Bill 157 explained in plain English
Financial Advisors Act, 2014
Ontario legislature bill summary, status, timeline, sponsor, votes, and official sources.
At a glance
Official Legislative Assembly of Ontario snapshot for 40th Parliament, 2nd Session. Representative vote breakdowns appear when the Assembly publishes an Ayes and Nays page for the bill.
Our plain-language take, written for civic education.
Source: By PoliticalData.ca
The Financial Advisors Act, 2014, aims to regulate financial advisors in Ontario by establishing a registration system, enforcement powers, and penalties for non-compliance.
Bill 157, the Financial Advisors Act, 2014, establishes a new regulatory framework for financial advisors in Ontario. It requires financial advisors to be registered, outlines the process for registration and renewal, and sets out prohibitions and offences for non-compliance. The Act creates the office of a director to administer its provisions, grants powers for inspections and investigations, and establishes a code of ethics with disciplinary and appeal committees. It also includes provisions for freezing assets, appointing a receiver and manager, and outlines penalties for violations. The bill also makes consequential amendments to other Ontario Acts.
- Establishes the Financial Advisors Act, 2014, to regulate financial advisors in Ontario.
- Requires individuals acting as financial advisors to be registered.
- Creates the office of a director to administer the Act.
- Grants powers to the director for dealing with complaints, inspecting registrants, and conducting investigations.
- Authorizes the director to freeze assets of registrants and former registrants to protect clients.
- Allows for the appointment of a receiver and manager to take control of a registrant's business in certain circumstances.
- Establishes a code of ethics for financial advisors and creates discipline and appeals committees.
- Prohibits falsifying information, furnishing false information, and false advertising.
- Sets out penalties for contraventions of the Act, including fines and imprisonment for individuals, and fines for corporations.
- Allows courts to order compensation or restitution upon conviction.
- Provides for consequential amendments to other Ontario statutes.
- Financial advisors operating in Ontario
- Individuals seeking financial advice
- Corporations and partnerships providing financial advice
- The Director appointed under the Act
- The Minister of Consumer Services
- The Licence Appeal Tribunal
- Investigators appointed under the Act
- Law enforcement agencies
- Financial advisors must be registered to practice.
- Registered financial advisors must adhere to a code of ethics.
- Individuals who provide financial advice without registration may face legal action.
- The Director has powers to inspect premises and investigate potential violations.
- Clients have rights to protection, including potential asset freezes and receivership if a financial advisor acts improperly.
- The Act comes into force on a day to be named by proclamation of the Lieutenant Governor, subject to specific commencement provisions for certain sections (Section 51).
- Fines of up to $50,000 for individuals and $250,000 for corporations convicted of an offence under the Act (Section 35 (3)).
- Fines of up to $25,000 imposed by the discipline committee for failing to comply with the code of ethics (Section 20 (5)).
- Fees may be established for applications for registration and renewal, late filings, and other administrative matters (Section 41 (1)).
- Suspension or revocation of registration.
- Fines of up to $25,000 (by discipline committee) or up to $50,000 (by court) for individuals.
- Fines of up to $250,000 for corporations.
- Imprisonment for up to two years less a day for individuals.
- Orders for compensation or restitution.
- Liens may be registered against property for unpaid fines.
- Court orders to comply with the Act.
- Authority for the Director to freeze assets and apply for receivership.
- The Act comes into force on a date to be proclaimed, so its full effect is not immediate.
- The specifics of 'prescribed requirements' and 'prescribed conditions' are not detailed in the Act itself and would be found in regulations.
- The exact nature and scope of 'financial advice' are defined, but its application in practice may lead to interpretation.
- The effective date of certain amendments to the Act depends on the commencement of other legislation (Delegated Administrative Authorities Act, 2012).
This is the new Act being created by the bill, which establishes the regulatory framework for financial advisors in Ontario.
Source: EXPLANATORY NOTE
This Act is amended to include an exemption for financial advisors registered under the Financial Advisors Act, 2014, and their employees, from certain provisions.
Source: Section 47
This Act is amended to include the Financial Advisors Act, 2014, in a list of Acts that fall under its jurisdiction for appeals.
Source: Section 48
This Act is amended to update the reference to the Financial Advisors Act, 2014, in its tables regarding administrative authorities.
Source: Section 49
This Act is amended by adding the Financial Advisors Act, 2014, to its schedule, likely to align with its administration.
Source: Section 50
This Act's provisions are referenced in the commencement sections of Bill 157, indicating a dependency or coordination between the two Acts for certain provisions to come into force.
Source: Section 51 (2), (3), (4), (5), (6)
Generated using AI from official bill text. Not legal advice. It is written by PoliticalData.ca for civic education, automatically checked and spot-reviewed before publishing.
Official textProcess Snapshot
Vote Summary
This bill is still active. We only show vote counts after the legislature publishes a recorded division.
No published representative vote breakdown
This bill is still moving through the process. When a recorded division is published, representative positions can be listed here.
Official sources
Status, sponsor, votes, and timeline on this page are drawn from these official legislative sources and public records. Each summary above is attributed to its own source.
How this data is sourced