On a day to be named by proclamation of the Lieutenant Governor, the Act is amended by adding the following section: (See: 2019, c. 7, Sched. 25, s. 18 (2))

Objects of the Authority, Financial Professionals Title Protection Act, 2019

3.1 Despite section 3, the objects of the Authority with respect to the Financial Professionals Title Protection Act, 2019 are to administer and enforce that Act. 2019, c. 7, Sched. 25, s. 18 (2).

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

2019, c. 7, Sched. 25, s. 18 (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.

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

CTS 04 SE 18 - 4

5 Repealed: 2020, c. 36, Sched. 15, s. 2.

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

CTS 04 SE 18 - 4

2020, c. 36, Sched. 15, s. 2 - 08/12/2020

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.

Same, no subsidiaries

(3) The Authority shall not establish, acquire or dissolve subsidiary corporations. 2018, c. 8, Sched. 11, s. 4.

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

2017, c. 34, Sched. 16, s. 3 - 08/06/2019

2018, c. 8, Sched. 11, s. 4 - 08/06/2019; CTS 04 SE 18 - 4

Collection and enforcement of payments to the PBGF

6.1 The Authority may collect and enforce the amounts to be paid under subsection 82 (3.1) of the Pension Benefits Act by employers to the Pension Benefits Guarantee Fund. 2019, c. 7, Sched. 27, s. 1.

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

2019, c. 7, Sched. 27, s. 1 - 08/06/2019

Application of certain Acts

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

Business Corporations Act

(2) Section 132, subsections...

To continue reading

Request your trial