Bill 2496 — Elimination of the Financial Services Appeal Board Act (50th General Assembly, 2nd Session)
Bill 2496
Newfoundland and Labrador — Bills
Second
Session, 50th General Assembly
Charles III, 2024
BILL 96
AN ACT TO REPEAL THE
FINANCIAL SERVICES APPEAL BOARD ACT AND TO AMEND VARIOUS ACTS OF THE PROVINCE
TO ELIMINATE APPEALS TO THE FINANCIAL SERVICES APPEAL BOARD
Received
and Read the First Time ................................................................
Second
Reading ............................................................................................
Committee .....................................................................................................
Third
Reading ...............................................................................................
Royal
Assent .................................................................................................
HONOURABLE ELVIS
LOVELESS
Minister of Digital
Government and Service Newfoundland and Labrador
Ordered to be printed by
the Honourable House of Assembly
EXPLANATORY NOTES
This Bill would repeal the Financial Services Appeal Board Act
and amend the Insurance Adjusters,
Agents and Brokers Act , the Insurance Companies Act , the Mortgage
Brokers Act , the Mortgage Brokerages and
Brokers Act ,
the Real Estate Trading Act, 2019 and the Securities Act to
eliminate appeals to the Financial Services Appeal Board and establish
a right of appeal to the deputy minister of the Department of Digital
Government and Service Newfoundland and Labrador;
replace references to "Trial Division" with the correct
reference "Supreme Court"; and
incorporate gender-neutral language.
A BILL
AN ACT TO REPEAL THE FINANCIAL SERVICES
APPEAL BOARD ACT AND TO AMEND VARIOUS ACTS OF THE PROVINCE TO ELIMINATE APPEALS
TO THE FINANCIAL SERVICES APPEAL BOARD
Analysis
Short title
PART
INSURANCE ADJUSTERS, AGENTS AND BROKERS ACT
S.2 Amdt.
Definitions
S.3 Amdt.
Non-application of Act
S.7 Amdt.
Transferring services
S.8 Amdt.
Students
S.14 Amdt.
Confusion of names
S.16 Amdt.
One year waiting period
S.17 Amdt.
Notification of suspension, etc.
S.21 Amdt.
Over-insurance
S.28 Amdt.
Prohibition
S.38 Amdt.
Fraternal or sororal societies, etc.
S.43 Amdt.
Investigations
S.43.01 Amdt.
Powers
S.43.02 Amdt.
Production order
S.43.1 Amdt.
Order for compliance
S.43.2 Amdt.
Property held in trust
S.45 Amdt.
Offence
PART
INSURANCE COMPANIES ACT
S.2 Amdt.
Definitions
S.25 R&S
Appeal
PART
III
MORTGAGE BROKERS ACT
S.2 Amdt.
Definitions
S.3 Amdt.
Registrar
22. S.4 Amdt.
Registration
S.5 Amdt.
Application
S.6 Amdt.
Suspension or cancellation of registration
S.6.1 Amdt.
Examination
S.7 Amdt.
Investigation
S.7.1 Amdt.
Powers of examiner or investigator
S.7.2 Amdt.
Production order
S.7.3 Amdt.
Protection order
S.12 Amdt.
False advertising
S.13 Amdt.
Regulations
S.16 Amdt.
Certificate as evidence
S.18 R&S
Appeal
PART
MORTGAGE BROKERAGES AND BROKERS ACT
S.2 Amdt.
Interpretation
S.30 R&S
Appeal
PART
REAL ESTATE TRADING ACT, 2019
S.2 Amdt.
Interpretation
S.43 R&S
Appeal
PART
SECURITIES ACT
S.2 Amdt.
Interpretation
S.5 Amdt.
Financial Disclosure Advisory Board
S.7 Amdt.
Deputy Superintendent of Securities
S.10 R&S
Appeal
S.13 Amdt.
Financial examination order
S.14 Amdt.
Power of investigator or examiner
S.14.1 Amdt.
Production orders
S.15 Amdt.
Detention of things seized
S.16 Amdt.
Examination or seizure of documents where privilege claimed
S.19 Amdt.
Non-disclosure
S.20 Amdt.
Disclosure by superintendent
S.23 Amdt.
Compliance reviews
S.25 Amdt.
Self-regulatory organizations
S.25.1 Amdt.
Clearing agencies
S.25.2 Amdt.
Quotation and trade reporting system
S.25.5 Amdt.
Assignment of powers and duties
S.25.10 Amdt.
Auditor of registrant
S.26.1 Amdt.
Responsible person
S.26.2 Amdt.
Duty of care
S.27.1 Amdt.
Suspension or termination of registration
S.28 Amdt.
Surrender of registration
S.34 Amdt.
Notice of changes
S.36 Amdt.
Exemption of trades
S.37 Amdt.
Confirmation of trade
S.38 Amdt.
Order prohibiting calls to residences
S.39 Amdt.
Representations prohibited
S.44 Amdt.
Use of name of another registrant
S.45 Amdt.
Registration not to be advertised
S.48 Amdt.
Margin contracts
S.49 Amdt.
