Regulation - Other

Proposed Technical Amendments to Regulations under Various Ontario Statutes to Include Credit Unions as Permissible Financial Institutions

Regulation Number(s):
Regulation 636 (Homes for Special Care Act)
O.Reg. 512/97 (Highway Traffic Act)
O.Reg. 209/99 (Milk Act)
O.Reg. 672/00 (Development Corporations Act)
Regulation 52 (Athletics Control Act)
Regulation 70 (Child and Family Services Act)
Regulation 90 (Commodity Futures Act)
Regulation 95 (Compulsary Automobile Insurance Act)
O. Reg. 304/04 (Development Corporations Act)
Regulation 400 (Farm Products Marketing Act)
Regulation 871 (ON Food Terminal Act)
Bill or Act:
Various
Summary of Proposal:
Proposing to amend O. Reg. 512/97 to include credit unions as permissible financial institutions for the purpose of issuing a letter of credit to be deposited with the court as a security.

Proposing to amend Regulation 52 to include credit unions as permissible financial institutions for the purpose of issuing a letter of credit to be deposited with the Athletics Commissioner as a security payment.

Proposing to amend Regulation 636 to include credit unions as permissible financial institutions such that administrators of special care homes would be allowed to establish and maintain trust accounts with credit unions, and to remove references to Province of Ontario Savings Offices, which no longer exist.

Proposing to amend Regulation 70 to include credit unions as permissible financial institutions such that licensees within the meaning of the Section VII of the Child and Family Services Act would be allowed to establish or maintain trust accounts with credit unions. Additionally the obligation to deposit funds received by the licensee in a trust account has been clarified.

Proposing to amend Regulation 95 to include authorized foreign banks and Ontario credit unions as permissible financial institutions such that the Plan Administrator of the Conservative Mennonite Automobile Brotherhood Assistance Plan would be permitted to establish lines of credit in the required amount with authorized foreign banks within the meaning of section 2 of the Bank Act (Canada) or Ontario credit unions.

Proposing to amend Regulation 90 to include credit unions as permissible financial institutions such that registered dealers would be allowed to invest such clients' funds in debt of or guaranteed by credit unions, and to allow such funds to be invested in debt of or guaranteed by Schedule II banks.

Proposing to amend O. Reg. 672/00 to include credit unions as permissible financial institutions for the Ontario Media Development Corporation to do business with, and to address existing English-French concordance issues, update definitions, and remove references to Province of Ontario Savings Offices, which no longer exist.

Proposing to amend O. Reg. 304/04 to include credit unions as permissible financial institutions such that the Walkerton Clean Water Centre would be permitted to invest any of its surplus money in deposit receipts, deposit notes, certificates of deposits, acceptances and other similar instruments issued or endorsed by credit unions.

Proposing to amend O. Reg. 209/99 to include credit unions as permissible financial institutions such that marketing boards would be permitted to invest their surplus funds in deposit receipts, deposit notes, certificates of deposit, acceptances and other similar instruments issued or endorsed by credit unions, as well as investment certificates of a credit union.

Proposing to amend Regulation 400 to include credit unions as permissible financial institutions such that local boards would be permitted to invest their surplus funds in deposit receipts, deposit notes, certificates of deposit, acceptances and other similar instruments issued or endorsed by credit unions as well as investment certificates of a credit union.
Further Information:
Proposal Number:
17-MOF012
Posting Date:
August 28, 2017
Comments Due Date:
October 13, 2017
Contact Address:
Ayesha Zubair
Policy Advisor
Deposit-Taking Institutions and Co-operatives Policy
Financial Services Policy Division
Ministry of Finance
Frost North - 4th Floor
95 Grosvenor Street
Toronto, ON M7A 1Z1
Phone: (416) 325-5790