Financial Services Regulatory Authority of Ontario Act, 2016

Bills that amended this Act0

No published amendment links yet for this Act.

Sections131

• [s0]

  Interpretation

• 1Definitions

  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, 2020; (“caisse”, “caisse populaire”, “dépôt”) “DICO” means the Deposit Insurance Corporation of Ontario continued under section 249 of the Credit Unions and Caisses Populaires Act, 1994 as it read before its repeal; (“SOAD”) “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services financiers”) “FSCO” means the former Financial Services Commission of Ontario that was established under the repealed Financial Services Commission of Ontario Act, …

• 1.
• [s2]

  Establishment, Objects, Powers, etc.

• 2Authority 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

• 2.
• 3Objects 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 prot…

• 3.
• 3 #5Objects of the Authority
• 3.1Objects 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) - 28/03/2022

• 4.
• 4Preparation 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.
• 5Repealed

  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

• 6.
• 6Powers 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 and section 11.0.1 of the Ministry of Infrastructure Act, 2011. 2017, c. 34, Sched. 16, s. 3; 2023, c. 5, Sched. 2, s. 8. 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, except to the extent that the powers or duties are assigned to or conferred on the Chief Executive Officer. 2017, c. 34, Sched. 16, s. 3; 2021, c. 40, Sched. 12, s. 1 (1). 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 - 08/06/2…

• 7.
• [s9]
• 6 #9Powers and duties of the Authority
• 6.1Collection 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

• 6 #10Powers and duties of the Authority
• 7Application 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. 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) 2016, c. 37, Sched. 8, s. 22 - 19/10/2021 2017, c. 34, Sched. 16, s. 4 - 19/10/2021 CTS 04 SE 18 - 4

• 8.
• [s11]

  Directors and Employees

• 9.
• 10.
• 8Board 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…

• [s13]
• 9By-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; (g) governing the appointment, operation or dissolution of committees of the board of directors and delegating duties of the board to the committees; and (h) governing th…

• 10Authority 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. 2016, c. 37, Sched. 8, s. 10 (1). 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 this Act or any other Act. 2017, c. 34, Sched. 16, s. 6; 2021, c. 40, Sched. 12, s. 1 (2). 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,…

• [s15]
• 10.1PBGF advisory committee

  10.1 (1) The board of directors shall establish a committee to advise the Chief Executive Officer on matters related to the Pension Benefits Guarantee Fund. 2018, c. 8, Sched. 11, s. 5. Composition (2) The committee shall be composed of at least three directors. 2018, c. 8, Sched. 11, s. 5. Committee meetings (3) The committee shall meet at least four times in each calendar year and at such other times as the chair of the board of directors or the Chief Executive Officer may request. 2018, c. 8, Sched. 11, s. 5. Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 11, s. 5 - 08/06/2019

• 12.
• [s16]
• 10.2DIRF advisory committee

  10.2 (1) The board of directors shall establish a committee to advise the board of directors on matters related to the Deposit Insurance Reserve Fund. 2018, c. 17, Sched. 17, s. 4. Composition (2) The committee shall be composed of at least three directors. 2018, c. 17, Sched. 17, s. 4. Committee meetings (3) The committee shall meet at least four times in each calendar year and at such other times as the chair of the board of directors may request. 2018, c. 17, Sched. 17, s. 4. Section Amendments with date in force (d/m/y) 2018, c. 17, Sched. 17, s. 4 - 08/06/2019

• 13.
• [s17]

  Financial Matters

• 11 #17Charges
• 14.
• 11Charges

  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 in respect of enforcement proceedings commenced by the…

• 11 #18Charges
• 15.
• [s19]
• 11 #19Charges
• 12Restriction 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; (b) the by-law is approved in accordance with paragraph 2 of subsection 9 (8); and (c) it complies with such additional requirements as may be prescribed. 2016, c. 37, Sched. 8, s. 12 (1); 2017, c. 34, Sched. 16, s. 8. 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 Fina…

• 16.
• 12.1Pension Benefits Guarantee Fund

  12.1 (1) For greater clarity, any money received by the Pension Benefits Guarantee Fund, the assets of the Pension Benefits Guarantee Fund and any accruals from the investment of the assets of the Pension Benefits Guarantee fund are not part of the revenues, assets and investments of the Authority. 2019, c. 7, Sched. 27, s. 2. Deposit Insurance Reserve Fund (2) For greater clarity, any money received by the Deposit Insurance Reserve Fund, the assets of the Deposit Insurance Reserve Fund and any accruals from the investment of the assets of the Deposit Insurance Reserve Fund are not part of the revenues, assets and investments of the Authority. 2019, c. 7, Sched. 27, s. 2. Section Amendments with date in force (d/m/y) 2019, c. 7, Sched. 27, s. 2 - 08/06/2019