Declaration as to short position
S.50 Amdt.
Shares not to be voted
S.52 Amdt.
Agreements
S.54 Amdt.
Prospectus required
S.62 Amdt.
Receipt for prospectus
S.64 Amdt.
Short form prospectus
S.65 Amdt.
Orders to provide information
S.66 Amdt.
"Waiting period" defined
S.69 Amdt.
Defective preliminary prospectus
S.70 Amdt.
Material given on distribution
S.75 Amdt.
Exemption order
S.75.1 Amdt.
Considering issuer to be a reporting issuer
S.75.2 Amdt.
Considering a trade to be a distribution
S.84 Amdt.
Order relieving small reporting issuer
S.86 Amdt.
Mandatory solicitation of proxies
S.87 Amdt.
Information circular
S.88 Amdt.
Voting where proxies
S.93 Amdt.
Applications to superintendent
S.94 Amdt.
Application to Supreme Court
S.111 Amdt.
Interpretation
S.112 Amdt.
Loans of mutual funds in the province
S.116 Amdt.
Fees on investment
S.118 Amdt.
Filing by management companies
S.120 Amdt.
Trades by mutual fund insiders
S.121 Amdt.
Filing in other jurisdiction
S.124 R&S
Information containing more than one offence
S.125 Amdt.
Execution of warrant issued in another province
S.127 Amdt.
Cease trading orders and orders in the public interest
S.128.1 Amdt.
Applications to court
S.130 Amdt.
Civil liability - misrepresentation in prospectus
S.131 Amdt.
Civil liability -misrepresentation in circular
S.134 Amdt.
Liability where material fact or change undisclosed
S.135 Amdt.
Action by superintendent on behalf of issuer
S.136 Amdt.
Rescission of contract
S.138.15 Amdt.
Definitions
S.138.16 Amdt.
Delegation and acceptance of authority
S.138.20 Amdt.
Exercise of discretion - inter-jurisdictional reliance
S.142.1 Amdt.
Exemption
S.144 Amdt.
Superintendents direction
S.144.1 Amdt.
Superintendent may make rules
PART
VII
TRANSITIONAL, CONSEQUENTIAL AMENDMENT AND REPEAL
Transitional
RSNL1990 cP-43 Amdt.
Repeal
Be it enacted by the Lieutenant-Governor and
House of Assembly in Legislative Session convened, as follows:
Short title
1 . This
Act may be cited as the Elimination of the Financial
Services Appeal Board Act .
PART I
INSURANCE ADJUSTERS, AGENTS AND BROKERS ACT
RSNL1990 cI-9
as amended
(1) Subparagraph 2(c)(ii) of the Insurance Adjusters, Agents and Brokers Act
is amended by deleting the words " holds himself
or herself out to a claimant or an insured as" and substituting the words
" represents to a claimant or an insured to be".
(2) Subparagraph 2(c)(iii) of the Act is amended
by deleting the words "holds himself or herself out as" and
substituting the words "represents to be".
(3) Section 2 of the Act is amended by adding
immediately after paragraph (
f) the following:
(f.1) "appellant" means a person who
submits an appeal under
section 17;
(4) Section 2 of the Act is amended by adding
immediately after paragraph (
k) the following:
(k.1) "department" means the department
presided over by the minister;
(k.2) "deputy minister" means the deputy
minister of the department;
(1) Paragraph 3(
a) of the Act is amended by
deleting the words "his or her" and substituting the words "the
barrister's or solicitor's".
(2) Paragraph 3(
b) of the Act is amended by
deleting the words "his or her" and substituting the words "the liquidator's or trustee in bankruptcy's".
(3) Paragraph 3(
c) of the Act is amended by
deleting the words "his or her" and substituting the words "the testamentary executor's, director's, trustee's or
fiduciary's".
Section 7 of the Act is amended by deleting the
words "his or her" wherever they appear and substituting the words
"the adjuster's or representative's".
5. (1) Subsection 8(2) of the Act is amended by
deleting the number "1" and substituting the word "one".
(2) Subsection 8(3) of the Act is amended by
deleting the words "his or her" and substituting the words "the
student's".
(3) Subsection 8(5) of the Act is amended by
deleting the words "his or her" and substituting the words "the
student's".
6. Subsection 14(2) of the Act is amended by
(
a) deleting the words "himself, herself or
itself" and substituting the words " the
adjuster, adjustment company, representative, agent or broker"; and
(
b) deleting the words "him, her or it"
and substituting the words " the adjuster,
adjustment company, representative, agent or broker".
Section 16 of the Act is amended by deleting
the number "1" and substituting the word "one".
8. (1) Subsection 17(3) of the Act is repealed and
the following substituted:
(3) A person may appeal a decision of the
superintendent to refuse to issue a licence, to
suspend, revoke or amend a licence, or to attach restrictions, limitations or conditions to a licence to the deputy
minister within 30 days of the decision.
