Office of the Superintendent of Financial Institutions Act

Meaning of person

• 23.1 (1) For the purpose of this section, person means a natural person, a personal representative, a body corporate, a trust, a partnership, a fund, an unincorporated association or organization, Her Majesty in right of Canada or of a province, an agency of Her Majesty in either of those rights, the government of a foreign country or of a political subdivision of a foreign country, an agency of the government of a foreign country or an agency of the government of a political subdivision of a foreign country.

• Marginal note:Assessment of particular expenses

  (2) The Superintendent may assess against a person a prescribed charge and applicable disbursements for any service provided by or on behalf of the Superintendent for the person’s benefit or for the benefit of a group of persons of which the person is a member.

• Marginal note:Interim assessment

  (3) The Superintendent may, during each fiscal year, prepare an interim assessment against any person towards the amount to be assessed against the person under subsection (2).

• Marginal note:Penalty

  (4) The Superintendent may assess a penalty of a prescribed amount against a financial institution or the administrator of a pension plan where that financial institution or administrator fails to

  • (a) file a return or other information required by the Act of Parliament that governs the financial institution or the Pension Benefits Standards Act, 1985, as the case may be, at the interval set out in, or within the time required by, that Act; or

  • (b) provide complete and accurate information with respect to the return or other information required by the Act of Parliament that governs the financial institution or the Pension Benefits Standards Act, 1985, as the case may be.

• Marginal note:Continuing offence

  (5) A failure to file a return or other information under paragraph (4)(a) is deemed to be a separate offence for each day during which the failure is continued.