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2013, c.31 - An Act Respecting the Financial and Consumer Services Commission

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2013, c.31

An Act Respecting the
Financial and Consumer Services Commission

Assented to June 21, 2013

Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

Auctioneers Licence Act

1(1)The heading preceding section 1 of the Auctioneers Licence Act, chapter 117 of the Revised Statutes, 2011, is repealed and the following is substituted:

Definitions

1(2)Section 1 of the Act is repealed and the following is substituted:

1The following definitions apply in this Act.

“Commission” means the Financial and Consumer Services Commission continued under the Financial and Consumer Services Commission Act.(Commission)

“Director” means the Director of Consumer Affairs appointed under the Financial and Consumer Services Commission Act and includes any person designated by the Commission or the Director to act on the Director’s behalf.(directeur)

“Tribunal” means the Tribunal established under the Financial and Consumer Services Commission Act.(Tribunal)

1(3)Section 2 of the Act is repealed and the following is substituted:

Auctioneer’s licence required

2(1)No person shall act as an auctioneer without a licence that is issued by the Director.

2(2)The Director may establish the terms and conditions that a licence issued under this Act is subject to.

1(4)Section 3 of the Act is amended

(a) in subsection (1)

(i) in the portion preceding paragraph (a) by striking out “Minister” and substituting “Director”;

(ii) in paragraph (a) by striking out “Minister” and substituting “Director”;

(iii) by repealing paragraph (b) and substituting the following:

(b) a bond in a form approved or provided by the Director.

(b) by repealing subsection (2);

3(3.1)A payment from a bond may only be made from the Commission to a person referred to in subsection (3) if the Tribunal orders the payment.

(d) by repealing subsection (4) and substituting the following:

3(4)When money has been paid to the Commission under a bond issued in accordance with this section and is to be paid over or returned by the Commission to a person, the Commission may deduct from that money and retain the amount of the costs incurred by the Commission in connection with the recovery and distribution of the money, including the costs of an investigation of a claim made on the money.

1(5)Section 6 of the Act is amended by striking out “Minister” and substituting “Director”.

1(6)The heading “Minister’s signature on a licence” preceding section 8 of the Act is repealed and the following is substituted:

Director’s signature on a licence

1(7)Section 8 of the Act is amended by striking out “Minister” and substituting “Director”.

1(8)Section 10 of the Act is repealed and the following is substituted:

Suspension or revocation of licence

10(1)The Director may suspend or revoke a licence because of misconduct of the holder of the licence or if the holder of the licence breaches a provision of this Act.

10(2)If the Director refuses to issue a licence or suspends or revokes a licence issued under this Act, the applicant for the licence or a licensee who is dissatisfied with the decision of the Director may appeal the decision to the Tribunal.

1(9)The Act is amended by adding after section 10 the following:

Appeals

10.1A person who is directly affected by a decision of the Director may appeal the decision to the Tribunal.

1(10)Section 12 of the Act is repealed and the following is substituted:

12The Commission is responsible for the administration of this Act.

1(11)Subsection 13(1) of the Act is amended

(a) in paragraph (h) by striking out “Minister” and substituting “Director”;

(b) in paragraph (j) by striking out “Minister” and substituting “Commission”.

Auditor General Act

2Section 1 of the Auditor General Act, chapter 118 of the Revised Statutes, 2011, is amended in the definition “agency of the Crown” by repealing paragraph (f) and substituting the following:

(f) the Financial and Consumer Services Commission,

Collection Agencies Act

3(1)Section 1 of the Collection Agencies Act, chapter 126 of the Revised Statutes, 2011, is amended

(a) by repealing the definition “Minister”;

(b) by repealing the definition “prescribed” and substituting the following:

“prescribed ” means prescribed by the regulations or, if the context requires, by the rules made by the Commission under the Financial and Consumer Services Commission Act.(prescrit)

“Commission” means the Financial and Consumer Services Commission continued under the Financial and Consumer Services Commission Act.(Commission)

“Tribunal” means the Tribunal established under the Financial and Consumer Services Commission Act. (Tribunal)

3(2)Subsection 4(2) of the Act is repealed and the following is substituted:

4(2)The Director may

(a) issue a licence to the applicant if the Director is satisfied that the applicant is suitable to be licensed and the proposed licence is not for any reason objectionable,

(b) impose terms and conditions on a licence, or

(c) refuse to issue a licence to the applicant if the Director is of the opinion, after due investigation made by the Director or by a person the Director designates, that the applicant should not be issued a licence.

3(3)Section 8 of the Act is amended

(a) in subsection (1)

(i) in paragraph (a) by striking out “Minister” and substituting “Director”;

(ii) in paragraph (b) by striking out “Minister” and substituting “Director”;

(b) in subsection (2) by striking out “Minister” and substituting “Director”.

3(4)Section 9 of the Act is amended

(a) in subsection (1) by striking out “Minister” wherever it appears and substituting “Director”;

(b) by repealing subsection (3) and substituting the following:

9(3)A person who is directly affected by a decision of the Director under this section, section 4 or subsection 8(2) may appeal the decision to the Tribunal.

3(5)Section 10 of the Act is repealed and the following is substituted:

10The Commission is responsible for the administration of this Act.

3(6)Paragraph 11(e) of the Act is repealed and the following is substituted:

(e) authorizing the Commission, when money is paid to the Commission in consequence of the forfeiture of any security required under the regulations, to deduct from the money and retain the amount of the costs incurred by the Commission in connection with the recovery and distribution of the money, including the costs of an investigation of a claim made on the money;

Regulation under the Collection Agencies Act

4(1)Section 2 of New Brunswick Regulation 84-256 under the Collection Agencies Act is amended by striking out “Minister” wherever it appears and substituting “Director”.