(2) Section 17 of the Act is amended by adding
immediately after subsection (3) the following:
(4) An appeal referred to in subsection (3) shall
(
a) be submitted to the deputy minister, in
writing, in the form and manner set by the deputy minister;
(
b) state the reasons for the appeal; and
(
c) include
(
i) a copy of the
decision being appealed,
(ii) all information that the appellant considers
necessary for the appeal, and
(iii) any information requested by the deputy
minister.
(5) The deputy minister shall begin a review of
the decision within 30 days after the appeal has been received under subsection
(4).
(6) The deputy minister may confirm, revoke or vary the decision that is the subject of the
appeal.
(7) A decision of the deputy minister shall
(
a) be in writing;
(
b) state the reasons for the decision; and
(
c) be provided to the appellant and the
superintendent no later than 30 days after the deputy minister completes the
review of the decision.
Section 21 of the Act is amended by deleting
the words "his or her" and substituting the words "the".
10. (1) Subsection 28(1) of the Act is amended by
(
a) deleting the words "himself or
herself" and substituting the words "the representative ";
(
b) deleting the words "his or her" and
substituting the words "the representative's ";
(
c) deleting the number "1" wherever it
appears and substituting the word "one"; and
(
d) deleting the number "1st" and
substituting the word "first".
(2) Subsection 28(2) of the Act is amended by
deleting the number "1" and substituting the word "one".
(3) Subsection 28(3) of the Act is amended by
deleting the words "his or her" and substituting the words "the
agent's, broker's or representative's".
11. (1) Subsection 38(1) of the Act is amended by
(
a) deleting the words "his or her" and
substituting the words "the member's"; and
(
b) deleting the words "him or her" and
substituting the words "the member".
(2) Subsection 38(2) of the Act is amended by
deleting the words "his or her" and substituting the words "the
person's".
12. (1) Subsection 43(3) of the Act is amended by
(
a) deleting the words "Trial Division"
and substituting the words "Supreme Court"; and
(
b) deleting the words "him or her" and
substituting the words "the judge".
(2) Subsection 43(3.1) of the Act is amended by
deleting the words "he or she" and substituting the words "the
judge".
(3) Paragraph 43( 3.2)(
a) of the Act is amended by deleting the words "he or she" and
substituting the words "the judge".
(4) Subsection 43(4) of the Act is amended by
deleting the words "his or her" and substituting the word
"the".
(5) Subsection 43(5) of the Act is amended by
deleting the words " Trade Practices
Act " and substituting the words " Consumer Protection and Business Practices Act ".
13. Subsection 43.01(1) of the Act is amended by
(
a) deleting the words "him or her" and
substituting the words "the person ";
(
b) deleting the words "Trial Division"
wherever they appear and substituting the words "Supreme Court"; and
(
c) deleting the words "his, her or its"
and substituting the words "the person's or company's".
(1) Subsection 43.02(1) of the Act is amended
by deleting the words "Trial Division" and substituting the words
"Supreme Court".
(2) Subsection 43.02(3) of the Act is amended by
deleting the words "he or she" and substituting the words "the
judge".
(3) Subsection 43.02(4) of the Act is amended by
deleting the words "his or her" and substituting the words "the
lawyer's".
15. Subsection 43.1(3) of the Act is amended by
(
a) deleting the words "Trial Division"
and substituting the words "Supreme Court"; and
(
b) deleting the words "he or she" and
substituting the words "the judge".
16. Subsection 43.2(4) of the Act is amended by
deleting the words "Trial Division" and substituting the words
"Supreme Court".
17. (1) Subsection 45(1) of the Act is amended by
(
a) deleting the words "his or her"
wherever they appear and substituting the words "the person's"; and
(
b) deleting the words "or holds himself or
herself out" wherever they appear.
(2) Subsection 45(6) of the Act is amended by
deleting the words "his or her" and substituting the words "the
insured's".
PART II
INSURANCE COMPANIES ACT
RSNL1990 cI-10
as amended
(1) Section 2 of the Insurance Companies Act is amended by adding immediately after
paragraph (b.1) the following:
(b.2) "appellant" means a person who
submits an appeal under
section 25;
(2) Section 2 of the Act is amended by
adding immediately after paragraph (k.2) the following:
(k.3) "department" means the department
presided over by the minister;
(k.4) "deputy minister" means the deputy
minister of the department;
Section 25 of the Act is repealed and the
following substituted:
Appeal
(1) A
person may appeal a decision to refuse to issue a
licence or to suspend or cancel a licence under this Act to the deputy
minister within 30 days of the decision.
(2) An appeal referred to in subsection (1) shall
(
a) be submitted to the deputy minister, in
writing, in the form and manner set by the deputy minister;
(
b) state the reasons for the appeal; and
(
c) include
(
i) a copy of the
decision being appealed,
(ii) all information that the appellant considers
necessary for the appeal, and
(iii) any information requested by the deputy
minister.
(3) The deputy minister shall begin a review of
the decision within 30 days after the appeal has been received under subsection
(2).
(4) The deputy minister may confirm, revoke or vary the decision that is the subject of the
appeal.
(5) A decision of the deputy minister shall
(
a) be in writing;
(
b) state the reasons for the decision; and
(
c) be provided to the appellant and the
superintendent no later than 30 days after the deputy minister completes the
review of the decision.
