FEDERAL REG

SOR/2016-142: Regulations Amending Certain Department of Finance Regulations (Miscellaneous Program)

REGISTRATION OF FEDERAL REGULATION - VIA OIC DATABASE, PRIOR TO PART II OF THE GAZETTE

Registered
June 14, 2016


REGULATORY IMPACT ANALYSIS STATEMENT (This statement is not part of the Regulations.) Issues In the course of drafting regulations made under the financial institutions statutes, various drafting errors were made such that provisions in the French version of the regulations either differed from the English version or did not use the terms provided in the enabling legislation and related regulatio... (Click for more)


Published on June 14, 2016

Bill Summary

SOR/2016-142: Regulations Amending Certain Department of Finance Regulations (Miscellaneous Program)

REGULATORY IMPACT ANALYSIS STATEMENT (This statement is not part of the Regulations.) Issues In the course of drafting regulations made under the financial institutions statutes, various drafting errors were made such that provisions in the French version of the regulations either differed from the English version or did not use the terms provided in the enabling legislation and related regulations. In other cases, provisions in the English version of the regulations did not use the terms provided in the enabling legislation or existing regulations. In several provisions, the language of the provision in both English and French was not precise. The Standing Joint Committee for the Scrutiny of Regulations has requested that these discrepancies be rectified. Objectives The objective of the Regulations Amending Certain Department of Finance Regulations (Miscellaneous Program) [the Regulations] is to correct linguistic disagreements and other errors and inconsistencies to allow for clear and coherent regulations and consistency in English and French versions of regulations. Description The Regulations modify various provisions in regulations that fall under the Bank Act, the Canada Deposit Insurance Corporation Act, the Cooperative Credit Associations Act, the Customs Tariff, the Insurance Companies Act and the Trust and Loan Companies Act, so that they match the enabling legislation, existing regulations on the same subject, and/or the English or French version of the provisions. Amendments are also made to certain provisions in the regulations to make the language more precise. The Standing Joint Committee for the Scrutiny of Regulations has requested that these discrepancies be rectified. “One-for-One” Rule The “One-for-One” Rule does not apply to the Regulations, as there is no change in administrative costs to business. Small business lens The small business lens does not apply to the Regulations, as there are no incremental costs on small business. Rationale Over the past several years, the Department of Finance has received requests from the Standing Joint Committee for the Scrutiny of Regulations to remove various linguistic disagreements, correct inconsistencies, and make the language more precise in a number of regulations. The Regulations correct linguistic disagreements and other inconsistencies, and adds precision to allow for clear and coherent regulations and consistency in the English and French versions of regulations. The amendments have no substantive impact and merely correct drafting errors. Contact Glenn Campbell Director Financial Institutions Division Department of Finance 90 Elgin Street Ottawa, Ontario K1P 5E9 Telephone: 613-369-3945 Email: [email protected] Footnote a S.C. 2009, c. 2, s. 270 Footnote b S.C. 2012, c. 5, s. 35 Footnote c S.C. 2007, c. 6, s. 31 Footnote d S.C. 2012, c. 5, s. 41 Footnote e S.C. 2012, c. 5, s. 44 Footnote f S.C. 2012, c. 5, s. 47 Footnote g S.C. 2012, c. 5, s. 51 Footnote h S.C. 2009, c. 2, s. 273 Footnote i S.C. 2012, c. 5, s. 62 Footnote j S.C. 2007, c. 6, s. 89 Footnote k S.C. 2012, c. 5, s. 65 Footnote l S.C. 2012, c. 5, s. 68 Footnote m S.C. 2012, c. 5, s. 70 Footnote n S.C. 2012, c. 5, s. 72 Footnote o S.C. 2010, c. 12, s. 2092 Footnote p S.C. 1991, c. 46 Footnote q S.C. 2007, c. 29, s. 103(1) Footnote r R.S., c. C-3 Footnote s S.C. 2009, c. 2, s. 277 Footnote t S.C. 2012, c. 5, s. 107 Footnote u S.C. 2007, c. 6, s. 165 Footnote v S.C. 2012, c. 5, s. 110 Footnote w S.C. 2012, c. 5, s. 113 Footnote x S.C. 2012, c. 5, s. 115 Footnote y S.C. 2012, c. 5, s. 116 Footnote z S.C. 2012, c. 5, s. 117 Footnote z1 S.C. 2005, c. 54, s. 208 Footnote z2 S.C. 1991, c. 48 Footnote z3 S.C. 1997, c. 36 Footnote z4 S.C. 2009, c. 2, s. 283 Footnote z5 S.C. 2012, c. 5, s. 131 Footnote z6 S.C. 2012, c. 5, s. 132 Footnote z7 S.C. 2012, c. 5, s. 135 Footnote z8 S.C. 2012, c. 5, s. 137 Footnote z9 S.C. 2012, c. 5, s. 139 Footnote z10 S.C. 2009, c. 2, s. 285 Footnote z11 S.C. 2012, c. 5, s. 141 Footnote z12 S.C. 2012, c. 5, s. 146 Footnote z13 S.C. 2012, c. 5, s. 149 Footnote z14 S.C. 2012, c. 5, s. 151 Footnote z15 S.C. 2012, c. 5, s. 152 Footnote z16 S.C. 1991, c. 47 Footnote z17 S.C. 2009, c. 2, s. 290 Footnote z18 S.C. 2012, c. 5, s. 167 Footnote z19 S.C. 2007, c. 6, s. 363 Footnote z20 S.C. 2012, c. 5, s. 170 Footnote z21 S.C. 2012, c. 5, s. 173 Footnote z22 S.C. 2012, c. 5, s. 175 Footnote z23 S.C. 2012, c. 5, s. 176 Footnote z24 S.C. 2012, c. 5, s. 178 Footnote z25 S.C. 2005, c. 54, s. 449 Footnote z26 S.C. 1991, c. 45 Footnote 1 SOR/2001-101 Footnote 2 SOR/2002-262 Footnote 3 SOR/2008-180 Footnote 4 SOR/2009-257 Footnote 5 SOR/2010-68 Footnote 6 SOR/2010-69 Footnote 7 SOR/2011-98 Footnote 8 SOR/2012-23 Footnote 9 SOR/2007-255 Footnote 10 SOR/2002-105; SOR/2014-273, s. 16 Footnote 11 SOR/2002-263 Footnote 12 SOR/94-23 Footnote 13 SOR/2001-102 Footnote 14 SOR/2001-103 Footnote 15 SOR/2001-104 Footnote 16 SOR/2002-106; SOR/2014-273, s. 43

This Bill does not amend any statutes.

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