4(2)Section 3 of the Regulation is amended

(a) in subsection (2) by striking out “Minister” and substituting “Director”;

(b) by repealing subsection (3) and substituting the following:

3(3)If the Director objects to a form or form letter used or proposed to be used by a collection agency or a branch office of a collection agency, he or she shall provide written notice of the objection to the collection agency or the branch office of the collection agency.

4(3)Subsection 4(4) of the Regulation is amended by striking out “Minister of Finance” and substituting “Commission”.

4(4)Section 6 of the Regulation is amended

(a) in subsection (3) of the English version by striking out “Minister” and substituting “Director”;

(b) in subsection (4) by striking out “Minister” and substituting “Director”;

4(5)Section 8 of the Regulation is amended by striking out “Minister” and substituting “Director”.

4(6)Section 9 of the Regulation is amended

(a) in subsection (1) by striking out “Minister” and substituting “Director”;

(b) in subsection (3)

(i) by repealing the portion preceding paragraph (a) and substituting the following:

9(3)Subject to subsection (5), the Commission, on the order of the Tribunal, shall pay over any money recovered under a bond forfeited under this section

(ii) in the portion following paragraph (b) by striking out “Minister” and substituting “Tribunal”;

9(4)When a bond has been forfeited under subsection (2) and the Tribunal has not, within two years after a conviction, judgment, assignment or order has become final or within two years after the collection agency in respect of whom the bond was furnished ceases to carry on business as a collection agency, received notice in writing of a claim against the proceeds of the bond or of any portion of it that remains in the possession of the Commission, the Commission, on order of the Tribunal and subject to subsection (5), shall pay the proceeds or the portion to any person who on forfeiture of the bond made any payments under it.

(d) in subsection (5)

(i) by striking out the portion preceding paragraph (a) and substituting the following:

9(5)When money has been recovered by the Commission under a bond forfeited under subsection (2), the Commision may deduct from that money and retain

(ii) in paragraph (a) by striking out “him” and substituting “it”.

4(7)Section 10 of the Regulation is amended by striking out “Minister” and substituting “Director”.

4(8)Section 11 of the Regulation is amended

(a) in subsection (2) by striking out “Minister” and substituting “Director”;

(b) in subsection (3) by striking out “Minister of Finance” and substituting “Commission”.

4(9)Section 13 of the Regulation is amended by striking out “Minister” wherever it appears and substituting “Director”.

Commissioners for Taking Affidavits Act

5(1)The Commissioners for Taking Affidavits Act, chapter 127 of the Revised Statutes, 2011, is amended by adding before Part 1 the following:

0.1

INTERPRETATION AND ADMINISTRATION

Definitions

0.1The following definitions apply in this Act.

“Commission” means the Financial and Consumer Services Commission continued under the Financial and Consumer Services Commission Act.(Commission)

“Minister” means the Minister of Justice and includes any person designated by the Minister to act on the Minister’s behalf.(ministre)

Administration

0.2The Commission is responsible for the administration of this Act.

5(2)Subsection 2(1) of the Act is amended by striking out “of Justice”.

5(3)Subsection 4(2) of the Act is amended by striking out “of Justice” wherever it appears.

5(4)The Act is amended by adding after section 4 the following:

Revocation of commissions

4.1(1)The Director may review the activities of a commissioner of oaths to determine his or her continued suitability to be a commissioner.

4.1(2)If the Director determines that a commissioner of oaths is no longer suitable to be a commissioner, the Director shall make a recommendation to the Minister, who may revoke the commissioner’s appointment under section 2.

4.1(3)If the Minister revokes an appointment under section 2, the Minister shall notify the former commissioner of oaths in writing.

4.1(4)This section applies with the necessary modifications to a renewed appointment.

5(5)Section 5 of the Act is amended

(a) in subsection (1) by striking out “Minister of Justice” and substituting “Director”;

(b) by adding after subsection (1) the following:

5(1.1)On receiving an application under subsection (1), the Director shall review the suitability and qualifications of the applicant to be a commissioner of oaths and may recommend that the Minister appoint the applicant as a commissioner of oaths.

5(1.2)If the Minister does not appoint an applicant as a commissioner of oaths, he or she shall provide written reasons for the decision to the applicant.

5(4)All fees shall be payable to the Commission.

5(6)Section 6 of the Act is amended

(a) by repealing subsection (1) and substituting the following:

6(1)When the Minister makes an appointment under section 2 or renews an appointment under subsection 4(2), the Director shall issue a certificate of appointment.

(b) in subsection (2) by striking out “of Justice”.

5(7)The heading “Application of sections 4, 5 and 7” preceding section 9 of the Act is amended by striking out “4” and substituting “4, 4.1”.

5(8)Section 9 of the Act is amended by striking out “4” and substituting “4, 4.1”.

5(9)Subsection 11(1) of the Act is amended by striking out “of Justice”.

5(10)Section 12 of the Act is amended

(a) in subsection (1) by striking out “of Justice”;

(b) in subsection (3) by striking out “of Justice” wherever it appears;

12(4)When the Minister makes an appointment under subsection (1) or renews an appointment under subsection (3), the Director shall issue a certificate of appointment.

(d) in subsection (5) by striking out “of Justice”.

5(11)The Act is amended by adding after section 12 the following:

Application of section 4.1

12.1Section 4.1 applies with the necessary modifications to an appointment made or renewed under section 12.