PART III
MORTGAGE BROKERS ACT
RSNL1990 cM-18
as amended
(1) Section 2 of the Mortgage Brokers Act is amended by adding immediately before
paragraph (
a) the following:
(a.01) "appellant" means a person who
submits an appeal under
section 18;
(2) Section 2 of the Act is amended by adding
immediately after paragraph (
b) the following:
(b.1) "department" means the department
presided over by the minister;
(b.2) "deputy minister" means the deputy
minister of the department;
(b.3) "minister" means the minister
appointed under the Executive Council Act
to administer this Act;
(3) Paragraph 2(
d) of the Act is amended by
deleting the words "holds himself or herself out" and substituting
the word "represents".
(4) Paragraph 2(
e) of the Act is amended by
deleting the words "his or her" and substituting the words "the persons".
21. (1) Paragraph 3(2)(
a) of the Act is amended by
deleting the words "his or her" and substituting the words "the
registrar's".
(2) Subsection 3(3) of the Act is amended by
(
a) deleting the words "his or her" and substituting the words "the registrars ";
and
(
b) deleting the words " Public Inquiries
Act " and substituting the words " Public Inquiries Act, 2006 ".
Section 4 of the Act is amended by deleting the
words "he or she" and substituting the words "the person".
23. Subsection 5(4) of the Act is amended by
deleting the words "his or her" and substituting the words "the
mortgage broker's".
Section 6 of the Act is amended by deleting the
words "he or she" wherever they appear and substituting the words
"the registrar".
(1) Subsection 6.1(3) of the Act is amended by
(
a) deleting the words "his or her"; and
(
b) deleting the words "he or she" and
substituting the words "the person conducting the examination".
(2) Subsection 6.1(4) of the Act is amended by
deleting the words "he or she" and substituting the words "the
person conducting the examination".
(3) Subsection 6.1(5) of the Act is amended by
deleting the words "he or she" and substituting the words "the
registrar".
26. Subsection 7(3) of the Act is amended by
deleting the words "Trial Division" and substituting the words
"Supreme Court".
27. Subsection 7.1(1) of the Act is amended by
(
a) deleting the words "him or her" and
substituting the words "the person ";
(
b) deleting the words "Trial Division"
wherever they appear and substituting the words "Supreme Court"; and
(
c) deleting the words "his, her or its"
and substituting the words "the person's or company's".
(1) Subsection 7.2(1) of the Act is amended by
deleting the words "Trial Division" and substituting the words
"Supreme Court".
(2) Subsection 7.2(3) of the Act is amended by
deleting the words "he or she" and substituting the words "the
judge".
(3) Subsection 7.2(4) of the Act is amended by
deleting the words "his or her" and substituting the words "the
lawyer's".
(1) Subsection 7.3(1) of the Act is amended by
(
a) deleting the words "his or her" and
substituting the words "the person's"; and
(
b) deleting the words "Trial Division"
and substituting the words "Supreme Court".
(2) Subsection 7.3(3) of the Act is amended by
deleting the words "Trial Division" and substituting the words
"Supreme Court".
Section 12 of the Act is amended by deleting
the words "he or she" and substituting the words "the
registrar".
31. Paragraph 13(
m) of the Act is amended by
deleting the words " Public Inquiries
Act " and substituting the word " Public Inquiries Act, 2006 ".
Section 16 of the Act is amended by
(
a) deleting the number "1st" and
substituting the word "first"; and
(
b) deleting the words "his or her" and
substituting the words "the registrar's".
Section 18 of the Act is repealed and the
following substituted:
Appeal
(1) A
person may appeal a decision or order of the registrar to the deputy minister
within 30 days of the decision or order.
(2) An appeal referred to in subsection (1) shall
(
a) be submitted to the deputy minister, in
writing, in the form and manner set by the deputy minister;
(
b) state the reasons for the appeal; and
(
c) include
(
i) a copy of the
decision or order being appealed,
(ii) all information that the appellant considers
necessary for the appeal, and
(iii) any information requested by the deputy
minister.
(3) The deputy minister shall begin a review of
the decision or order within 30 days after the appeal has been received under
subsection (2).
(4) The deputy minister may confirm, revoke or vary the decision or order that is the subject of
the appeal.
(5) A decision of the deputy minister shall
(
a) be in writing;
(
b) state the reasons for the decision; and
(
c) be provided to the appellant and the registrar
no later than 30 days after the deputy minister completes the review of the
decision or order.
PART IV
MORTGAGE BROKERAGES AND BROKERS ACT
SNL2023 cM-17.1
34. (1) Subsection 2(1) of the Mortgage Brokerages and Brokers Act is amended by adding
immediately before paragraph (
a) the following:
(a.01) "appellant" means a person who
submits an appeal under
section 30;
(2) Subsection 2(1) of the Act is amended by
adding immediately after paragraph (
c) the following:
(c.1) "deputy minister" means the deputy
minister of the department;
Section 30 of the Act is repealed and the
following substituted:
Appeal
(1) A
person may appeal a decision or order of the superintendent or the deputy
superintendent to the deputy minister within 30 days of the decision or order.
