GENERAL, O. Reg. 181/19

• Jurisdiction: Ontario

ontario regulation 181/19

made under the

Credit Unions and Caisses Populaires Act, 1994

Made: June 6, 2019
Filed: June 6, 2019
Published on e-Laws: June 7, 2019
Printed in The Ontario Gazette: June 22, 2019

Amending O. Reg. 237/09

(GENERAL)

1. The definition of “Capital Adequacy Guideline for Ontario’s Credit Unions and Caisses Populaires” in subsection 1 (1) of Ontario Regulation 237/09 is amended by striking out “the Corporation” and substituting “the Authority”.

2. Section 9 of the Regulation is amended by striking out “the Corporation” at the end and substituting “the Authority”.

3. Paragraph 6 of section 10 of the Regulation is amended by striking out “the Corporation” and substituting “the Authority”.

4. (1) Paragraph 22 of subsection 11 (1) of the Regulation is amended by striking out “the Superintendent” and substituting “the Chief Executive Officer”.

(2) Paragraph 2 of subsection 11 (5) of the Regulation is amended by striking out “the Deposit Insurance Corporation of Ontario” and substituting “the Financial Services Regulatory Authority of Ontario”.

5. (1) Subsection 12 (1) of the Regulation is amended by striking out “the Superintendent” and substituting “the Chief Executive Officer”.

(2) Paragraph 2 of subsection 12 (3) of the Regulation is revoked and the following substituted:

2. The securities described in this document cannot be sold until after the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario issues a receipt for an offering statement. You are advised to read the offering statement approved by the Chief Executive Officer, because the terms and conditions may be changed significantly.

(3) Paragraph 3 of subsection 12 (3) of the Regulation is amended by striking out “The Superintendent” and substituting “The Chief Executive Officer”.

6. Section 14 of the Regulation is amended by striking out “the Corporation” and substituting “the Authority”.

7. (1) Paragraphs 10 and 11 of subsection 18 (2) of the Regulation are revoked and the following substituted:

10. Deposits in a league, Central 1 Credit Union or Fédération des caisses Desjardins du Québec.

11. Interest rate contracts with a league, Central 1 Credit Union, Fédération des caisses Desjardins du Québec, a financial institution or another equivalent entity approved in writing by the Chief Executive Officer.

(2) Subsection 18 (9) of the Regulation is amended by striking out “the Corporation” in the portion before the equation and substituting “the Chief Executive Officer”.

(3) Subsection 18 (11) of the Regulation is amended by striking out “the Corporation” in the portion before the equation and substituting “the Chief Executive Officer”.

8. Subsection 19 (2) of the Regulation is amended by striking out “the Corporation” in the portion before paragraph 1 and substituting “the Chief Executive Officer”.

9. Section 22 of the Regulation is amended by striking out “the Corporation” at the end and substituting “the Authority”.

10. Paragraph 2 of subsection 23 (1) of the Regulation is amended by striking out “to the Superintendent and to the Corporation” in the portion before subparagraph i and substituting “to the Chief Executive Officer”.

11. Paragraph 13 of subsection 27 (1) of the Regulation is amended by striking out “by the Superintendent or the Corporation” and substituting “by the Chief Executive Officer”.

12. Paragraph 2 of section 30 of the Regulation is amended by striking out “by the Superintendent and the Corporation” and substituting “by the Chief Executive Officer”.

13. (1) Paragraph 2 of subsection 34 (1) of the Regulation is revoked and the following substituted:

2. The Authority.

(2) Paragraph 5 of subsection 34 (1) of the Regulation is revoked and the following substituted:

5. Fédération des caisses Desjardins du Québec.

(3) Subsection 34 (2) of the Regulation is amended by striking out “the Corporation” and substituting “the Authority”.

14. Clause 43 (4) (b) of the Regulation is amended by striking out “the Superintendent” and substituting “the Chief Executive Officer”.

15. (1) Subparagraph 2 iii of subsection 48 (3) of the Regulation is revoked and the following substituted:

iii. a league, Central 1 Credit Union or Fédération des caisses Desjardins du Québec.

(2) Subsections 48 (4) and (5) of the Regulation are revoked and the following substituted:

(4) A credit union may create a general security interest in property of the credit union, except property required to satisfy the requirements of adequate liquidity under section 84 of the Act, if the following conditions are satisfied:

1. The debt is owed to a league, Central 1 Credit Union or Fédération des caisses Desjardins du Québec.

2. The security agreement under which the security interest is granted provides that if the Chief Executive Officer orders the credit union to be subject to administration under section 294 of the Act or the Chief Executive Officer is appointed as liquidator of the assets of the credit union, the Chief Executive Officer may require that the security agreement be assigned to the Authority, if the Authority delivers one of the following to the secured party:

i. Payment in full of the outstanding balance, as of the close of business on the day of the assignment, of the indebtedness of the credit union secured by the agreement.

ii. A guarantee of payment for the outstanding balance, as of the close of business on the day of the assignment, of the...