Companies Act

6Subsection 57(2) of the Companies Act, chapter C-13 of the Revised Statutes, 1973, is amended by striking out “Executive Director of the New Brunswick Securities Commission” and substituting “Executive Director of Securities appointed under the Financial and Consumer Services Act”.

Consumer Advocate for Insurance Act

7The Consumer Advocate for Insurance Act, chapter C-17.5 of the Acts of New Brunswick, 2004, is repealed.

Transitional provision - Consumer Advocate for Insurance Act

8(1) On the commencement of this section, the Office of the Consumer Advocate for Insurance is abolished and the appointment of the Consumer Advocate for Insurance is revoked.

8(2)On the commencement of this section, the Financial and Consumer Services Commission is entitled to all personal property and assets, not including real property, used in the operation of the Office of the Consumer Advocate for Insurance immediately before the commencement of this section.

8(3)All contracts, agreement or orders relating to the salary or expenses to be paid to the Consumer Advocate for Insurance are null and void.

8(4)Notwithstanding the provisions of any contract, agreement or order, no salary or expenses shall be paid to the Consumer Advocate for Insurance.

8(5)No action, application or other proceeding lies or shall be instituted against the Minister of Justice or the Crown in right of the Province as a result of the abolition of the Office of the Consumer Advocate for Insurance or the revocation of the appointment of the Consumer Advocate for Insurance.

Consumer Product Warranty and Liability Act

9 The Consumer Product Warranty and Liability Act, chapter C-18.1 of the Acts of New Brunswick, 1978, is amended by adding after section 1 the following:

Administration

1.1The Financial and Consumer Services Commission is responsible for the administration of this Act.

Co-operative Associations Act

10(1)Section 1 of the Co-operative Associations Act, chapter C-22.1 of the Acts of New Brunswick, 1978, is amended

(a) by repealing the definition “Minister”;

(b) by repealing the definition “Inspector” and substituting the folllowing:

“Inspector” means the Inspector of Co-operative Associations appointed under the Financial and Consumer Services Commission Act and includes any person designated by the Commission or the Inspector to act on the Inspector’s behalf; (inspecteur)

“Registrar” means the person appointed by the Commission to the perform the duties of Registrar of Co-operatives and includes any person designated by the Commission to act on the Registrar’s behalf;(registraire)

(d) in the definition “share” in the English version by striking out the period at the end of definition and substituting a semicolon;

(e) in the definition « système coopératif » in the French version by striking out the period at the end of the definition and substituting a semicolon;

(f) by adding the following definitions in alphabetical order:

“Commission” means the Financial and Consumer Services Commission continued under the Financial and Consumer Services Commission Act;(Commission)

“Tribunal” means the Tribunal established under the Financial and Consumer Services Commission Act(Tribunal).

10(2)Section 4 of the Act is amended

(a) by repealing subsection (1);

(b) in subsection (2)

(i) in paragraph (d) by striking out “to the Minister annually, in such form as the Minister prescribes” and substituting “to the Commission annually, in the form provided by the Commission”;

(ii) in paragraph (e) by striking out “Minister from time to time” and substituting “Commission”.

10(3)Subsection 11(3) of the Act is repealed.

10(4)Subsection 12(1) of the Act is amended by striking out “Minister” and substituting “Commission”.

10(5)Section 38 of the Act is amended

(a) in subsection (13) by striking out “Minister” wherever it appears and substituting “Inspector”;

(b) in subsection (14) by striking out “Minister” wherever it appears and substituting “Commission”.

10(6)Subsection 39(1) of the Act is amended by striking out “Minister” and substituting “Commission”.

10(7)Subsection 42(5) of the Act is amended by striking out “Minister” and substituting “Inspector”.

10(8)Subsection 45(1) of the Act is amended by striking out the portion preceding paragraph (a) and substituting the following:

45(1)The Commission may direct the Inspector to dissolve by order an association to which this Act applies if the Commission is satisfied that

10(9)Section 61 of the Act is repealed and the following is substituted:

Fees

61The fees payable for the services of the Registrar shall be prescribed by regulation and shall be paid to the Commission.

10(10)The Act is amended by adding after section 61 the following:

Appeals

61.1A person who is directly affected by a decision of the Inspector or the Registrar may appeal the decision to the Tribunal.

Administration

61.2The Commission is responsible for the administration of this Act.

Cost of Credit Disclosure Act

11(1)Subsection 1(1) of the Cost of Credit Disclosure Act, chapter C-28.3 of the Acts of New Brunswick, 2002, is amended

(a) in the definition “total cost of credit” in the English version by striking out the period at the end of the definition and substituting a semicolon;

(b) by adding the following definitions in alphabetical order:

“Commission” means the Financial and Consumer Services Commission continued under the Financial and Consumer Services Commission Act;(Commission)

“Registrar” means the Registrar of the Tribunal appointed under the Financial and Consumer Services Commission Act;(greffier)

“Tribunal” means the Tribunal established under the Financial and Consumer Services Commission Act.(Tribunal)

11(2)Section 7 of the Act is amended

(a) in subsection (1) by striking out “Minister” and substituting “Director”;

(b) in subsection (2)

(i) in the portion preceding paragraph (a) by striking out “the Minister on a form provided by the Minister” and substituting “the Director on a form provided by the Director”;

(ii) in paragraph (d) by striking out “Minister” and substituting “Director”;

11(3)Section 8 of the Act is amended

(a) in subsection (1) by striking out “Minister” and substituting “Director”;

(b) in subsection (3) by striking out “Minister” and substituting “Director”;

11(4)Section 9 of the Act

(a) in subsection (1) by striking out “Minister” and substituting “Director”;

(b) in subsection (2) by striking out “Minister” wherever it appears and substituting “Director”.