(2) An appeal referred to in subsection (1) shall
(
a) be submitted to the deputy minister, in
writing, in the form and manner set by the deputy minister;
(
b) state the reasons for the appeal; and
(
c) include
(
i) a copy of the
decision or order being appealed,
(ii) all information that the appellant considers
necessary for the appeal, and
(iii) any information requested by the deputy
minister.
(3) The deputy minister shall begin a review of
the decision or order within 30 days after the appeal has been received under
subsection (2).
(4) The deputy minister may confirm, revoke or vary the decision or order that is the subject of
the appeal.
(5) A decision of the deputy minister shall
(
a) be in writing;
(
b) state the reasons for the decision; and
(
c) be provided to the appellant and the
superintendent no later than 30 days after the deputy minister completes the
review of the decision or order.
PART V
REAL ESTATE TRADING ACT, 2019
SNL2019 cR-2.1
as amended
36. (1) Subsection 2(1) of the Real Estate Trading Act, 2019 is amended by adding immediately
after paragraph (
a) the following:
(a.1) "appellant" means a person who
submits an appeal under
section 43;
(2) Subsection 2(1) of the Act is amended by adding
immediately after paragraph (
f) the following:
(f.1) "department" means the department
presided over by the minister;
(f.2) "deputy minister" means the deputy
minister of the department;
(3) Subsection 2(1) of the Act is amended by adding
immediately after paragraph (
o) the following:
(o.1) "minister" means the minister
appointed under the Executive Council Act
to administer this Act;
Section 43 of the Act is repealed and the
following substituted:
Appeal
(1) A
person may appeal a decision or order of the superintendent, the deputy
superintendent or an inspector to the deputy minister within 30 days of the
decision or order.
(2) An appeal referred to in subsection (1) shall
(
a) be submitted to the deputy minister, in
writing, in the form and manner set by the deputy minister;
(
b) state the reasons for the appeal; and
(
c) include
(
i) a copy of the
decision or order being appealed,
(ii) all information that the appellant considers
necessary for the appeal, and
(iii) any information requested by the deputy
minister.
(3) The deputy minister shall begin a review of
the decision or order within 30 days after the appeal has been received under
subsection (2).
(4) The deputy minister may confirm, revoke or vary the decision or order that is the subject of
the appeal.
(5) A decision of the deputy minister shall
(
a) be in writing;
(
b) state the reasons for the decision; and
(
c) be provided to the appellant and the
superintendent no later than 30 days after the deputy minister completes the
review of the decision or order.
PART VI
SECURITIES ACT
RSNL1990 cS-13
as amended
38. (1) Paragraph 2(1)(
a) of the Securities Act is amended by deleting
the words "holding himself, herself, or the company out as" and
substituting the words "representing to be".
(2) Subsection 2(1) of the Act is amended by
adding immediately after paragraph (a.1) the following:
(a.2) "appellant" means a person who
submits an appeal under
section 10;
(3) Paragraph 2(1)(
g) of the Act is amended by
deleting the number "1" and substituting the word "one".
(4) Paragraph 2(1)(
i) of
the Act is amended by deleting the words "holding himself, herself or the
company out as" and substituting the words "representing to be".
(5) Subsection 2(1) of the Act is amended by
adding immediately after paragraph (
j) the following:
(j.01) "department" means the department
presided over by the minister;
(j.02) "deputy minister" means the deputy
minister of the department;
(6) Paragraph 2(1)(
r) of the Act is amended by
deleting the words "his or her" and substituting the words "the
natural person's".
(7) Paragraph 2(1)(cc) of the Act is amended by
deleting the number "1" and substituting the word "one".
(8) Subparagraph 2( 1)( hh )(ii) of the Act is amended by deleting the number
"1" wherever it appears and substituting the word "one".
(9) Paragraph 2( 1)( jj ) of the Act is amended by deleting the number
"1" and substituting the word "one".
(10) Paragraph 2( 1)( kk) of the Act is amended by deleting the
words "his or her nominee to attend and act for him or her and on his or
her behalf" and substituting the words "the security holder's nominee
to attend and act for and on behalf of the security holder".
(11) Paragraph 2( 1)( qq ) of the
Act is amended by deleting the number "1" and substituting the word
"one".
(12) Subsection 2(2) of the Act is amended by
deleting the number "1" and substituting the word "one".
(13) Subparagraph 2(4)(a)(ii) of the Act is amended
by deleting the number "1" and substituting the word "one".
(14) Subsection 2(5) of the Act is amended by
deleting the words "him or her" and substituting the words "the
person".
39. (1) Subsection 5(1) of the Act is amended by
deleting the number "1" and substituting the word "one".
(2) Subsection 5(4) of the Act is amended by
deleting the words "his or her".
40. Paragraph 7(
a) of the Act is amended by
deleting the words "his or her" and substituting the words "the
superintendent's".
Section 10 of the Act is repealed and the
following substituted:
Appeal
(1) A person or company directly affected by a decision of the
superintendent, other than a decision under
section 75, may appeal a decision
of the superintendent, other than a decision under
section 75, to the deputy
minister within 30 days of the decision.
