Proposed Amendments To General Regulation under the Co-operative Corporations Act
R.R.O. 1990, Regulation 178. General
Regulation - LGIC
Bill or Act:
CO-OPERATIVE CORPORATIONS ACT
Summary of Proposal:
Budget 2017 announced the government's intention to transfer responsibility for incorporating co-operative corporations from the Financial Services Commission of Ontario (FSCO) to the Ministry of Government and Consumer Services (MGCS). Bill 177, the Stronger, Fairer Ontario Act (Budget Measures), made amendments to the Co-operative Corporations Act (CCA) that, upon proclamation, will facilitate the transfer of this responsibility.
Amendments are now being proposed to the General Regulation (R.R.O. 1990, Regulation 178) under the CCA, to enable the transfer of responsibility and ensure that the regulation is consistent with the legislative amendments made by Bill 177.
Various provisions in the regulation provide the Minister of Finance and FSCO's Superintendent of Financial Services with powers that are necessary in order to carry out functions related to the incorporation of co-operative corporations. The proposed regulatory amendments would make changes to these provisions to ensure that the Minister of Government and Consumer Services would be authorized to carry out incorporation-related functions.
Analysis of Regulatory Impact:
The regulatory impact of transferring co-operative incorporation services from FSCO to MGCS is expected to be minimal.
February 23, 2018
Comments Due Date:
March 25, 2018
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