Financial Professionals Title Protection Act, 2019

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Sections25

• [s0]

  Definitions

• 1Definitions

  1 In this Act, “Authority” means the Financial Services Regulatory Authority of Ontario continued under subsection 2 (1) of the Financial Services Regulatory Authority of Ontario Act, 2016; (“Autorité”) “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”) “prescribed” means, (a) prescribed by the regulations, or (b) subject to subsection 15 (5), in respect of matters listed in subsection 15 (1), prescribed by the Authority rules; (“prescrit”) “regulation” means a regulation made under this Act; (“règlement”) “requirement established under this Act” means a requirement imposed by this Act or by a regulation or an Authority rule, a term or condition of an approval, or a requirement imposed by order; (“exigence établie en application de la présente loi”) “Tribu…

• [s2]

  Prohibitions Respecting Titles

• 2Protected title — “Financial Planner”

  2 No individual shall use in Ontario the title “Financial Planner” or “planificateur financier”, an abbreviation of that title, an equivalent in another language or a title that could reasonably be confused with that title unless, (a) the individual has obtained, from a credentialing body approved under section 4, a financial planning credential approved under subsection 7 (1); and (b) the individual’s financial planning credential is in good standing, within the meaning set out in the Authority rules, with an approved credentialing body.

• 3Protected title — “Financial Advisor”

  3 No individual shall use in Ontario the title “Financial Advisor” or “conseiller financier”, an abbreviation of that title, an equivalent in another language or a title that could reasonably be confused with that title unless, (a) the individual has obtained, from a credentialing body approved under section 4, a financial advising credential approved under subsection 7 (2); and (b) the individual’s financial advising credential is in good standing, within the meaning set out in the Authority rules, with an approved credentialing body.

• [s5]

  Approvals

• 4Approval of credentialing body

  4 (1) On application by a person or entity, the Chief Executive Officer may approve the person or entity as a credentialing body for the purposes of this Act. Criteria, fee (2) The Chief Executive Officer shall not approve a person or entity as a credentialing body unless the person or entity making the application, (a) satisfies the criteria set out in the Authority rules for credentialing bodies; and (b) pays the fee required under the Authority rules. Terms and conditions (3) The Chief Executive Officer may, at any time, impose terms and conditions on an approval. Revocation (4) The Chief Executive Officer may revoke a credentialing body’s approval if it is not in compliance with the terms and conditions of its approval or with the Authority rules governing credentialing bodies.

• 5Duties of approved credentialing bodies

  5 (1) An approved credentialing body shall oversee the individuals holding approved credentials it has issued and shall do so in accordance with, (a) the terms and conditions of its approval; and (b) the Authority rules governing approved credentialing bodies. 2019, c. 7, Sched. 25, s. 5 (1). Fees payable to the Authority (2) An approved credentialing body shall pay any fees required under the Authority rules. 2021, c. 8, Sched. 4, s. 1. Section Amendments with date in force (d/m/y) 2021, c. 8, Sched. 4, s. 1 - 28/03/2022

• 6List of approved credentialing bodies

  6 The Chief Executive Officer shall ensure that a current list of approved credentialing bodies is made public on the Authority’s website and in any other manner the Chief Executive Officer considers appropriate. Approval of credential

• 7Financial planning

  7 (1) On application by an approved credentialing body, the Chief Executive Officer may approve, for the purposes of section 2, one or more financial planning credentials offered by the credentialing body. Financial advising (2) On application by an approved credentialing body, the Chief Executive Officer may approve, for the purposes of section 3, one or more financial advising credentials offered by the credentialing body. Criteria, fee (3) The Chief Executive Officer shall not approve a credential unless the approved credentialing body making the application, (a) satisfies the criteria set out in the Authority rules for credentials; and (b) pays the fee required under the Authority rules. Revocation (4) The Chief Executive Officer may revoke the approval of a credential if the approved credentialing body offering the credential is not in compliance with the terms and conditions of its…

• 8List of approved credentials

  8 The Chief Executive Officer shall ensure that a current list of approved credentials is made public on the Authority’s website and in any other manner the Chief Executive Officer considers appropriate.

• 9Misrepresentation as approved credentialing body

  9 No person or entity shall represent that it is approved as a credentialing body under this Act unless it has a valid approval as a credentialing body.

• 10Misrepresentation respecting approved credential

  10 No person or entity shall represent that a credential it offers is approved under this Act unless it has a valid approval for the credential.

• [s13]

  Compliance Orders Inquiries and examinations

• 11Use of title

  11 (1) The Chief Executive Officer or a person designated by the Chief Executive Officer may make inquiries and conduct examinations of the business and activities of an individual who is or who appears to be using a title mentioned in section 2 or 3 to ensure that the individual is complying with the requirements established under this Act. Representation as approved credentialing body (2) The Chief Executive Officer or designate may make inquiries and conduct examinations of the business and activities of a person or entity that is or that appears to be representing that it is approved as a credentialing body without a valid approval. Representation as issuer of approved credential (3) The Chief Executive Officer or designate may make inquiries and conduct examinations of the businesses and activities of a person or entity that is or that appears to be representing that it can offer an…

• 12Compliance order

  12 (1) This section applies if, in the Chief Executive Officer’s opinion, (a) a person or entity is committing any act or pursuing any course of conduct that contravenes or does not comply with a requirement established under this Act; (b) a person or entity is committing any act or pursuing any course of conduct that might reasonably be expected to result in a state of affairs that would contravene or not comply with a requirement established under this Act; or (c) a person or entity has committed any act or pursued any course of conduct that contravenes or does not comply with a requirement established under this Act. Proposal re order (2) The Chief Executive Officer may propose to order the person or entity to cease committing an act or cease pursuing a course of conduct identified by the Chief Executive Officer or to perform such acts as, in the Chief Executive Officer’s opinion, are…

• 13Publication of information re compliance orders

  13 The Chief Executive Officer shall ensure that the name of each person and entity in respect of which a compliance order has been made and the details of the compliance order are made public on the Authority’s website and in any other manner the Chief Executive Officer considers appropriate.

• [s17]

  General

• 14Fees

  14 The Minister may make regulations governing fees under this Act, including, (a) requiring the payment of fees in relation to any matter under this Act, including any services provided by or through the Authority; (b) prescribing the amount of fees or the manner of determining fees; (c) prescribing the manner in which and the period within which fees must be paid. 2019, c. 7, Sched. 25, s. 16. Section Amendments with date in force (d/m/y) 2019, c. 7, Sched. 25, s. 16 - 28/03/2022 Authority rules, LGIC regulations

• 14 #19Fees
• 15Authority rules

  15 (1) The Authority may make rules in respect of the following matters: 1. Respecting the meaning of “good standing” for the purpose of sections 2 and 3. 2. Establishing criteria for credentialing bodies to be approved under section 4, including, without limitation, criteria relating to, i. the applicant’s governance structure and practices, and ii. disciplinary processes the applicant must have in place for individuals holding approved credentials it has issued. 3. Establishing criteria for credentials to be approved under section 7, including, without limitation, criteria relating to, i. educational requirements, ii. examination requirements, iii. codes of ethics and professional standards, and iv. continuing education requirements. 4. Governing applications for approval. 5. Governing approved credentialing bodies. 6. Repealed: 2021, c. 8, Sched. 4, s. 2 (2). 7. Respecting approved cr…

• 16

  16 Omitted (provides for amendments to this Act).

• 17

  17-20 Omitted (amends, repeals or revokes other legislation).

• 21

  21 Omitted (provides for coming into force of provisions of this Act).

• 22

  22 Omitted (enacts short title of this Act). ______________