(2) An appeal referred to in subsection (1) shall
(
a) be submitted to the deputy minister, in
writing, in the form and manner set by the deputy minister;
(
b) state the reasons for the appeal; and
(
c) include
(
i) a copy of the
decision being appealed,
(ii) all information that the appellant considers
necessary for the appeal, and
(iii) any information requested by the deputy
minister.
(3) The deputy minister shall begin a review of
the decision within 30 days after the appeal has been received under subsection
(2).
(4) The deputy minister may confirm, revoke or vary the decision that is the subject of the
appeal.
(5) A decision of the deputy minister shall
(
a) be in writing;
(
b) state the reasons for the decision; and
(
c) be provided to the appellant and the
superintendent no later than 30 days after the deputy minister completes the
review of the decision.
42. Subsection 13(1) of the Act is amended by
deleting the words "he or she" and substituting the words "the
superintendent".
43. (1) Subsection 14(1) of the Act is amended by
(
a) deleting the words "him or her" and
substituting the words "the person"; and
(
b) deleting the words "his, her or its"
and substituting the words "the person's or company's".
(2) Subsection 14(3) of the Act is amended by
(
a) deleting the words "him or her" and
substituting the words "the person"; and
(
b) deleting the words "his or her" and
substituting the words "the lawyer's".
(3) Subsection 14(4) of the Act is amended by
deleting the words "him or her" and substituting the words "the
judge".
(1) Subsection 14.1(3) of the Act is amended by
deleting the words "he or she" and substituting the words "the
judge".
(2) Subsection 14.1(4) of the Act is amended by
deleting the words "his or her" and substituting the words "the
lawyer's".
Section 15 of the Act is amended by deleting
the words "he or she" wherever they appear and substituting the words
"the judge".
46. (1) Subsection 16(2) of the Act is amended by
deleting the words "him or her" and substituting the words "the
lawyer".
(2) Subsection 16(7) of the Act is amended by
deleting the words "he or she" and substituting the words "the
judge".
47. Subsection 19(1) of the Act is amended by
deleting the words "his, her or its" and substituting the words
"the person's or company's".
48. Subsection 20(1) of the Act is amended by
deleting the words "he or she" and substituting the words "the
superintendent".
49. Subsection 23(2) of the Act is amended by
deleting the words "his or her" and substituting the words "the
person's".
50. Subsection 25(4) of the Act is amended by
deleting the words "he or she" and substituting the words "the
superintendent".
51. Subsection 25.1(3) of the Act is amended by
deleting the words "he or she" and substituting the words "the
superintendent".
52. Subsection 25.2(3) of the Act is amended by
deleting the words "he or she" and substituting the words "the
superintendent".
53. Subsection 25.5(1) of the Act is amended by
deleting the words "he or she" and substituting the words "the
superintendent".
54. Subsection 25.10(6) of the Act is amended by
deleting the words "he or she" and substituting the words "the
superintendent".
Section 26.1 of the Act is amended by deleting
the words "his, her or its" and substituting the words "the
person's or company's".
(1) Subsection 26.2(1) of the Act is amended by
deleting the words "his, her or the company's" and substituting the
words "the registrant's".
(2) Subsection 26.2(3) of the Act is amended by
deleting the words "his, her or its" and substituting the words
"the investment fund manager's".
57. Subsection 27.1(1) of the Act is amended by
deleting the words "he or she" and substituting the words "the
superintendent".
58. Subsection 28(1) of the Act is amended by
deleting the words "his, her or its" and substituting the words
"the registrant's".
59. (1) Subsection 34(3) of the Act is amended by
(
a) deleting the word "purpose" and substituting
the words "purpose of"; and
(
b) deleting the words "his or her"
wherever they appear and substituting the words "the registered
individual's".
(2) Subsection 34(4) of the Act is amended by
deleting the words "he or she" and substituting the words "the
superintendent".
(1) Subparagraph 36(1)(n)(iii) of the Act is
amended by deleting the words "he or she" and substituting the words
"the superintendent".
(2) Subparagraph 36(1)(o)(ii) of the Act is
amended by deleting the number "1" and substituting the word
"one".
(3) Subparagraph 36(1)(u)(
i) of the Act is amended by deleting the number "1st" and substituting
the word "first".
(4) Clause 36(1)(u)(ii)(
A) of the Act is amended
(
a) deleting the words "his or her" and
substituting the words "the purchaser's"; and
(
b) deleting the words "him or her" and
substituting the words "the purchaser".
(5) Clause 36(1)(u)(ii)(
C) of the Act is amended by deleting the words "brother, sister" and
substituting the words "sibling".
(6) Paragraph 36(2)(
d) of the Act is amended by
deleting the number "1" and substituting the word "one".
(7) Paragraph 36(2)(
l) of the Act is amended by
deleting the number "1" and substituting the word "one".
(8) Subsection 36(8) of the Act is amended by
deleting the words "his or her" and substituting the words "the
lawyer's or accountant's".
