Administrative Monetary Penalties (OSFI) Regulations (SOR/2005-267)

Regulations are current to 2017-11-20

Administrative Monetary Penalties (OSFI) Regulations

SOR/2005-267

OFFICE OF THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS ACT

Registration 2005-08-31

Administrative Monetary Penalties (OSFI) Regulations

P.C. 2005-1511 2005-08-31

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsections 23.1(4)Footnote a and 25(1)Footnote b and section 38Footnote c of the Office of the Superintendent of Financial Institutions ActFootnote d, hereby makes the annexed Administrative Monetary Penalties (OSFI) Regulations.

Interpretation

 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.

Violations

  •  (1) 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.

  • (2) 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.

Classification

 Each violation is classified as a minor, serious or very serious violation, as set out in column 6 of the schedule.

Penalties for Late or Erroneous Filings

  •  (1) 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

    • (a) 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;

    • (b) 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

    • (c) 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.

  • (2) 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

 [Repeal]

Coming into Force

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

 
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