Financial Administration Amendment Act (Disclosure re Investigations), 2010 Tabuns, Peter — Bill 75 (39th Parliament, 2nd Session)

Bill 75, 39-2

Ontario — Bills

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Bill 75, Financial Administration Amendment Act (Disclosure re Investigations), 2010

Tabuns, Peter

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[39] Bill 75 Original (PDF)

Bill 75 2010

Act to amend the Financial Administration Act to provide for the disclosure of

information by prospective providers of financial advice or management services

to the Minister of Finance

Note:

This Act amends the Financial Administration Act. For the legislative history

of the Act, see the Table of Consolidated Public Statutes – Detailed

Legislative History at www.e-Laws.gov.on.ca.

Her

Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

Part

II.1 of the Financial Administration Act is amended

by adding the following section:

Disclosure

of information, financial advisors, etc.

16.7

(1) This

section applies if the Minister considers entering into an agreement with a person

or entity for the provision of financial advice or financial management

services to the Minister.

Same

(2) Before entering into an agreement for the provision of

the advice or services, the Minister shall request that the person or entity

disclose information regarding,

(

a) whether

the person or entity has reason to believe that he, she or it may be the

subject of an investigation by police or a regulatory authority;

(

b) whether

the person or entity has reason to believe that his, her or its chief executive

officer may be the subject of an investigation by police or a regulatory

authority;

(

c) whether

the investigation relates to a matter that is relevant to the integrity or

suitability of the person or entity to provide the financial advice or services;

and

(

d) if

the investigation relates to integrity or suitability, details of the

investigation.

Commencement

2. This

Act comes into force on the day it receives Royal Assent.

Short

title

3. The

short title of this Act is the Financial Administration

Amendment Act (Disclosure re Investigations), 2010 .

EXPLANATORY NOTE

The

Bill sets out a proposed amendment to the Financial

Administration Act . The proposed amendment applies if the Minister of

Finance considers entering into an agreement with a person or entity to provide

financial advice or management services to the Minister. The Minister is

required to request certain information from the person or entity concerning

investigations by police or regulatory authorities that may be relevant to the

advisor's integrity or suitability to provide the advice or services.

Date Bill stage Activity Committee

May 18, 2010

First Reading

Carried

Debates and Progress

First Reading

May 18, 2010

Committee

Second Reading

Committee

Third Reading

Royal Assent

Acts affected - Bill 75

Most Ontario public acts are available electronically; to view copies of the Acts to be amended by this bill visit e-laws

Financial Administration Act

Legislative Assembly of Ontario

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Document details

Collection	Ontario — Bills
Citation	Bill 75, 39-2
Type	bill
Volume / chapter	p39 s2 bill 75 html
Language	en
Format	html
Source	PROVINCIAL
Identifier	e01dccbb12361c195c593713e25872cf6d8ec4fb

Source file is stored in the law ingest library (html).