FEDERAL REG

SOR/2016-144: Regulations Amending Certain Department of Industry 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 The Standing Joint Committee for the Scrutiny of Regulations (SJCSR) has advised the Superintendent of Bankruptcy that there were discrepancies between the English and French versions of the Eligible Financial Contract General Rules (Bankruptcy and Insolvency Act), the Eligible Financial Contract Regulati... (Click for more)


Published on June 14, 2016

Bill Summary

SOR/2016-144: Regulations Amending Certain Department of Industry Regulations (Miscellaneous Program)

REGULATORY IMPACT ANALYSIS STATEMENT (This statement is not part of the Regulations.) Issues The Standing Joint Committee for the Scrutiny of Regulations (SJCSR) has advised the Superintendent of Bankruptcy that there were discrepancies between the English and French versions of the Eligible Financial Contract General Rules (Bankruptcy and Insolvency Act), the Eligible Financial Contract Regulations (Companies’ Creditors Arrangement Act), and the Eligible Financial Contract Regulations (Winding-Up and Restructuring Act) [hereinafter referred to as the regulations]. The definition of « contrat dérivé (derivatives agreement) » is not consistent in the French and English versions of the regulations. Objective The objective of the amendments is to ensure harmonization between the English and French versions of the definition for « contrat dérivé (derivatives agreement) ». Description The Regulations amend the French definition of “contrat dérivé (derivatives agreement)” to “les titres ou autres titres de participation”. “One-for-One” Rule The “One-for-One” Rule does not apply to these amendments, as there is no change in administrative costs to business. Small business lens The small business lens does not apply to these amendments, as there are no costs to small business. Rationale The amendments are in response to the SJCSR’s review of the regulations. The amendments do not impose any costs on government or stakeholders. The amendments ensure harmonization between the English and French versions of the regulations and help to ensure their consistency and clarity. The French version used “les titres de participation ou autres titres” while the English version used “securities or other ownership interest.” By reversing the list in the French version, it allowed for the possibility that “autres titres” did not have to be “titres de participation.” With the amendments, all “autres titres” will also have to be “titres de participation.” Contact Sonia Villeneuve Senior Policy Analyst Office of the Superintendent of Bankruptcy Small Business, Tourism and Marketplace Services Industry Canada 155 Queen Street Ottawa, Ontario K1A 0H5 Email: [email protected] Footnote a S.C. 2005, c. 47, s. 113 Footnote b R.S., c. B-3; S.C. 1992, c. 27, s. 2 Footnote c S.C. 2007, c. 36, s. 82 Footnote d R.S., c. C-36 Footnote e S.C. 2007, c. 29, s. 113(4) Footnote f R.S., c. W-11; S.C. 1996, c. 6, s. 134 Footnote 1 SOR/2007-256 Footnote 2 SOR/2007-257; SOR/2009-223 Footnote 3 SOR/2007-258

This Bill does not amend any statutes.

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