• 17.
• 11 #21Charges
• 13Loans, 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. Section Amendments with date in force (d/m/y) CTS 04 SE …

• 18.
• [s22]
• 14Payment 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. Section Amendments with date in force (d/m/y) CTS 04 SE 18 - 4

• 15 #22Assessment of the Authority
• 15Assessment of the Authority

  15 (1) The Minister may assess the Authority from time to time 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; 2020, c. 36, Sched. 15, s. 3. (2) Repealed: 2019, c. 7, Sched. 27, s. 3. Section Amendments with date in force (d/m/y) 2017, c. 34, Sched. 16, s. 9 - 08/06/2019 2018, c. 8, Sched. 11, s. 7 - no effect - see 2017, c. 34, Sched. 16, s. 9 - 08/06/2019; CTS 04 SE 18 - 4 2019, c. 7, Sched. 27, s. 3 - 08/06/2019 2020, c. 36, Sched. 15, s. 3 - 08/12/2020

• 15 #23Assessment of the Authority
• 15 #24Assessment of the Authority
• 16Payment 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 - 08/06/2019 CTS 04 SE 18 - 4

• 16 #24Payment of assessment
• 20.
• [s25]
• 16 #25Payment of assessment
• 17Financial 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 and must include any other prescribed information. 2016, c. 37, Sched. 8, s. 17 (1); 2020, c. 36, Sched. 15, s. 4. 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. 2016, c. 37, Sched. 8, s. 17 (2). Auditor General (3) The Auditor General may also audit the financial statements of the Authority. 2016, c. 37, Sched. 8, s. 17 (3). Section Amendments with date in force (d/m/y) CTS 04 SE 18 - 4 2020, c. 36, Sched. 15, s. 4 - 08/12/2020

• 16 #26Payment of assessment
• 17.1Annual business plan

  17.1 (1) The Authority shall prepare an annual business plan, provide it to the Minister and make it available to the public. 2019, c. 7, Sched. 27, s. 4. Same (2) The Authority shall comply with such directives as may be issued by the Management Board of Cabinet with respect to, (a) the form and content of the business plan; (b) when to provide it to the Minister; and (c) when and how to make it available to the public. 2019, c. 7, Sched. 27, s. 4. Same (3) The Authority shall include such additional content in the business plan as the Minister may require. 2019, c. 7, Sched. 27, s. 4. Section Amendments with date in force (d/m/y) 2019, c. 7, Sched. 27, s. 4 - 08/06/2019

• 21.
• [s27]
• 15 #27Assessment of the Authority
• 18Minister’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. Information to Minister re credit unions (4) At least once each year, the Authority shall advise the Minister about the credit union sector and the adequacy of the Deposit Insurance Reserve Fund. 2018, c. 17, Sched. 17, s. 5. Section Amendments with date in force (d/m/y) CTS 04 SE 18 - 4; 2018,…

• [s28]

  Immunity

• 23.
• [s29]
• 16 #29Payment of assessment
• 19Immunity 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 other…

• 24.
• [s30]
• 20Testimony 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 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. 2016, c. 37, Sched. 8, s. 20; 2017, c. 34, Sched. 16, s. 10. Section Amendments with date in force (d/m/y) 2017, c. 34, Sched. 16, s. 10 - 08/06/2019 CTS 04 SE 18 - 4

• [s31]

  General Provisions

• [s32]
• 20.1Certificates issued by Chief Executive Officer

  20.1 The Chief Executive Officer may issue a certificate, (a) stating that, as of a given day, (i) a person or entity was or was not licensed under an Act that confers powers on or assigns duties to the Chief Executive Officer, or (ii) the licence was renewed, suspended, revived, revoked or cancelled; (b) stating that, as of a given day, (i) a person or a plan was or was not registered under an Act that confers powers on or assigns duties to the Chief Executive Officer, (ii) the registration was subject to terms or restrictions, or (iii) the registration was revoked; (c) stating that a copy of, or extract from, a document or thing in the custody of the Chief Executive Officer is a true copy of, or extract from, the document or thing; (d) stating that a copy of, or extract from, a document or information in the custody of the Chief Executive Officer that is not in a written format is a pr…