11(5)The heading “Documents to be provided to the Minister” preceding section 10 of the Act is amended by striking out “Minister” and substituting “Director”.

11(6)Section 10 of the Act is amended

(a) in subsection (1) by striking out “Minister” wherever it appears and substituting “Director”;

(b) in subsection (2) by striking out “Minister” wherever it appears and substituting “Director”;

11(7)Section 11 of the Act is amended

(a) in subsection (1) by striking out “Minister” wherever it appears and substituting “Director”;

(b) in subsection (2) by striking out “Minister” and substituting “Director”;

11(8)Section 12 of the Act is repealed and the following is substituted:

Appeals

12A person directly affected by a decision made under section 7 or 11 may appeal that decision to the Tribunal.

11(9)Section 13 of the Act is amended

(a) in the portion preceding paragraph (a) by striking out “Minister” and substituting “Director”;

(b) in paragraph (a) of the English version by striking out “Minister” and substituting “Director”;

11(10)Section 14 of the Act is amended by striking out “Minister” and substituting “Director”.

11(11)Section 15 of the Act is amended

(a) in subsection (2) by striking out “Minister” and substituting “Director”;

(b) in subsection (3) by striking out “Minister” and substituting “Director”.

11(12)Section 52 of the Act is amended by striking out “Minister” wherever it appears and substituting “Director”.

11(13)Section 53 of the Act is amended

(a) subsection (1) by striking out “Minister” wherever it appears and substituting “Director”;

(b) in subsection (3) by striking out “Minister” wherever it appears and substituting “Director”;

(d) in subsection (7) by striking out “Minister” and substituting “Director”;

(e) in subsection (8) by striking out “Minister” wherever it appears and substituting “Director”;

(f) in subsection (9) by striking out “Minister” wherever it appears and substituting “Director”.

11(14)Subsection 57(1) of the Act is amended

(a) in the portion preceding paragraph (a) by striking out “a person designated by the Minister” and substituting “the Director or a person designated by the Commission”;

(b) in paragraph (c) by striking out “Minister” and substituting “Director”.

11(15)Section 58 of the Act is amended in the portion preceding paragraph (a) by striking out “Minister” wherever it appears and substituting “Director”.

11(16)Section 59 of the Act is repealed and the following is substituted:

Provision of security by credit grantor, lessor or credit broker

59The Director may require any credit grantor, lessor or credit broker to provide, in accordance with the regulations, a bond or collateral security payable to the Commission.

11(17)The heading “Administration of this Act” preceding section 61 of the Act is repealed and the following is substituted:

Administration of Act

11(18)Section 61 of the Act is repealed and the following is substituted:

61The Commission is responsible for the administration of this Act.

11(19)Section 62 of the Act is amended

(a) in paragraph (l) by striking out “Minister” and substituting “Director or the Commission”;

(b) in paragraph (w) by striking out “Minister” and substituting “Director”.

Regulation under the Cost of Credit Disclosure Act

12(1)Subsection 6(1) of New Brunswick Regulation 2010-104 under the Cost of Credit Disclosure Act is amended by striking out “Minister” wherever it appears and substituting “Director”.

12(2)Section 7 of the Regulation is amended

(a) in subsection (1) by striking out “Minister” and substituting “Director”;

(b) in subsection (2) by striking out “Minister” and substituting “Director”.

12(3)Section 8 of the Regulation is amended

(a) in subsection (1) by striking out “Minister” wherever it appears and substituting “Director”;

(b) in subsection (2) by striking out “Minister” and substituting “Director”;

(d) in subsection (4) by striking out “Minister” and substituting “Director”.

Credit Unions Act

13(1)Section 1 of the Credit Unions Act, chapter C-32.2 of the Acts of New Brunswick, 1992, is amended

(a) by repealing the definition “prescribed” and substituting the following:

“prescribed” means prescribed by the regulations or, if the context requires, by the rules made by the Commission under the Financial and Consumer Services Commission Act;

(b) by repealing the definition “Superintendent” and substituting the following:

“Superintendent” means the Superintendent of Credit Unions appointed under the Financial and Consumer Services Commission Act and includes any person designated by the Commission or the Superintendent to act on the Superintendent’s behalf; (superintendant)

“Commission” means the Financial and Consumer Services Commission continued under the Financial and Consumer Services Commission Act;

“Tribunal” means the Tribunal established under the Financial and Consumer Services Commission Act.

13(2)Section 72 of the Act is amended

(a) by repealing subsection (8) and substituting the following:

72(8)On the application of a member claiming to be aggrieved by a refusal under subsection (7), the Tribunal may restrain the holding of the meeting to which the proposal is sought to be presented and make any other or further order it considers appropriate.

(b) by repealing subsection (9) and substituting the following:

72(9)The credit union or a person claiming to be aggrieved by a proposal may apply to the Tribunal for an order permitting the credit union to omit the proposal from the notice of meeting, and the Tribunal, if it is satisfied that subsection (5) applies, may make any order it considers appropriate.

13(3)Subsection 81(4) of the Act is amended by striking out “Court” and substituting “Tribunal”.

13(4)Subsection 90(2) of the Act is repealed and the following is substituted:

90(2)Any interested person or the Superintendent may apply to the Tribunal for an order requiring a credit union to comply with subsection (1), and on the application the Tribunal may so order and make any further order it considers appropriate.

13(5)Subsection 113(7) of the Act is amended by striking out “Court” and substituting “Tribunal”.

13(6)Paragraph 203(1)(b) of the Act is amended by striking out “Minister” and substituting “Commission”.

