Legislation often makes provision for more detailed requirements to be set out in supporting regulations. Such regulations have the force of law because they are made under the authority of the applicable legislation. Federally Regulated Financial Institutions (FRFIs) must conduct their business according to applicable regulations. The specific regulations can be found on the Department of Justice Internet site.
Applicable FRFI regulations not yet posted on the Department of Justice site are located below.
Publication of the Fifteenth Package of Bill C-8 Regulations
The Administrative Monetary Penalties (OSFI) Regulations (the “Regulations”) received final approval on August 30 and are published in the September 21, 2005 issue of the Canada Gazette Part II (SOR No.267). The Regulations implement an administrative monetary penalties regime pursuant to which the Superintendent could impose penalties in respect of specific violations, as designated in the schedule to the Regulations. The Regulations replace the current Filing Penalties (OSFI) Regulations, which came into force on April 1, 2002.
The Regulations Amending the Investment Limits (Banks) Regulations and the Regulations Amending the Investment Limits (Bank Holding Companies) Regulations received final approval on February 1, 2005 and were published in the February 23, 2005 issue of the Canada Gazette Part II. The Regulations amend section 3 of the Investment Limits (Banks) Regulations to exempt medium banks that are widely held or that are controlled by a widely held regulated entity from the application of sections 476 to 478 of the Bank Act (i.e., the investment limits). To ensure that a consistent framework applies to bank holding companies with regards to the investment limits, the same amendment was approved pursuant to paragraph 941(c) of the Bank Act for section 3 of the Investment Limits (Bank Holding Companies) Regulations.