Regulation - LGIC
O. Reg. 610/06: Financial Activities (City of Toronto Act, 2006)
Regulation Number(s):
O. Reg. 610/06: Financial Activities (City of Toronto Act, 2006)
Instrument Type:
Regulation - LGIC
Bill or Act:
City of Toronto Act, 2006, S.O. 2006
Summary of Decision:
Amendments to O. Reg. 610/06 (Financial Activities) (City of Toronto Act, 2006) came into effect on January 1, 2016.
Further Information:
City of Toronto Act, 2006, S.O. 2006
O. Reg. 610/06: Financial Activities (City of Toronto Act, 2006)
Municipal Act
O. Reg. 360/15 (Financial Activities)
Proposal Number:
15-MAH007
Posting Date:
September 3, 2015
Summary of Proposal:
The Ministry of Municipal Affairs and Housing (MMAH) is proposing to amend the following regulation:
O. Reg. 610/06: Financial Activities (City of Toronto Act, 2006)
Toronto's Investment Authorities:
The City of Toronto's investment activities are regulated through Ontario Regulation 610/06: Financial Activities (City of Toronto Act, 2006) which limits the City to investing in a limited list of eligible securities.
The City of Toronto has requested that the Province broaden its eligible investments authority so that it can earn better risk adjusted returns.
Proposed amendments:
The proposed amendments would:
Provide the City of Toronto with authority to invest under the prudent investor standard. This broad authority is similar to that provided to trustees.
Require that the City establish a city investment board to manage the City's investments under the new authority. The new governance requirement would help to ensure that the City's investments are managed with a stated performance and risk management mandate.
Allow the City to continue to invest during a transition period, under the current governance requirements, in a moderately expanded list of eligible securities.
O. Reg. 610/06: Financial Activities (City of Toronto Act, 2006)
Toronto's Investment Authorities:
The City of Toronto's investment activities are regulated through Ontario Regulation 610/06: Financial Activities (City of Toronto Act, 2006) which limits the City to investing in a limited list of eligible securities.
The City of Toronto has requested that the Province broaden its eligible investments authority so that it can earn better risk adjusted returns.
Proposed amendments:
The proposed amendments would:
Provide the City of Toronto with authority to invest under the prudent investor standard. This broad authority is similar to that provided to trustees.
Require that the City establish a city investment board to manage the City's investments under the new authority. The new governance requirement would help to ensure that the City's investments are managed with a stated performance and risk management mandate.
Allow the City to continue to invest during a transition period, under the current governance requirements, in a moderately expanded list of eligible securities.
Contact Address:
John Ballantine
Manager
Ministry of Municipal Affairs and Housing
Municipal Finance Policy Branch
13th Flr
777 Bay St
Toronto ON
M5G2E5
Manager
Ministry of Municipal Affairs and Housing
Municipal Finance Policy Branch
13th Flr
777 Bay St
Toronto ON
M5G2E5
Effective Date:
January 1, 2016
Decision:
Approved