• [s33]
• 20.2Admissibility as evidence

  20.2 (1) An official document that purports to be signed by or on behalf of the Chief Executive Officer shall be received in evidence in any proceeding as proof, in the absence of evidence to the contrary, of the facts stated in the official document without proof of the signature or the position of the person appearing to have signed the official document. 2018, c. 8, Sched. 11, s. 8. Definition (2) In subsection (1), “official document” means a certificate, order, decision, licence, direction, inquiry or notice of the Chief Executive Officer under this Act and every other Act that confers powers on or assigns duties to the Chief Executive Officer. 2018, c. 8, Sched. 11, s. 8. True copies (3) A true copy certified by the Chief Executive Officer under clause 20.1 (c) or (d) is admissible in evidence to the same extent as and has the same evidentiary value as the document or thing of whic…

• 21 #33Rules re regulated sector
• 20.3Electronic communication

  20.3 The Authority or the Chief Executive Officer shall be deemed to have complied with a requirement to publish or otherwise make available a notice, rule or other information if the Authority or the Chief Executive Officer provides the notice, rule or information in electronic form through an electronic medium or posts it on the Authority’s website. 2018, c. 8, Sched. 11, s. 8. Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 11, s. 8 - 08/06/2019

• 20.4Format of information, documents etc.

  20.4 (1) This section applies with respect to information, including documents, to be provided to or issued by the Authority or the Chief Executive Officer under this or any other Act. 2018, c. 8, Sched. 11, s. 8. Conflict (2) In the event of a conflict between this section and a provision of this or any other Act, regulation or Authority rule, this section prevails. 2018, c. 8, Sched. 11, s. 8. Permitted formats (3) Despite section 3 of the Electronic Commerce Act, 2000 or any requirement in or under this or any other Act respecting the format in which a document or information must be provided to or issued by the Chief Executive Officer or the Authority, the document or information may be provided or issued in electronic format or another format the Chief Executive Officer may approve. 2018, c. 8, Sched. 11, s. 8. Required formats (4) Despite section 3 of the Electronic Commerce Act, 2…

• 22 #35Publication of proposed rules
• [s36]
• 20.5Whistle-blower, interpretation

  20.5 For the purposes of sections 20.6 to 20.8, a person or entity is a whistle-blower if, (a) the person or entity discloses to the Chief Executive Officer, in good faith, an alleged or intended contravention of an Act listed in or prescribed under the definition of “regulated sector” in subsection 1 (1); (b) the person or entity requests that their identity as a whistle-blower be kept confidential; and (c) the Chief Executive Officer provides the person or entity with an assurance of confidentiality, subject to section 20.8. 2021, c. 40, Sched. 12, s. 1 (3). Section Amendments with date in force (d/m/y) 2021, c. 40, Sched. 12, s. 1 (3) - 29/04/2022 Whistle-blowing protection in the regulated sectors

• [s37]
• 20.6No reprisal

  20.6 (1) No person or entity shall take a reprisal against a whistle-blower, whether directly or indirectly, for making a disclosure described in clause 20.5 (a) including, without limitation, a reprisal consisting of, (a) terminating or threatening to terminate the whistle-blower’s employment, contract, position or office; (b) demoting, disciplining or suspending, or threatening to demote, discipline or suspend, a whistle-blower from their employment, position or office; (c) imposing or threatening to impose a penalty, or withholding or threatening to withhold a benefit, related to the whistle-blower’s employment, contract, position or office; (d) intimidating or coercing a whistle-blower in relation to their employment, contract, position or office; or (e) otherwise detrimentally affecting the whistle-blower by any act or failure to act, regardless of whether the act or failure to act …

• 23 #37Delivery of rules to Minister
• [s38]
• 20.7No civil liability

  20.7 A whistle-blower is not liable in any civil proceeding for making a disclosure described in clause 20.5 (a) or making a complaint or bringing a civil proceeding under subsection 20.6 (3). 2021, c. 40, Sched. 12, s. 1 (3). Section Amendments with date in force (d/m/y) 2021, c. 40, Sched. 12, s. 1 (3) - 29/04/2022

• 20.8Confidentiality re: whistle-blowers

  20.8 (1) The Chief Executive Officer shall keep confidential and shall not disclose the identity of a whistle-blower or any information or record that may reasonably be expected to reveal the identity of a whistle-blower. 2021, c. 40, Sched. 12, s. 1 (3). Exception (2) Despite subsection (1), the Chief Executive Officer may disclose a whistle-blower’s identity if, (a) the whistle-blower consents to the disclosure; or (b) the disclosure is made to a law enforcement agency because the Chief Executive Officer has reasonable grounds to believe that the whistle-blower has committed an offence under the Criminal Code (Canada) or under an Act listed in or prescribed under the definition of “regulated sector” in subsection 1 (1) that is related to the whistle-blower’s disclosure under clause 20.5 (a). 2021, c. 40, Sched. 12, s. 1 (3). Confidentiality in proceedings (3) A court presiding over a p…