61. Paragraph 37(3)(
c) of the Act is amended by
deleting the number "1st" and substituting the word
"first".
62. Subsection 38(4) of the Act is amended by
deleting the words "his, her" and substituting the words "the
person's".
63. Subsection 39(1) of the Act is amended by
deleting the words "he or she" and substituting the words "the
person".
Section 44 of the Act is amended by deleting
the words "he or she" and substituting the words "the
registrant".
Section 45 of the Act is amended by deleting
the words "himself, herself" and substituting the words "the person".
66. (1)
Subsection 48(1) of the Act is amended by
(
a) deleting the words "he or she"
wherever they appear and substituting the words "the person ";
(
b) deleting the words "his or her firm"
and substituting the words "the person's firm"; and
(
c) deleting the words "his or her
control" and substituting the words "the dealer's control".
(2) Subsection 48(2) of the Act is amended by
deleting the words "his or her" and substituting the words "the
dealer's".
Section 49 of the Act is amended by
(
a) deleting the words "him or her" and
substituting the words "the person or company ";
(
b) deleting the words "his or her"
wherever they appear and substituting the words "the persons or companys";
and
(
c) deleting the words "he or she" and
substituting the words "the person or company".
68. (1) Paragraph 50(1)(
a) of the Act is amended by
deleting the words "his or her" and substituting the words "the
registrant's".
(2) Paragraph 50(1)(
b) of the Act is amended by deleting
the words "his or her" and substituting the words "the
custodian's".
(3) Subsection 50(5) of the Act is amended by
deleting the words "his or her" wherever they appear and substituting
the words "the beneficial owner's".
69. Subparagraph 52(1)(b)(
x) of the Act is amended by deleting the number "1" and substituting
the word "one".
70. (1) Subsection 54(1) of the Act is amended by
deleting the words "his or her" and substituting the words "the
person's or company's".
(2) Paragraph 54(3)(
d) of the Act is amended by
deleting the number "1" wherever it appears and substituting the word
"one".
(3) Subparagraph 54(3)(f)(
i) of the Act is amended by deleting the words "his or her" and
substituting the word " their ".
(4) Clause 54(3)(f)(ii)(
A) of the Act is amended
(
a) deleting the words "his or her" and
substituting the words "the investor's"; and
(
b) deleting the words "him or her" and
substituting the words "the investor".
(5) Clause 54(3)(f)(ii)(
B) of the Act is amended by deleting the words "brother, sister" and
substituting the words "sibling".
(6) Subsections 54(5), (6), (7), (8), (9) and
(10) of the Act are amended by deleting the number "1st" wherever it
appears and substituting the word "first".
71. (1) Subsection 62(1) of the Act is amended by
deleting the words "he or she" and substituting the words "the
superintendent".
(2) Subsection 62(2) of the Act is amended by
deleting the words "he or she" and substituting the words "the
superintendent.
72. (1) Subsection 64(2) of the Act is amended by
deleting the number "1" and substituting the word "one".
(2) Subsection 64(4) of the Act is amended by
deleting the words "him or her" and substituting the words "the
superintendent".
Section 65 of the Act is amended by deleting
the words "he or she" wherever they appear and substituting the words
"the superintendent".
74. (1) Subsection 66(1) of the Act is amended by
deleting the words "him or her" and substituting the words "the
superintendent".
(2) Paragraph 66(2)(
c) of the Act is amended by
deleting the words "him or her" and substituting the words "the
prospective purchaser".
Section 69 of the Act is amended by deleting
the words "he or she" and substituting the words "the
superintendent".
Section 70 of the Act is amended by deleting
the words "his or her" and substituting the words "the person's
or company's".
77. Subsection 75(1) of the Act is amended by
deleting the words "he or she" and substituting the words "the
superintendent".
78. Paragraph 75.1(1)(
b) of the Act is amended by
(
a) deleting the words "his or her" and
substituting the words "the superintendent's"; and
(
b) deleting the words "he or she" and
substituting the words "the superintendent".
79. Subsection 75.2(2) of the Act is amended by
deleting the words "his or her" and substituting the words "the
superintendent's".
Section 84 of the Act is amended by deleting
the words "he or she" and substituting the words "the
superintendent".
Section 86 of the Act is amended by deleting
the words "his or her" and substituting the words "the security
holder's".
82. (1) Paragraph 87(1)(
a) of the Act is amended by
deleting the words "his or her" and substituting the words "the
security holder's".
(2) Paragraph 87(2)(
a) of the Act is amended by
deleting the number "1" wherever it appears and substituting the word
"one".
(3) Paragraph 87(2)(
c) of the Act is amended by
deleting the words "he, she" and substituting the words "the
person".
Section 88 of the Act is amended by deleting
the words "his or her" and substituting the words "the person's
or company's".
84. Subsection 93(1) of the Act is amended by
deleting the words "he or she" and substituting the words "the
superintendent".
85. Subsection 94(2) of the Act is amended by
deleting the words "he or she" and substituting the words "the
superintendent".
(1) Paragraph 111(
b) of the Act is amended by
deleting the words "he, she or it" and substituting the words
"the person or company".
