Regulation - LGIC
Pension Benefits Act: Proposed Regulation Respecting Letters of Credit
Regulation Number(s):
909
364/12
364/12
Instrument Type:
Regulation - LGIC
Bill or Act:
Pension Benefits Act
Summary of Decision:
approved.
Further Information:
Regulation 909
Proposal Number:
12-MOF014
Posting Date:
July 30, 2012
Summary of Proposal:
The Securing Pension Benefits Now and For the Future Act, 2010, amended the Pension Benefits Act (PBA) to create a legislative framework for letters of credit. In order to implement this framework, which is set out in section 55.2 of the PBA, regulations are required. This posting includes proposed details of the regulations that would:
- identify who can use letters of credit;
- identify who can issue letters of credit;
- set out the contractual requirements for letters of credit;
- set out provisions for holding letters of credit in trust;
- set out the calculation method for determining the maximum value of the letter of credit;
- identify circumstances in which a default is deemed to have occurred and what is then required; and
- set out notice and disclosure requirements.
- identify who can use letters of credit;
- identify who can issue letters of credit;
- set out the contractual requirements for letters of credit;
- set out provisions for holding letters of credit in trust;
- set out the calculation method for determining the maximum value of the letter of credit;
- identify circumstances in which a default is deemed to have occurred and what is then required; and
- set out notice and disclosure requirements.
Contact Address:
Pension Benefits Standards Policy
Pension, Income Security and Research Division
Ministry of Finance
5th Floor, Frost Building South
7 Queen's Park Crescent
Toronto ON M7A 1Y7
Email: Pension.Feedback@Ontario.ca
Pension, Income Security and Research Division
Ministry of Finance
5th Floor, Frost Building South
7 Queen's Park Crescent
Toronto ON M7A 1Y7
Email: Pension.Feedback@Ontario.ca
Effective Date:
November 15, 2012
Decision:
Approved