Financial Services Tribunal Act, 2017, S.O. 2017, c. 34, Sched. 17 (Consolidation Period:  From December 8, 2020 )

JurisdictionOntario
Coming into Force08 December 2020
Statuscurrent

Financial Services Tribunal Act, 2017

S.o. 2017, chapter 34
Schedule 17

Consolidation Period: From December 8, 2020 to the e-Laws currency date.

Last amendment: 2020, c. 36, Sched. 14, s. 7.

CONTENTS

Definitions

Definitions

1 In this Act,

“Authority” means the Financial Services Regulatory Authority of Ontario established under subsection 2 (1) of the Financial Services Regulatory Authority of Ontario Act, 2016; (“Office”)

“Chief Executive Officer” means the Chief Executive Officer appointed under subsection 10 (2) of the Financial Services Regulatory Authority of Ontario Act, 2016; (“directeur général”)

“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 the Financial Services Regulatory Authority of Ontario Act, 2016; (“secteur réglementé”)

“Tribunal” means the Financial Services Tribunal. (“Tribunal”) 2017, c. 34, Sched. 17, s. 1, 18 (1); 2019, c. 7, Sched. 28, s. 1 (1, 2); 2020, c. 36, Sched. 14, s. 7.

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

2017, c. 34, Sched. 17, s. 18 (1) - 08/06/2019

2019, c. 7, Sched. 28, s. 1 (1, 2) - 08/06/2019

2020, c. 36, Sched. 14, s. 7 - 08/12/2020

Tribunal

Tribunal continued

2 (1) The Financial Services Tribunal is continued under the name Financial Services Tribunal in English and Tribunal des services financiers in French.

Members

(2) The Tribunal shall consist of not fewer than nine members.

Appointment

(3) The Lieutenant Governor in Council shall appoint the members and designate the term of their appointment.

Experience and expertise

(4) In appointing members to the Tribunal, the Lieutenant Governor in Council shall, to the extent practicable, appoint members who have experience and expertise in the regulated sectors.

Chair and vice-chair

(5) The Lieutenant Governor in Council shall designate one of the members as chair and two other members as vice-chairs of the Tribunal.

Acting chair

(6) If the chair is absent or unable to act, or if the office of the 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.

Acting vice-chair

(7) If a vice-chair is absent or unable to act, or if the office of a vice-chair is vacant, the chair may designate a member of the Tribunal to act in the place of the vice-chair who shall have the powers of the vice-chair.

Deficiency in number

(8) If there are fewer than nine, but at least two, members in office, the Tribunal shall be deemed to be properly constituted for a period not exceeding 90 days after the deficiency in number of members first occurs.

Remuneration and expenses

(9) The members of the Tribunal shall receive the remuneration and reimbursement of expenses that are fixed by the Lieutenant Governor in Council.

Transition, members

(10) The members of the Financial Services Tribunal holding office immediately before this section comes into force shall be members of the Tribunal until the Lieutenant Governor in Council appoints their successors under subsection (3).

Same, chair and vice-chairs

(11) The chair and the vice-chairs of the Financial Services Tribunal holding office immediately before this section comes into force shall be the chair and the vice-chairs of the Tribunal until the Lieutenant Governor in Council designates their successors under subsection (5).

Employees

(12) Such employees as are necessary to carry out the duties of the Tribunal may be appointed under Part III of the Public Service of Ontario Act, 2006.

Duties and powers

3 (1) The Tribunal shall hold the hearings and perform the other duties that are assigned to it by or under any Act.

Powers

(2) Except as limited by this Act, the Tribunal has all the powers that are necessary or expedient for carrying out its duties.

Duties of chair

4 The chair shall have general supervision and direction over the conduct of the affairs of the Tribunal and shall arrange the sittings and assign members to panels to conduct hearings as circumstances require.

Hearing panels

5 (1) A matter before the Tribunal may be heard and determined by a panel consisting of one or more members of the Tribunal, as assigned by the chair of the Tribunal.

Assigning panels

(2) In assigning members of the Tribunal to a panel, the chair shall take into consideration the requirements, if any, for experience and expertise to enable the panel to decide the issues raised in the matter before the Tribunal.

Certificates and Documents

Certificates issued by Tribunal

6 (1) The Tribunal may issue a certificate,

(a) stating that a copy of, or extract from, a document or thing in the custody of the Tribunal is a true copy of, or extract from, the document or thing;

(b) stating the date when a document was served on, delivered to or filed with the Tribunal; or

(c) stating the date when the Tribunal received or issued a document or...

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