13(7)Section 219 of the Act is repealed.

13(8)Section 235 of the Act is amended

(a) in the portion preceding paragraph (a) by striking out “Minister” and substituting “Commission”;

(b) in paragraph (c) by striking out “Minister” and substituting “Commission”.

13(9)Section 241 of the Act is amended by striking out “Court” and substituting “Tribunal”.

13(10)Section 243 of the Act is amended by striking out the portion preceding paragraph (a) and substituting the following:

243On an application under section 241, the Tribunal may make any order it considers appropriate, including

13(11)Section 244 of the Act is amended by striking out the portion following paragraph (c) and substituting the following:

a complainant, in addition to any other remedy the complainant has, may apply to the Tribunal for an order directing the person to comply with, or restraining the person from violating, the provision, articles, by-laws or order, and the Tribunal may make that order and any further order it considers appropriate.

13(12)Section 245 of the Act is repealed and the following is substituted:

245The Superintendent may apply to the Tribunal for directions in relation to any matter concerning the Superintendent’s duties and powers under this Act or the regulations and, on an application, the Tribunal may give those directions and may make any other order it considers appropriate.

13(13)Section 246 of the Act is amended

(a) by repealing subsection (2) and substituting the following:

246(2)A person may appeal a decision of the Superintendent to the Tribunal within 30 days after the making of the decision.

(b) by repealing subsection (3) and substituting the following:

246(3)An appeal from a decision of the Superintendent does not stay the operation of the decision unless the Tribunal orders otherwise, but the Superintendent may suspend the operation of his or her decision until the Tribunal has rendered its decision.

13(14)Section 247 of the Act is amended

(a) in the portion preceding paragraph (a) by striking out “Court” and substituting “Tribunal”;

(b) in paragraph (b) by striking out “Minister or” wherever it appears;

13(15)Subsection 288(1) of the Act is amended by striking out “of the Superintendent or Court” and substituting “of the Superintendent, Court or Tribunal”.

13(16)Section 290 of the Act is amended

(a) in subsection (1) by striking out “Minister” and substituting “Commission”;

(b) by repealing subsection (2);

13(17)Section 290.1 of the Act is amended

(a) by repealing subsection (1) and substituting the following:

290.1(1)A review of the provisions and the operation of this Act shall be completed by the Commission every five years after October 31, 2008.

(b) by adding after subsection (1) the following:

290.1(1.1)When the Commission has completed a review, it shall prepare a report on the review and shall file it with the Minister.

290.1(2)When the Minister receives a report under this section, the Minister shall

(a) if the Legislature is in session when the report is completed, lay the report before the Legislative Assembly, or

(b) if the Legislature is not in session when the report is completed, lay the report before the Legislative Assembly within 15 days after the commencement of the next session.

13(18)Section 291 of the Act is amended

(a) by repealing subsection (1) and substituting the following:

291(1)The costs and expenses in relation to the administration of this Act and the regulations, including the costs and expenses in relation to the Tribunal, that the Commission determines shall be borne by and recovered from credit unions by means of assessments.

(b) in subsection (2) by striking out “Minister” and substituting “Commission”;

(d) in subsection (4) by striking out “Her Majesty in Right of the Province, is payable on demand by the Minister” and substituting “the Commission, is payable on demand by the Commission”;

(e) in subsection (5) by striking out “Minister” and substituting “Superintendent”.

Transitional provision - Credit Unions Act

14An appointment made by the Minister under paragraph 203(1)(b) of the Credit Unions Act that was valid and of full force and effect immediately before the commencement of this section

(a) continues to be valid and of full force and effect until the appointee is reappointed or the appointment ceases under that Act, as the case may be, and

(b) shall be deemed to be an appointment made by the Commission under that Act.

Regulation under the Credit Unions Act

15Section 19.1 of New Brunswick Regulation 94-5 under the Credit Unions Act is amended

(a) in subsection (1) by striking out “the costs and expenses in relation to the administration of the Act and the regulations as determined annually by the Minister for the current fiscal year of the Province” and substituting “the costs and expenses in relation to the administration of the Act and the regulations, including the costs and expenses related to the Tribunal, as determined annually by the Commission for the current fiscal year of the Commission”;

(b) by repealing subsection (4) and substituting the following:

19.1(4)The Commission shall assess the amount determined under subsection (1) against each credit union before the end of each fiscal year of the Commission or as soon after the end of the fiscal year as practicable.

Direct Sellers Act

16(1)Section 1 of the Direct Sellers Act, chapter 141 of the Revised Statutes, 2011, is amended

(a) by repealing the definition “Minister”;

(b) by adding the following definitions in alphabetical order:

“Commission” means the Financial and Consumer Services Commission continued under the Financial and Consumer Services Commission Act. (Commission)

“Tribunal” means the Tribunal established under the Financial and Consumer Services Commission Act. (Tribunal)

16(2)Section 4 of the Act is amended

(a) in subsection (2) by striking out “Minister” and substituting “Director”;

(b) in subsection (8) by striking out “Minister” and substituting “Director”.

16(3)Section 7 of the Act is amended

(a) in subsection (1) by striking out “Minister” and substituting “Director”;

(b) in subsection (3) by striking out “Minister” and substituting “Director”.

16(4)Section 8 of the Act is amended

(a) by repealing subsection (1) and substituting the following:

8(1)An application under subsection 7(1) shall state the applicant’s address for service in the Province, and any notice given under this Act is deemed for all purposes to be served if delivered or sent by registered mail to the licensee at that address, unless the licensee has notified the Director in writing of a change of address for service under section 15.

