REPORTING REQUIREMENTS FOR LICENSEES

Prescribed Reporting Requirements Requirement to submit information, etc. 1. The requirements set out in this Regulation are prescribed for the purposes of subsection 29 (1) of the Act. O. Reg. 193/08, s. 1. Annual Filings Annual information return 2. On or before March 31 of every year, every brokerage and every mortgage administrator shall give the Chief Executive Officer an annual information return for the previous year in a form approved by the Chief Executive Officer. O. Reg. 193/08, s. 2; O. Reg. 167/19, s. 1. Financial information, mortgage administrator 3. (1) Within 90 days after the end of every fiscal year, every mortgage administrator shall give the Chief Executive Officer, (a) a copy of its audited financial statements for the year; (b) a copy of a report by the auditor about the books, records and accounts of the mortgage administrator for the year, in a form approved by the Chief Executive Officer; and (c) a copy of a report by the auditor about the mortgage administrator’s trust account and the assets and liabilities under administration for the year, in a form approved by the Chief Executive Officer. O. Reg. 193/08, s. 3 (1); O. Reg. 167/19, s. 1. (2) The financial statements must be prepared in accordance with generally accepted accounting principles as set out in the Handbook of the Canadian Institute of Chartered Accountants and must be audited by a licensed public accountant. O. Reg. 193/08, s. 3 (2). (3) The reports required by clauses (1) (b) and (c) for a fiscal year must be prepared by the same person who audits the financial statements for the year. O. Reg. 193/08, s. 3 (3). (4) References in this section to a form approved by the Chief Executive Officer are deemed to include the last form approved by the Superintendent for the purposes of the relevant provision prior to June 8, 2019 until the Chief Executive Officer approves a subsequent form for the purposes of the relevant provision. O. Reg. 167/19, s. 2. Information about Other Matters Establishment of trust account 4. (1) If a brokerage is required by the standards of practice to establish a mortgage brokerage trust account, the brokerage shall notify the Chief Executive Officer as soon as practicable and, in any event, no later than five days after the brokerage is required to establish the account. O. Reg. 193/08, s. 4 (1); O. Reg. 167/19, s. 1. (2) When a mortgage administrator is required by the standards of practice to establish a mortgage administrator’s trust account, the mortgage administrator shall notify the Chief Executive Officer as soon as practicable and, in any event, no later than five days after the mortgage administrator is required to establish the account. O. Reg. 193/08, s. 4 (2); O. Reg. 167/19, s. 1. Location of records 5. (1) If a brokerage or mortgage administrator intends to retain its records at premises in Ontario other than its principal place of business in Ontario, if any, the brokerage or mortgage administrator shall notify the Chief Executive Officer and shall specify the premises at which the records are to be kept. O. Reg. 193/08, s. 5 (1); O. Reg. 167/19, s. 1. (2) Subsection (1) applies only with respect to the records that the brokerage or mortgage administrator is required to retain under the applicable standards of practice. O. Reg. 193/08, s. 5 (2). Reporting about Other Changes Change of address for service 6. If a licensee changes the licensee’s mailing address in Ontario, the licensee shall give the Chief Executive Officer particulars of the new address no later than five days after the change occurs. O. Reg. 193/08, s. 6; O. Reg. 167/19, s. 1. Change of other contact information 7. If a licensee changes the licensee’s e-mail address, phone number or fax number, the licensee shall give the Chief Executive Officer particulars of the new address or number no later than five days after the change occurs. O. Reg. 193/08, s. 7; O. Reg. 167/19, s. 1. Change of principal place of business 8. If a brokerage or mortgage administrator changes the location of its principal place of business in Ontario, the brokerage or mortgage administrator shall notify the Chief Executive Officer no later than five days after the change occurs. O. Reg. 193/08, s. 8; O. Reg. 167/19, s. 1. Change of offices open to the public 9. If a brokerage or mortgage administrator opens or closes an office in Ontario that is open to the public, the brokerage or mortgage administrator shall notify the Chief Executive Officer no later than five days after doing so. O. Reg. 193/08, s. 9; O. Reg. 167/19, s. 1. Change of director, officer, partner 10. (1) If a licensee that is a corporation changes one or more of its directors or officers, the licensee shall notify the Chief Executive Officer no later than five days after the change occurs. O. Reg. 193/08, s. 10 (1); O. Reg. 167/19, s. 1. (2) If a licensee that is a partnership changes one or more of its partners, the licensee shall notify the Chief Executive Officer no later than five days after the change occurs. O. Reg. 193/08, s. 10 (2); O. Reg. 167/19, s. 1. Change of principal broker 11. If a brokerage changes its principal broker, the brokerage shall notify the Chief Executive Officer no later than five days after the change occurs. O. Reg. 193/08, s. 11; O. Reg. 167/19, s. 1. Change of authority to act on behalf of brokerage 12. (1) If a mortgage broker or agent ceases to be authorized to deal or trade in mortgages on behalf of a brokerage, the brokerage shall notify the Chief Executive Officer no later than five days after the authority ceases. O. Reg. 193/08, s. 12 (1); O. Reg. 167/19, s. 1. (2) A mortgage broker or agent who ceases to be authorized to deal or trade in mortgages on behalf of a brokerage shall notify the Chief Executive Officer no later than five days after the authority ceases. O. Reg. 193/08, s. 12 (2); O. Reg. 167/19, s. 1. Change re insurance coverage 13. If the errors and omissions insurance or other assurance maintained by a brokerage or mortgage administrator in accordance with the applicable standards of practice is cancelled or is not renewed, the brokerage or mortgage administrator shall immediately notify the Chief Executive Officer. O. Reg. 193/08, s. 13; O. Reg. 167/19, s. 1. Change re financial guarantee, mortgage administrator 14. If the financial guarantee maintained by a mortgage administrator in accordance with the standards of practice is cancelled or is reduced to an amount lower than the minimum amount required by the standards of practice, the mortgage administrator shall immediately notify the Chief Executive Officer. O. Reg. 193/08, s. 14; O. Reg. 167/19, s. 1. Administrative Penalties for Non-compliance Penalty amounts 15. (1) If a brokerage or mortgage administrator fails to comply with a requirement of this Regulation, the following summary administrative penalty may be imposed under section 40 of the Act: 1. $1,000 for each failure to comply with section 2, 3, 4 or 13. 2. $500 for each failure to comply with any other provision of this Regulation. O. Reg. 193/08, s. 15 (1). (2) If a broker or agent fails to comply with a requirement of this Regulation, a summary administrative penalty of $250 may be imposed under section 40 of the Act for each failure to comply with section 6 or 7 or subsection 12 (2) of this Regulation. O. Reg. 193/08, s. 15 (1). Transition Transition 16. Any notice provided to the Superintendent under this Regulation, as it read prior to June 8, 2019, is deemed to have been provided to the Chief Executive Officer. O. Reg. 167/19, s. 3. 17. Omitted (provides for coming into force of provisions of the English version of this Regulation). O. Reg. 193/08, s. 17.