(2) Paragraph 111(
c) of the Act is amended by
deleting the words "him or her" wherever they appear and substituting
the words "the person or company or group of persons or companies".
87. Paragraph 112(2)(
b) of the Act is amended by
deleting the number "1" and substituting the word "one".
88. Subsection 116(2) of the Act is amended by
deleting the words "he or she" wherever they appear and substituting
the words "the superintendent".
89. (1) Paragraph 118(1)(
d) of the Act is amended
by deleting the number "1" and substituting the word "one".
(2) Subsection 118(2) of the Act is amended by
deleting the words "he or she" wherever they appear and substituting
the words "the superintendent".
Section 120 of the Act is amended by deleting
the words "his, her or its" wherever they appear and substituting the
words "the person's or company's".
91. Paragraph 121(2)(
b) of the Act is amended by
deleting the words "his or her" and substituting the words "the
superintendent's".
Section 124 of the Act is repealed and the
following substituted:
Information
containing more than one offence
124. An
information in respect of a contravention of this Act may be for one or more
offences, and no information, summons, warrant, conviction
or other proceeding in a prosecution is objectionable or insufficient because
of the fact that it relates to 2 or more offences.
93. Subsection 125(2) of the Act is amended by
deleting the words "his or her" and substituting the words "the
peace officer's".
94. (1) Subsection 127(1) of the Act is amended by
deleting the words "his or her" and substituting the words "the
superintendent's".
(2) Paragraph 127(1)(
d) of the Act is amended by
deleting the words "his, her or its" and substituting the words
"the market participant's".
(3) Subsection 127(8) of the Act is amended by
deleting the words "he or she" and substituting the words "the
superintendent".
95. Paragraph 128.1(3)(
b) of the Act is amended by
deleting the words "his, her or its" and substituting the words
"the person's or company's".
96. (1) Subsection 130(3) of the Act is amended by
deleting the words "his, her or its" wherever they appear and
substituting the words "the person's or company's".
(2) Subsection 130(6) of the Act is amended by
deleting the words "him, her or the company" and substituting the
words "the underwriter".
97. (1) Subsection 131(5) of the Act is amended by
deleting the words "his, her or its" wherever they appear and
substituting the words "the person's or company's".
(2) Subsection 131(6) of the Act is amended by
deleting the words "his, her or its" and substituting the words
"the person's or company's".
98. (1) Subsection 134(3) of the Act is amended by
deleting the words "his, her or its" wherever they appear and
substituting the words "the person's or company's".
(2) Subsection 134(5) of the Act is amended by
deleting the number "1" and substituting the word "one".
(3) Subsection 134(6) of the Act is amended by
deleting the words "he or she" wherever they appear and substituting
the words "the plaintiff".
99. (1) Subsection 135(3) of the Act is amended by
deleting the words "he or she" and substituting the words "the
trial judge".
(2) Subsection 135(4) of the Act is amended by
deleting the words "he or she" and substituting the words "the
trial judge".
100. (1) Subsection 136(1) of the Act is amended by
deleting the words "he, she" and substituting the words "the
person".
(2) Subsection 136(2) of the Act is amended by
deleting the words "he or she" and substituting the words "the
registered dealer".
101. Paragraph 138.15(1)(
a) of the Act is amended by
deleting the words "him or her" and substituting the words "the
superintendent".
102. Subsection 138.16(2) of the Act is amended by
deleting the words "him or her" wherever they appear and substituting
the words "the superintendent".
103. Subsection 138.20(1) of the Act is amended by
deleting the words "he or she is".
Section 142.1 of the Act is amended by deleting
the words "he or she" and substituting the words "the
superintendent".
105. (1) Subsection 144(1) of the Act is amended by
(
a) deleting the words "his or her" and
substituting the words "the superintendent's"; and
(
b) deleting the words "he or she" and
substituting the words "the superintendent".
(2) Subsection 144(2) of the Act is amended by
deleting the words "his or her" and substituting the words "the
superintendent's".
106. Paragraph 144.1(1)(
e) of the Act is amended by
deleting the words "it will exercise his or her" and substituting the
words "the superintendent will exercise the superintendent's".
PART VII
TRANSITIONAL, CONSEQUENTIAL AMENDMENT AND REPEAL
Transitional
107. Where an appeal under the
Insurance Adjusters, Agents and Brokers
Act , Insurance Companies Act , Mortgage Brokers Act , Real Estate Trading Act, 2019 or Securities Act has been submitted to
the Financial Services Appeal Board before the coming into force of this Act
but has not been concluded before the coming into force of this Act, the appeal
shall be concluded in accordance with the Insurance Adjusters, Agents and Brokers Act ,
Insurance Companies Act , Mortgage Brokers Act , Real Estate Trading Act, 2019 or Securities Act , as the case may be .
RSNL1990 cP-43
Amdt.
Schedule C of the Public Service Commission
Act is amended by deleting the statutory reference " Financial Services Appeal Board Act ,
section 3".
Repeal
109. The Financial
Services Appeal Board Act is repealed .
King's Printer