(b) in subsection (2) by striking out “Minister” wherever it appears and substituting “Director”.

16(5)The heading “Minister’s signature” preceding section 9 of the Act is repealed and the following is substituted:

Director’s signature

16(6)Section 9 of the Act is amended by striking out “Minister” and substituting “Director”.

16(7)Section 15 of the Act is amended by striking out “Minister” and substituting “Director”.

16(8)Section 16 of the Act is amended

(a) in subsection (1) by striking out “Minister” and substituting “Director”;

(b) in subsection (2) by striking out “Minister” wherever it appears and substituting “Director”;

16(9)Subsection 17(1) of the Act is amended by striking out “Minister” wherever it appears and substituting “Director”.

16(10)Section 18 of the Act is amended by striking out “Minister” and substituting “Director”.

16(11)Section 19 of the Act is amended

(a) by repealing subsection (1) and substituting the following:

19(1)Before direct selling, a vendor, other than a direct seller referred to in paragraph 3(3)(b), shall deliver to the Director a bond, payable to the Commission, in the amount prescribed by regulation.

(b) by adding after subsection (1) the following:

19(1.1)The bond delivered under subsection (1) shall be in a form approved or provided by the Director.

19(2)Despite that the Commission has not suffered any loss or damage, a bond delivered to the Director under subsection (1) shall be construed as being a penal bond, and if the bond is forfeited under subsection (3), the amount due and owing as a debt to the Commission by the person bound by it shall be determined as if the Commission suffered a loss or damage that would entitle the Commission to be indemnified to the maximum amount of liability prescribed by the bond.

(d) by repealing subsection (4) and substituting the following:

19(4)When a bond secured by the deposit of collateral security with the Director is forfeited under subsection (3), the Commission may sell the collateral security at the current market price.

(e) in subsection (5) in the portion preceding paragraph (a) by striking out “Lieutenant-Governor in Council” and substituting “Tribunal”;

(f) by repealing subsection (6) and substituting the following:

19(6)When money has been recovered by the Commission under a bond delivered under subsection (1) or has been realized by the Commission from the sale of any collateral security, the Commission may deduct from that money and retain the amount of the costs incurred by the Commission in connection with the recovery or realization of the money and the distribution of it, including the costs of an investigation of a claim made on the money.

(g) by repealing subsection (7) and substituting the following:

19(7)Any money not deducted by the Commission under subsection (6) nor paid over under an order of the Tribunal under subsection (5) shall be refunded to the surety or obligor under the bond.

16(12)Section 21 of the Act is amended

(a) by repealing subsection (1) and substituting the following:

21(1)A person who is directly affected by a decision made under section 4, 17, 19 or 28 may appeal it to the Tribunal within 30 days after the date of the decision.

(b) by repealing subsection (2);

21(3)An appeal under subsection (1) shall be commenced and conducted in accordance with the rules made under the Financial and Consumer Services Commission Act.

16(13)Section 25 of the Act is repealed and the following is substituted:

Enforcement

25For the purposes of an investigation that the Director considers necessary for the effective administration of this Act, the Commission may designate a person to carry out the investigation and that person shall have the powers of a commissioner under the Inquiries Act.

16(14)Section 26 of the Act is amended

(a) in subsection (1) by striking out “Minister” and substituting “Director”;

(b) in subsection (3) by striking out “Minister” and substituting “Director”;

(d) in subsection (5) by striking out “Minister” and substituting “Director”.

16(15)Section 28 of the Act is amended

(a) in subsection (2) by striking out “Minister” wherever it appears and substituting “Director”;

(b) in subsection (3) by striking out “Minister” wherever it appears and substituting “Director”.

16(16)Subsection 29(1) of the Act is amended in the portion preceding paragraph (a) by striking out “Minister” and substituting “Director”.

16(17)Section 35 of the Act is repealed and the following is substituted:

35The Commission is responsible for the administration of this Act.

Regulation under the Direct Sellers Act

17(1)Section 3 of New Brunswick Regulation 84-151 under the Direct Sellers Act is amended

(a) by repealing subsection (1) and substituting the following:

3(1)An application for a licence to act as a vendor under the Act shall be made to the Director in the form provided by the Director and shall be accompanied by the fee prescribed in subsection (3).

(b) by repealing subsection (2) and substituting the following:

3(2)An application for the renewal of a vendor’s licence shall be made to the Director in the form provided by the Director and shall be accompanied by the fee prescribed in subsection (3).

17(2)Section 4 of the Regulation is amended

(a) by repealing subsection (1) and substituting the following:

4(1)An application for a licence to act as a salesman under the Act shall be made to the Director in the form provided by the Director and shall be accompanied by the fee prescribed in subsection (3).

(b) by repealing subsection (2) and substituting the following:

4(2)An application for the renewal of a salesman’s licence shall be made to the Director in the form provided by the Director and shall be accompanied by the fee prescribed in subsection (3).

17(3)Section 6 of the Regulation is amended by striking out “Minister” and substituting “Director”.

17(4)Section 7 of the Regulation is amended

(a) in subsection (1) by striking out “Minister” wherever it appears and substituting “Director”;

(b) in subsection (2) by striking out “Minister” and substituting “Director”.

17(5)Form 1 of the Regulation is repealed.

