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

Act current to 2014-04-02 and last amended on 2013-12-12. Previous Versions

Proceedings

Marginal note:Commission of violation
  •  (1) Every contravention or non-compliance that is designated under paragraph 25(1)(a) constitutes a violation and the person who commits the violation is liable to a penalty determined in accordance with sections 25 and 26.

  • Marginal note:Notice of violation

    (2) If the Superintendent believes on reasonable grounds that a person has committed a violation, he or she may issue, and shall cause to be served on the person, a notice of violation.

  • Marginal note:Contents of notice

    (3) A notice of violation shall name the person believed to have committed a violation, identify the violation and set out

    • (a) the penalty that the Superintendent proposes to impose;

    • (b) the right of the person, within 30 days after the notice is served or within any longer period that the Superintendent specifies, to pay the penalty or to make representations to the Superintendent with respect to the violation and the proposed penalty, and the manner for doing so; and

    • (c) the fact that, if the person does not pay the penalty or make representations in accordance with the notice, the person will be deemed to have committed the violation and the Superintendent may impose a penalty in respect of it.

  • R.S., 1985, c. 18 (3rd Supp.), s. 28;
  • 2001, c. 9, s. 476.

Determination of Responsibility and Penalty

Marginal note:Payment of penalty
  •  (1) If the person pays the penalty proposed in the notice of violation, the person is deemed to have committed the violation and proceedings in respect of it are ended.

  • Marginal note:Representations to Superintendent

    (2) If the person makes representations in accordance with the notice, the Superintendent shall decide, on a balance of probabilities, whether the person committed the violation and, if so, may, subject to any regulations made under paragraph 25(1)(c), impose the penalty proposed, a lesser penalty or no penalty.

  • Marginal note:Failure to pay or make representations

    (3) A person who neither pays the penalty nor makes representations in accordance with the notice is deemed to have committed the violation and the Superintendent may, subject to any regulations made under paragraph 25(1)(c), impose the penalty proposed, a lesser penalty or no penalty.

  • Marginal note:Notice of decision and right of appeal

    (4) The Superintendent shall cause notice of any decision made under subsection (2) or (3) to be issued and served on the person together with, in the case of a serious violation or very serious violation, notice of the right of appeal under section 30.

  • R.S., 1985, c. 18 (3rd Supp.), s. 29;
  • 2001, c. 9, s. 476.

Appeal to Federal Court

Marginal note:Right of appeal
  •  (1) A person on whom a notice under subsection 29(4) in respect of a serious violation or very serious violation is served may, within 30 days after the notice is served, or within any longer period that the Court allows, appeal the decision to the Federal Court.

  • Marginal note:Court to take precautions against disclosing

    (2) In an appeal, the Court shall take every reasonable precaution, including, when appropriate, conducting hearings in private, to avoid the disclosure by the Court or any person of confidential information referred to in subsection 22(1).

  • Marginal note:Powers of Court

    (3) On an appeal, the Court may confirm, set aside or, subject to any regulations made under paragraph 25(1)(c), vary the decision of the Superintendent.

  • R.S., 1985, c. 18 (3rd Supp.), s. 30;
  • 2001, c. 9, s. 476.