Office of the Superintendent of Financial Institutions Act (R.S.C., 1985, c. 18 (3rd Supp.))

Act current to 2014-03-16 and last amended on 2013-12-12. Previous Versions

Violations

Marginal note:Regulations
  •  (1) The Governor in Council may make regulations

    • (a) designating, as a violation that may be proceeded with under sections 26 to 37, the contravention of a specified provision of a financial institutions Act or of a specified provision of a regulation made under one or the non-compliance with

      • (i) an order made by the Superintendent under a financial institutions Act,

      • (ii) a direction made under a financial institutions Act to cease or refrain from committing an act or pursuing a course of conduct that is an unsafe or unsound practice, or to perform a remedial act,

      • (iii) terms and conditions imposed by the Superintendent or an undertaking given to the Superintendent under a financial institutions Act, or

      • (iv) a prudential agreement entered into with the Superintendent under a financial institutions Act;

    • (b) classifying each violation as a minor violation, a serious violation or a very serious violation;

    • (c) fixing, in accordance with subsection (2), a penalty, or a range of penalties, in respect of any violation;

    • (d) respecting the service of documents required or authorized to be served under sections 26 to 37, including the manner and proof of service and the circumstances under which documents are deemed to be served; and

    • (e) generally for carrying out the purposes and provisions of section 24, this section and sections 26 to 37.

  • Marginal note:Maximum penalties

    (2) The maximum penalty for a violation is

    • (a) in the case of a violation that is committed by a natural person, $10,000 for a minor violation, $50,000 for a serious violation and $100,000 for a very serious violation; and

    • (b) in the case of a violation that is committed by an entity, $25,000 for a minor violation, $100,000 for a serious violation and $500,000 for a very serious violation.

  • R.S., 1985, c. 18 (3rd Supp.), s. 25;
  • 2001, c. 9, s. 476.
Marginal note:Criteria for penalty

 Except if a penalty is fixed under paragraph 25(1)(c), the amount of a penalty shall, in each case, be determined taking into account

  • (a) the degree of intention or negligence on the part of the person who committed the violation;

  • (b) the harm done by the violation;

  • (c) the history of the person who committed the violation with respect to any prior violation or conviction under a financial institutions Act within the five-year period immediately before the violation; and

  • (d) any other criteria that may be prescribed by regulation.

  • R.S., 1985, c. 18 (3rd Supp.), s. 26;
  • 2001, c. 9, s. 476.
Marginal note:How act or omission may be proceeded with

 If a contravention or non-compliance that is designated under paragraph 25(1)(a) can be proceeded with either as a violation or as an offence, proceeding in one manner precludes proceeding in the other.

  • R.S., 1985, c. 18 (3rd Supp.), s. 27;
  • 2001, c. 9, s. 476.