Regulations Amending the Administrative Monetary Penalties (OSFI) Regulations (Miscellaneous Program): SOR/2020-68

Canada Gazette, Part II, Volume 154, Number 9

Registration

SOR/2020-68 April 7, 2020

OFFICE OF THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS ACT

P.C. 2020-222 April 3, 2020

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 25(1) footnote a of the Office of the Superintendent of Financial Institutions Act footnote b, makes the annexed Regulations Amending the Administrative Monetary Penalties (OSFI) Regulations (Miscellaneous Program).

Regulations Amending the Administrative Monetary Penalties (OSFI) Regulations (Miscellaneous Program)

Amendments

1 Item 8 of the schedule to the Administrative Monetary Penalties (OSFI) Regulations footnote 1 is repealed.

2 Items 28 and 29 of the schedule to the Regulations are repealed.

3 The portion of item 30 of the schedule to the Regulations in columns 1, 2, 4 and 5 is replaced by the following:

Item

Column 1


Short-form Description of Violation

Column 2


Provisions of the Bank Act

Column 4


Provisions of the Insurance Companies Act

Column 5

Provisions of the Trust and Loan Companies Act

30

Failure to comply without delay with a direction of the Superintendent

245(2) (with modifications required, as the case may be, under section 598) and 822(2)

268(2) (with modifications required, as the case may be, under section 649) and 876(2)

250(2)

4 The portion of item 31 of the schedule to the Regulations in columns 2 and 4 is replaced by the following:

Item

Column 2

Provisions of the Bank Act

Column 4

Provisions of the Insurance Companies Act

31

312 and 844

335, 667(2) and 891

5 Item 38 of the schedule to the Regulations is repealed.

6 The portion of item 72 of the schedule to the Regulations in columns 2, 4 and 5 is replaced by the following:

Item

Column 2


Provisions of the Bank Act

Column 4


Provisions of the Insurance Companies Act

Column 5


Provisions of the Trust and Loan Companies Act

72

973.02(2)

1016.2(2)

527.4(2)

Coming into Force

7 These Regulations come into force on the day on which they are registered.

REGULATORY IMPACT ANALYSIS STATEMENT

(This statement is not part of the Regulations.)

Issues

Canada’s financial sector legislative and regulatory framework supports the stability, efficiency, and utility of the financial service industry to the benefit of all Canadians. As the primary financial regulatory agency responsible for administering the federal financial sector statutes, the Office of the Superintendent of Financial Institutions (OSFI) requires the ability to enforce compliance with key legislative and regulatory provisions, including through the Administrative Monetary Penalties (OSFI) Regulations (the Regulations), to impose an administrative monetary policy for non-compliance with an order or direction of the Superintendent.

As a result of amendments in 2007 to the Bank Act, the Trust and Loan Companies Act, and the Insurance Companies Act, several of the items of the Schedule to the Regulations reference incorrect legislative provisions or are no longer relevant, as the associated legislative provisions have been repealed.

Objective

The objective of the amendments is to ensure that the Schedule to the Regulations accurately reflects provisions under which the Superintendent may impose an administrative monetary penalty.

Description and rationale

The Regulations Amending the Administrative Monetary Penalties Regulations (OSFI) (Miscellaneous Program) amend the Regulations to

The correction of inaccuracies in the Schedule will enhance the ability of the OSFI to enforce compliance with key legislative and regulatory provisions, including through the ability under the Regulations to impose an administrative monetary penalty for non-compliance with an order or direction of the Superintendent. Corrections will also improve clarity for regulated federal financial institutions and other stakeholders regarding requirements under the financial sector statutes and associated regulations.

One-for-one rule

The one-for-one rule does not apply to these amendments, as there is no change in administrative costs or burden to business.

Small business lens

The small business lens does not apply to these amendments, as there are no costs to small businesses.

Contact

Richard Bilodeau
Director General
Financial Institutions Division
Department of Finance Canada
90 Elgin Street
Ottawa, Ontario
K1P 5E9
Telephone: 613‑369‑3904
Email: fin.finlegis-legisfin.fin@canada.ca