O. Reg 438/97, O.Reg 610/06
Regulation - LGIC
Bill or Act:
Municipal Act, 2001 and City of Toronto Act, 2006
Summary of Decision:
See 12-MAH001 (Housekeeping Changes Related to the One Investment Program) for the decision.
October 29, 2010
Summary of Proposal:
O.Reg 610/06 (Financial Activities)
The amendment would provide the City with the authority to invest up to 5% of its investment portfolio in equities directly with appropriate investment management policies. Currently the City can only invest in equities through the pooled investment program, run by the Association of Municipalities of Ontario and the Municipal Finance Officers Association.
O.Reg 438/97 (Eligible Investments and Related Financial Agreements)
The Association of Municipalities of Ontario (AMO) and The Municipal Finance Officers' Association (MFOA) asked the province to make regulatory housekeeping changes under the Municipal Act, 2001 and the City of Toronto Act, 2006, to change the name of the pooled investment program they offer to their municipal clients from the One Fund to the One Investment Program. This will appropriately communicate the type of investment program and avoid the perception that it is a mutual fund.
Municipal Finance Policy Branch
Ministry of Municipal Affairs and Housing
777 Bay St. 13th floor
Toronto, ON M5G 2E5
July 1, 2011