Franchises Act

18(1)Subsection 1(1) of the Franchises Act, chapter F-23.5 of the Acts of New Brunswick, 2007, is amended

(a) by repealing the definition “prescribed” and substituting the following:

“prescribed” means prescribed by the regulations or, if the context requires, by the rules made by the Commission under the Financial and Consumer Services Commission Act.(prescrit)

(b) in the French version

(i) by repealing the definition « présentation inexacte des faits »;

(ii) by adding the following definition in alphabetical order:

“assertion inexacte” S’entend notamment :(misrepresentation)

(a) d’une déclaration erronée au sujet d’un fait important;

(b) de l’omission de relater un fait important dont la déclaration est exigée ou nécessaire pour éviter que la déclaration ne soit trompeuse, compte tenu des circonstances dans lesquelles la déclaration a été faite.

“Commission” means the Financial and Consumer Services Commission continued under the Financial and Consumer Services Commission Act.(Commission)

18(2)The Act is amended by adding after section 13 the following:

Administration

13.1The Commission is responsible for the administration of this Act.

18(3)The French version of the Act is amended by striking out “de présentation inexacte des faits”, “la présentation inexacte des faits” and “une présentation inexacte des faits” in the following provisions and substituting “d’assertion inexacte”, “l’assertion inexacte” and “une assertion inexacte” respectively:

(a) in the heading “Dommages-intérêts pour cause de présentation inexacte des faits ou de non-communications” preceding section 7;

(b) in section 7

(i) in the portion preceding paragraph (1)a);

(ii) in subsection (2) wherever it appears;

(iii) in subsection (4) wherever it appears;

(iv) in subsection (5)

(A) in the portion preceding paragraph a);

(B) in paragraph b);

(D) in subparagraph d)(i);

(E) in paragraph e)

(I) in subparagraph (i);

(II) in subparagraph (ii).

Gift Cards Act

19(1)The heading “Definition of “gift card”” preceding section 1 of the Gift Cards Act, chapter 165 of the Revised Statutes, 2011, is repealed and the following is substituted:

Definitions

19(2)Section 1 of the Act is repealed and the following is substituted:

Definitions

1The following definitions apply in this Act.

“Commission” means the Financial and Consumer Services Commission continued under the Financial and Consumer Services Commission Act.(Commission)

“gift card” means, subject to the regulations, an electronic card, written certificate or other voucher or device with a monetary value, that is issued or sold in exchange for the future purchase or delivery of goods or services, and includes a gift certificate.(carte-cadeau)

19(3)The Act is amended by adding after section 6 the following:

Administration

6.1The Commission is responsible for the administration of this Act.

Insurance Act

20(1)Section 1 of the Insurance Act, chapter I-12 of the Revised Statutes, 1973, is amended

(a) by repealing the definition “Minister”;

(b) by repealing the definition “Superintendent” and substituting the following:

“Superintendent” means the Superintendent of Insurance appointed under the Financial and Consumer Services Commission Act and includes any person designated by the Financial and Consumer Services Commission or the Superintendent to act on the Superintendent’s behalf.

(d) by adding the following definitions in alphabetical order:

“Financial and Consumer Services Commission” means the Financial and Consumer Services Commission continued under the Financial and Consumer Services Commission Act;(Commission des services financiers et des services aux consommateurs)

“Tribunal” means the Tribunal established under the Financial and Consumer Services Commission Act;(Tribunal)

20(2)Section 3 of the Act is repealed and the following is substituted:

Superintendent of insurance

3(1)Subject to the direction of the Financial and Consumer Services Commission, the Superintendent shall have general supervision of the business of insurance within the Province, see that the laws relating to the business of insurance are enforced and obeyed, and report to the Financial and Consumer Services Commission on all matters connected with the business of insurance.

3(2)The Financial and Consumer Services Commission may appoint Deputy Superintendents of Insurance who shall perform the duties that are assigned to them by this Act, the Commission or the Superintendent.

20(3)Paragraph 8(1)(b) of the Act is repealed and the following is substituted:

(b) a record of all securities deposited by each insurer with the Superintendent, naming in detail the several securities, their par value, their date of maturity and value at which they are received as deposit;

20(4)Subsection 9(2) of the Act is amended by striking out “in the office of the Minister of Finance or of” and substituting “with”.

20(5)Section 10 of the Act is repealed and the following is substituted:

10The Superintendent shall determine the right of an insurer to be licensed under this Act.

20(6)Section 12 of the Act is repealed and the following is substituted:

12An applicant for a licence may appeal to the Tribunal a decision of the Superintendent to refuse to issue a licence.

20(7)The Act is amended by adding after section 15 the following:

15.1(1)The Superintendent may conduct investigations in relation to insurers, brokers and agents concerning the premiums charged for contracts of insurance and the availability of contracts of insurance.

15.1(2)The Superintendent may conduct an investigation under subsection (1) as a result of a complaint made to the Superintendent or on his or her own initiative.

20(8)Section 16 of the Act is amended

(a) in subsection (1) by striking out “thereon to the Minister as to all matters requiring his” and substituting “to the Financial and Consumer Services Commission on all matters requiring its”;

(b) by repealing subsection (2) and substituting the following:

16(2)If the head office of an insurer is not in the Province, the Financial and Consumer Services Commission may instruct the Superintendent to visit the head office to inspect and examine the insurer’s affairs and to make any inquiries that the Commission requires.

(d) by repealing subsection (5) and substituting the following:

16(5)The Superintendent may cause abstracts to be prepared of the books and vouchers and a valuation to be made of the assets and liabilities of an insurer, and the cost of preparing these shall be paid by the insurer in accordance with a certificate of the costs presented by the Superintendent.

(e) in subsection (6) by striking out “approved by the Minister”;

(f) in subsection (7) by striking out “With the consent of the Minister, the” and substituting “The”.