• 21 #39Rules re regulated sector
• 24 #39When rules effective
• 20.9Examinations, investigations and inquiries

  20.9 (1) The Chief Executive Officer or a person designated by the Chief Executive Officer may conduct examinations or investigations and make inquiries for the purpose of enforcing subsection 20.6 (1) and may require any person or entity to, (a) provide any information that the Chief Executive Officer or designated person considers relevant to the examination, investigation or inquiry; and (b) produce any document or thing that may be in the person’s or entity’s possession or under the person’s or entity’s control that the Chief Executive Officer or designated person considers relevant to the examination, investigation or inquiry. 2021, c. 40, Sched. 12, s. 1 (3). Entrance to business premises (2) The Chief Executive Officer or a person designated by the Chief Executive Officer may, at any reasonable time, enter and have access to, through and over any business premises if the Chief Exe…

• [s41]
• 20.10Offence — reprisal

  20.10 (1) A person who contravenes subsection 20.6 (1) is guilty of an offence. 2021, c. 40, Sched. 12, s. 1 (3). Liability of directors and officers (2) If a corporation commits an offence under subsection (1), every director or officer of the corporation who directed, authorized, assented to, acquiesced in or participated in the commission of the offence, or who failed to take reasonable care to prevent the corporation from committing the offence, is guilty of an offence, whether or not the corporation has been prosecuted or convicted. 2021, c. 40, Sched. 12, s. 1 (3). Liability of directing individuals (3) Every partner of a partnership and every individual who is a member of the directing body of an entity, other than a person or partnership, who directed, authorized, assented to, acquiesced in or participated in the commission of an act or omission by the partnership or entity which…

• 22 #41Publication of proposed rules
• 20.11For an individual

  20.11 (1) Every individual convicted of an offence under this Act is liable to a fine of not more than $500,000 or imprisonment for a term of not more than one year or both a fine and imprisonment. 2021, c. 40, Sched. 12, s. 1 (3, 4). For a corporation (2) Every corporation convicted of an offence under this Act is liable to a fine of not more than $1,000,000. 2021, c. 40, Sched. 12, s. 1 (3, 5). Section Amendments with date in force (d/m/y) 2021, c. 40, Sched. 12, s. 1 (3-5) - 29/04/2022

• [s43]
• 20.12Additional order for compensation or restitution

  20.12 (1) If a person is convicted of an offence under section 20.10, the court may order the person convicted to pay compensation or make restitution in such amount and on such conditions as the court considers just, in addition to any other penalty imposed by the court. 2021, c. 40, Sched. 12, s. 1 (3). Enforcement of orders (2) An order for payment under subsection (1), exclusive of the reasons for the order, may be filed in the Superior Court of Justice and on filing is enforceable as an order of that court. 2021, c. 40, Sched. 12, s. 1 (3). Payment to insurer (3) If an order for compensation or restitution is made in favour of a person or entity who has received an amount from an insurer who is licensed under the Insurance Act in respect of the matter, the person required by the order to pay the compensation or make the restitution shall deliver the amount payable under the order to…

• 23 #43Delivery of rules to Minister
• [s44]

  Rules

• [s45]
• 21Rules 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 approvals, 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 sections 3 and 3.1, including any assessment that the Authority is required to pay under this Act or any other Act. 2017, c. 34, Sched. 16, s. 11; 2021, c. 8, Sched. 4, s. 3 (3, 4). Exception (3) Despite subsection (2), the Authority may…

• 24 #45When rules effective
• [s46]
• 22Publication 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. 1.1 A reference to the authority under which the rule is proposed. 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 qualitative and quantitative analysis of the anticipated costs and benefits of the proposed rule. 7. A description of any recommendations that the Authority proposes to make to the Minister with r…

• [s47]
• 23Delivery 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…

• 24When 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 Minist…

• [s49]
• 25Returned 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 - 28/09/2018 CTS 04 SE 18 - 4

• 26Publication

  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 - 28/09/2018 CTS 04 SE 18 - 4

• [s51]
• 27Studies

  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/…

• [s52]

