SHORT TITLE

Marginal note:Short title

1. This Act may be cited as the Canadian Securities Regulation Regime Transition Office Act.

INTERPRETATION

Marginal note:Definitions

2. The following definitions apply in this Act.

“Advisory Committee”

« comité consultatif »

“Advisory Committee” means the advisory committee of participating provinces and territories established under section 5.

“Minister”

« ministre »

“Minister” means the Minister of Finance.

“participating province or territory”

« province ou territoire participant »

“participating province or territory” means any province or territory that informs the Minister of its willingness to participate in the establishment of a Canadian securities regulation regime and a Canadian regulatory authority.

“Transition Office”

« Bureau de transition »

“Transition Office” means the Canadian Securities Regulation Regime Transition Office established under section 3.

ESTABLISHMENT

Marginal note:Transition Office

• 3. (1) The Canadian Securities Regulation Regime Transition Office is established.

• Marginal note:Status

  (2) The Transition Office is not an agent of Her Majesty nor is it an entity governed by the Financial Administration Act, and its president, officers, employees, agents and mandataries, advisers and experts and the members of the Advisory Committee are not part of the federal public administration.

Marginal note:President

• 4. (1) The Governor in Council shall, on the recommendation of the Minister, appoint a president, or two co-presidents acting jointly, of the Transition Office, to hold office during pleasure.

• Marginal note:Powers, duties and functions

  (2) The president is the chief executive officer of the Transition Office and has control and supervision over the work, officers and employees of that office.

• Marginal note:Acting president

  (3) In the event of the absence or incapacity of the president or a vacancy in that office, the Minister may designate a person to act as president, which person may not act for a period exceeding 90 days without the Governor in Council’s approval.

• Marginal note:Acting co-president

  (4) In the event of the absence or incapacity of a co-president or a vacancy in that office, the Minister may designate a person to act as co-president, which person may not act for a period exceeding 90 days without the Governor in Council’s approval. The other co-president may act alone until another co-president is designated or appointed.

• Marginal note:Interpretation

  (5) In this Act, other than in subsections (1) and (3), “president” includes two co-presidents who hold office, or a co-president who acts alone under subsection (4), as the case may be.

Marginal note:Advisory Committee

• 5. (1) An advisory committee of participating provinces and territories is established within the Transition Office and consists of not more than 13 members.

• Marginal note:Members

  (2) The Governor in Council shall appoint, on the recommendation of the Minister, a member for each participating province and territory, from persons nominated by that province or territory, to hold office during pleasure.

• Marginal note:Role

  (3) The Advisory Committee’s role is to provide the president with advice on matters related to the Transition Office’s purpose.

Marginal note:Staff

6. The Transition Office may employ any officers and employees and engage the services of any agents and mandataries, advisers and experts that it considers necessary to carry out its purpose.

Marginal note:Conditions of employment — president and members

• 7. (1) The Governor in Council, on the recommendation of the Minister, shall determine the remuneration and allowances to be paid to the president and members of the Advisory Committee and any other conditions of their employment.

• Marginal note:Conditions of employment — staff

  (2) The Transition Office shall determine the remuneration and allowances to be paid to its officers, employees, agents and mandataries, advisers and experts and any other conditions of their employment or engagement, as the case may be.

• Marginal note:Remuneration

  (3) The Transition Office shall pay the remuneration and allowances determined under subsections (1) and (2).

Marginal note:Conflict of interest — president and members

• 8. (1) The president and the members of the Advisory Committee shall not accept or hold any office or employment, or carry on any activity, that, in the Minister’s opinion, is inconsistent with the performance of their duties.

• Marginal note:Conflict of interest — officers and employees

  (2) The officers and employees of the Transition Office shall not accept or hold any office or employment, or carry on any activity, that, in the president’s opinion, is inconsistent with the performance of their duties.

Marginal note:Immunity

9. No criminal or civil proceedings lie against the president, a member of the Advisory Committee or an officer or employee of the Transition Office for anything done or omitted to be done by that person in good faith under this Act.

PURPOSE AND POWERS

Marginal note:Purpose

10. The purpose of the Transition Office is to assist in the establishment of a Canadian securities regulation regime and a Canadian regulatory authority.

Marginal note:Duties

• 11. (1) In carrying out its purpose, the Transition Office shall

  • (a) develop a transition plan with respect to administrative and organizational matters, including those relating to human, financial, material and informational resources;

  • (b) consult with stakeholders, including Canadian capital market participants; and

  • (c) undertake any other activity that the Minister may direct.

• Marginal note:Copy

  (2) The Transition Office shall provide the Minister and each participating province and territory with a copy of the transition plan no later than one year after the day on which section 3 comes into force.

Marginal note:Capacity and powers

12. In order to carry out its purpose, the Transition Office has the capacity and the rights, powers and privileges of a natural person and, in particular, it may

• (a) initiate, finance and administer programs and activities;

• (b) expend any money it receives for its activities, subject to any terms and conditions on which it is provided;

• (c) enter into contracts; and

• (d) with the Minister’s approval, enter into any agreement with the government of a province or territory that the president considers necessary or advisable.

Marginal note:Information

13. The Transition Office shall inform the Minister regularly of its activities and its progress in carrying out its purpose.

FINANCIAL PROVISIONS

Marginal note:Maximum payment of $33,000,000

• 14. (1) The Minister may make direct payments, in an aggregate amount not exceeding $33,000,000, to the Transition Office for its use.

• Marginal note:Payments out of C.R.F.

  (2) Any amount payable under this section may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister, at the times and in the manner, and on any terms and conditions, that the Minister considers appropriate.

Marginal note:Audit

15. The accounts and financial transactions of the Transition Office shall be audited annually by the Auditor General of Canada, and a report of the audit shall be made to the Transition Office and the Minister.

ANNUAL REPORT

Marginal note:Submission to Minister

• 16. (1) The president shall, within four months after the end of each fiscal year, submit a report of all of the Transition Office’s activities for that fiscal year, including its financial statements and the report referred to in section 15, to the Minister.

• Marginal note:Tabling report

  (2) The Minister shall cause a copy of the report to be tabled in each House of Parliament on any of the first 15 days on which that House is sitting after the Minister receives the report.

• Marginal note:Report available to public

  (3) After the report is tabled in Parliament, the Transition Office shall make it available to the public.

DISSOLUTION

Marginal note:Date of dissolution

• 17. (1) The Transition Office is dissolved three years after the day on which section 3 comes into force.

• Marginal note:Change in date of dissolution

  (2) Despite subsection (1), the Governor in Council may, by order and on the recommendation of the Minister, set a different date of dissolution, and that date is to be no later than four years after the day on which section 3 comes into force. The order shall be published in the Canada Gazette at least three months before the date of dissolution referred to in the order or if it is earlier, the date determined under subsection (1).

• Marginal note:Statutory Instruments Act

  (3) The Statutory Instruments Act does not apply to an order made under subsection (2).

• Marginal note:Assets transferred

  (4) On the Transition Office’s dissolution, any of its property that remains after the payment of its debts and liabilities, or after the making of adequate provision for the payment of its debts and liabilities, shall be transferred to Her Majesty in right of Canada or to any body that the Governor in Council may specify.