July 23, 2002
The Lieutenant Governor in Council makes the Financial Consumers Regulation set out in the attached Appendix.
For Information only
Recommended by: Minister of Finance
Authority: Financial Consumers Act
A P P E N D I X
Financial Consumers Act
FINANCIAL CONSUMERS REGULATION
Table of Contents
Exempt named financial products 2
Exempt agents 3
1(1) In this Regulation, "Act" means the Financial Consumers Act.
(2) For the purposes of the Act, "securities dealer" means a person who is registered as a dealer under the Securities Act.
Exempt named financial products
2 The following are not named financial products for the purposes of section 2(i) of the Act:
(a) a contract of group insurance, as defined in the Insurance Act, or any certificate issued under such a contract;
(b) a contract of creditor's group insurance, as defined in the Insurance Act, or any certificate issued under such a contract;
(c) a pension plan, as defined in the Employment Pension Plans Act, or any interest in such a plan;
(d) life insurance contracts that are exempt policies for the purposes of the Income Tax Act (Canada).
3 Section 17 of the Act does not apply to the following:
(a) an agent who is or is employed by a member of
(i) the Investment Dealers' Association of Canada,
(ii) the Canadian Venture Exchange Inc.,
(iii) Bourse de Montreal Inc., or
(iv) the Toronto Stock Exchange Inc.;
(b) an agent who is authorized in writing to issue a receipt in the name of a supplier for which the supplier will accept responsibility;
(c) an agent who is registered to sell mutual funds under the Securities Act.
4 The Financial Consumers Regulation (AR 102/91) is repealed.
5 For the purpose of ensuring that this Regulation is reviewed for ongoing relevancy and necessity, with the option that it may be repassed in its present or an amended form following a review, this Regulation expires on June 30, 2012.