  Regulations

• [s53]
• 28Regulations

  28 The Lieutenant Governor in Council may make regulations respecting anything that may or must be prescribed or done by regulation under this Act. 2017, c. 34, Sched. 16, s. 11; 2020, c. 36, Sched. 15, s. 5. Section Amendments with date in force (d/m/y) 2017, c. 34, Sched. 16, s. 11 - 28/09/2018 2020, c. 36, Sched. 15, s. 5 - 08/12/2020

• [s54]

  Transition from Financial Services Commission of Ontario to Financial Services Regulatory Authority of Ontario

• 29Transfer orders

  29 (1) Despite anything in the Financial Services Commission of Ontario Act, 1997 or any other Act, but subject to the processes and requirements set out in this Act and the regulations, the Minister may make orders, (a) transferring any or all of the operations, activities and affairs of FSCO to the Authority; (b) transferring any or all of the assets, liabilities, rights and obligations of FSCO to the Authority; (c) transferring any or all of the liabilities, rights and obligations of the Superintendent of Financial Services to the Chief Executive Officer or to the Authority; and (d) requiring the Superintendent of Financial Services, the Authority or the Chief Executive Officer to enter into any written agreement, execute any document or instrument or do such other acts or things as are specified in the order to effect a transfer described in clause (a), (b) or (c). 2018, c. 8, Sched.…

• [s56]
• 30Assumption of rights, obligations etc.

  30 (1) If the Minister makes an order under subsection 29 (1), (a) the Authority assumes the operations, activities and affairs of FSCO described in the order as of the date of the transfer; (b) all assets, liabilities, rights and obligations of FSCO described in the order continue as the assets, liabilities, rights and obligations of the Authority and are transferred to the Authority, without compensation or with such compensation provided for in the order; (c) all liabilities, rights and obligations of the Superintendent of Financial Services specified in the order continue as the liabilities, rights and obligations of the Chief Executive Officer or the Authority, as the case may be, and are transferred to the Chief Executive Officer or the Authority, as the case may be, without compensation or with such compensation provided for in the order; and (d) proceedings and other activities s…

• 31Transfer agreements

  31 Despite any other Act, the Minister may enter into agreements, execute such documents and instruments, and do such other things as the Minister considers necessary or advisable to transfer any or all of the assets, liabilities, rights and obligations of FSCO to the Authority. 2018, c. 8, Sched. 11, s. 11. Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 11, s. 11 - 08/06/2019

• 32Regulations

  32 The Lieutenant Governor in Council may make regulations, (a) supplementing sections 29 and 30 and governing transfers under this Act; (b) prescribing Acts or provisions of Acts that do not apply to a transfer for the purpose of subsection 30 (12), subject to such conditions or restrictions as may be prescribed by the regulations. 2018, c. 8, Sched. 11, s. 11. Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 11, s. 11 - 08/06/2019

• [s59]

  Matters Relating to the Former Financial Services Commission of Ontario

• 32.1Immunity

  32.1 (1) No action or other proceeding for damages shall be instituted against a person who occupied the position of Superintendent of Financial Services, any former member or employee of the FSCO or any person engaged by a person occupying the position of Superintendent of Financial Services for any act done in good faith in the execution or intended execution of the person’s powers or duties or for any neglect or default in the execution, in good faith, of the person’s powers or duties under the Financial Services Commission of Ontario Act, 1997 or any other Act. 2020, c. 36, Sched. 15, s. 6. Crown liability (2) Despite subsection 8 (3) of the Crown Liability and Proceedings Act, 2019, subsection (1) does not relieve the Crown of any liability to which it would otherwise be subject. 2020, c. 36, Sched. 15, s. 6. Testimony in civil proceedings (3) A person who occupied the position of S…

• [s61]

  Transition — DICO Amalgamation

• 33Transition, continuing proceedings and activities

  33 (1) On the day section 2 of Schedule 17 to the Restoring Trust, Transparency and Accountability Act, 2018 comes into force, proceedings and other activities that are commenced or conducted by DICO, or to which DICO is a party, are deemed to be proceedings and other activities commenced or conducted by the Authority, or to which the Authority is a party, and shall be continued as such. 2018, c. 17, Sched. 17, s. 8. Transition, rulings etc. (2) Any matter that relates to a ruling, order or judgment in favour of or against DICO that remains outstanding on the day section 2 of Schedule 17 to the Restoring Trust, Transparency and Accountability Act, 2018 comes into force may be enforced by or against the Authority. 2018, c. 17, Sched. 17, s. 8. Section Amendments with date in force (d/m/y) 2018, c. 17, Sched. 17, s. 8 - 08/06/2019 ______________