These Regulations set penalties for certain violations under listed financial institutions Acts and take effect when registered.
Administrative Monetary Penalties (OSFI) Regulations Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsections 23.1(4)a and 25(1)b and section 38c of the Office of the Superintendent of Financial Institutions Actd, hereby makes the annexed Administrative Monetary Penalties (OSFI) Regulations. S.C. 1999, c. 28, s. 131 S.C. 2001, c. 9, s. 476 S.C. 1997, c. 15, s. 339; S.C. 2001, c. 9, s. 477 R.S., c. 18 (3rd Supp.), Part I In these Regulations, Act means the Office of the Superintendent of Financial Institutions Act. The short-form descriptions that are set out in column 1 of the schedule form no part of these Regulations and are inserted for convenience of reference only. The contravention of a provision of a financial institutions Act that is set out in columns 2 to 5 of an item of the schedule is a violation that may be proceeded with under sections 26 to 37 of the Act. The non-compliance with any order or direction made, any terms and conditions imposed, any undertaking given or any prudential agreement entered into, under a provision of a financial institutions Act that is set out in columns 2 to 5 of an item of the schedule is a violation that may be proceeded with under sections 26 to 37 of the Act. Each violation is classified as a minor, serious or very serious violation, as set out in column 6 of the schedule. Subject to subsection (2), the penalty in respect of a violation that is classified as minor under any of items 10, 19, 23, 24, 31, 32, 34 to 36, 60, 61, 63 and 69 to 71 of the schedule is if the violation is committed by a financial institution, bank holding company or insurance holding company that has total assets less than or equal to $250 million, $100; if the violation is committed by a financial institution, bank holding company or insurance holding company that has total assets greater than $250 million but less than or equal to $10 billion, $250; and if the violation is committed by a financial institution, bank holding company or insurance holding company that has total assets greater than $10 billion, $500. If a minor violation referred to in subsection (1) committed by a financial institution, bank holding company or insurance holding company is continued on more than one day, the penalty in respect of each of the separate violations that, because of section 35 of the Act, result from that continuation shall be the lesser of the penalty fixed under that subsection and the amount determined by dividing $25,000 by the total number of those separate violations. [Repeal] These Regulations come into force on the day on which they are registered.