FEDERAL REG

SOR/2016-59: Issue of a One Dollar Circulation Coin Specifying the Characteristics and Determining the Design — Order Authorizing Royal Canadian Mint Act

REGISTRATION OF FEDERAL REGULATION - VIA PART II OF THE GAZETTE

Registered
March 30, 2016


REGULATORY IMPACT ANALYSIS STATEMENT (This statement is not part of the Order.) Issues The Royal Canadian Mint (the Mint) wishes to produce a $1 circulation coin as a symbol of Canada’s support for Canadian athletes on the occasion of the 2016 Rio Summer Olympic and Paralympic Games. Pursuant to sections 6.4 and 6.5 of the Royal Canadian Mint Act, the Governor in Council may, by order, authorize ... (Click for more)


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Published on March 30, 2016

Bill Summary

SOR/2016-59: Issue of a One Dollar Circulation Coin Specifying the Characteristics and Determining the Design — Order Authorizing Royal Canadian Mint Act

REGULATORY IMPACT ANALYSIS STATEMENT (This statement is not part of the Order.) Issues The Royal Canadian Mint (the Mint) wishes to produce a $1 circulation coin as a symbol of Canada’s support for Canadian athletes on the occasion of the 2016 Rio Summer Olympic and Paralympic Games. Pursuant to sections 6.4 and 6.5 of the Royal Canadian Mint Act, the Governor in Council may, by order, authorize the issue of circulation coins of a denomination listed in Part 2 of the schedule to that Act and determine their design of any circulation coin to be issued. Background The Mint produces commemorative circulation coins as a means to assist in the promotion of Canada, Canadian values, culture and history to Canadians. These special coins raise awareness of celebrations and anniversaries of importance to Canadians and create engagement with the Canadian public. Objectives The Mint wishes to produce a commemorative $1 circulation coin, namely the 2016 Lucky Loonie, as a symbol of Canada’s support for Canadian athletes on the occasion of the 2016 Rio Summer Olympic and Paralympic Games. Description This Order authorizes the Mint to produce a commemorative $1 circulation coin depicting a common loon taking flight and the Canadian Olympic Committee and Canadian Paralympic Committee logos. These iconic symbols join together to reflect national pride and united support for our athletes. “One-for-One” Rule This Order does not impose new administrative costs on business. Therefore, the “One-for-One” Rule does not apply. Small business lens This Order does not impose new administrative or compliance costs on small business. Therefore, the small business lens does not apply. Rationale This initiative is consistent with Government policies and programs, which provide support for Canadian Olympic and Paralympic athletes (e.g. the Sport Support Program, an initiative of the Canadian Sport Policy 2012). The Canadian public also demonstrates strong support for their Olympic and Paralympic athletes. In addition to coins being available in circulation change, the program will also be supported by public engagement events to drive awareness and access to the coins. Because these coins are available at face value and circulate widely, public demand is high with many coins being collected and taken out of circulation. Commemorative circulation coin programs contribute to the overall success of the event being commemorated. All coins will be distributed through financial institutions. Contact Simon Kamel Vice-President Corporate and Legal Affairs and Corporate Secretary Corporate and Legal Affairs Royal Canadian Mint 320 Sussex Drive Ottawa, Ontario K1A 0G8 Telephone: 613-993-1732 Fax: 613-990-4665 Email: [email protected] Footnote a S.C. 1999, c. 4, s. 3 Footnote b S.C. 1999, c. 4, s. 3 Footnote c R.S., c. R-9 Footnote d SOR/2011-324, s. 2

This Bill does not amend any statutes.

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