20(9)Section 18 of the Act is amended

(a) by repealing subsection (1) and substituting the following:

18(1)The Superintendent shall prepare for the Financial and Consumer Services Commission, from the statements filed by the insurers and from any inspection or inquiries made, an annual report showing particulars of the business of each insurer as ascertained from those statements, inspection and inquiries; and the Financial and Consumer Services Commission may publish the report after its completion.

(b) in subsection (7) by striking out “with the approval of the Minister”;

20(10)The Act is amended by repealing the heading “APPEAL FROM SUPERINTENDENT’S DECISION” preceding section 19.

20(11)Section 19 of the Act is repealed.

20(12)Section 19.71 of the Act is amended

(a) by repealing subsection (2) and substituting the following:

19.71(2)The Board shall notify the Attorney General and the Financial and Consumer Services Commission of a hearing.

(b) by repealing subsection (3) and substituting the following:

19.71(3)The Board shall provide the following with copies of all documents relevant to the hearing if requested to do so:

(a) the Attorney General; and

(b) the Financial and Consumer Services Commission.

20(13)Subsection 24(2) of the Act is amended by striking out “Minister” and substituting “Superintendent”.

20(14)Subsection 29(2) of the Act is amended by striking out “Minister” and substituting “Superintendent”.

20(15)Section 32 of the Act is amended by striking out “Minister” and substituting “Superintendent”.

20(16)Section 33 of the Act is amended

(a) in subsection (1) by striking out “he shall so report to the Minister” and substituting “the Superintendent may suspend or cancel the licence of the insurer under subsection (3) or issue a modified, limited or conditional licence under subsection (5)”;

(b) in subsection (2) by striking out “Minister of Finance” and substituting “Superintendent”;

33(3)After a hearing or giving notice of a hearing to the insurer and on any further investigation he or she thinks proper, the Superintendent may suspend or cancel the licence of the insurer.

(d) by repealing subsection (5) and substituting the following:

33(5)The Superintendent may issue a modified, limited or conditional licence to an insurer if he or she considers it necessary for the protection of persons in the Province who have effected or effect contracts of insurance with the insurer.

20(17)Section 35 of the Act is amended by striking out “Minister” and substituting “Superintendent”.

20(18)Section 36 of the Act is repealed and the following is substituted:

36The Superintendent may suspend, cancel or refuse to renew the licence of an insurer who has violated a provision of this Act.

20(19)The heading “DEPOSITS” preceding section 37 of the Act is repealed.

20(20)Section 37 of the Act is repealed.

20(21)Section 38 of the Act is repealed.

20(22)Section 39 of the Act is repealed.

20(23)Section 40 of the Act is repealed.

20(24)Section 41 of the Act is repealed.

20(25)Section 42 of the Act is repealed.

20(26)The heading “ADMINISTRATION OF DEPOSIT” preceding section 43 of the Act is repealed.

20(27)Section 43 of the Act is repealed.

20(28)Section 44 of the Act is repealed.

20(29)Section 45 of the Act is repealed.

20(30)Section 46 of the Act is repealed.

20(31)Section 47 of the Act is repealed.

20(32)Section 48 of the Act is repealed.

20(33)Section 49 of the Act is repealed.

20(34)Section 50 of the Act is repealed.

20(35)Section 51 of the Act is repealed.

20(36)Section 52 of the Act is repealed.

20(37)Section 53 of the Act is repealed.

20(38)Section 54 of the Act is repealed.

20(39)Section 55 of the Act is repealed.

20(40)Section 56 of the Act is repealed.

20(41)Section 57 of the Act is repealed.

20(42)Section 58 of the Act is repealed.

20(43)Section 59 of the Act is repealed.

20(44)Section 60 of the Act is repealed.

20(45)Section 61 of the Act is repealed.

20(46)Section 62 of the Act is repealed.

20(47)Section 63 of the Act is repealed.

20(48)Section 64 of the Act is repealed.

20(49)The heading “RECIPROCAL DEPOSITS” preceding section 65 of the Act is repealed.

20(50)Section 65 of the Act is repealed.

20(51)Section 66 of the Act is repealed.

20(52)Section 67 of the Act is repealed.

20(53)Section 68 of the Act is repealed.

20(54)Section 69 of the Act is repealed.

20(55)Section 70 of the Act is repealed.

20(56)The Act is amended by adding before section 71 the following:

DEPOSITS

70.1(1)At any time, the Superintendent may require an insurer to deposit securities acceptable to the Superintendent in an amount he or she considers necessary and on the conditions that he or she considers proper.

70.1(2)The securities referred to in subsection (1) shall be deposited with the Superintendent within 30 days after the date the Superintendent requires the deposit or within a longer period of time if agreed to by the Superintendent.

70.1(3)An insurer may appeal to the Tribunal the decision of the Superintendent to require a deposit.

70.1(4)No part of a deposit shall be withdrawn without the approval of the Superintendent.

70.1(5)The Superintendent may suspend the licence of an insurer that fails to deposit securities in the amount and within the time required by

(a) the Superintendent, or

(b) the Tribunal, if the insurer has appealed the Superintendent’s decision under subsection (3).

70.2(1)Securities deposited with the Superintendent are vested in the Superintendent without any formal transfer.

70.2(2)If an insurer is in compliance with this Act, the insurer is entitled to the interest and dividends paid on securities while the securities are deposited with the Superintendent.

70.2(3)The Superintendent may permit an insurer to substitute other securities for those deposited by the insurer.

70.3(1)If an insurer incorporated and licensed under the laws of New Brunswick or a reciprocal or inter-insurance exchange provided for in Part XIII wants to be licensed by another province that requires a deposit, the Superintendent may hold securities as a deposit on a reciprocal basis for the other province.

70.3(2)The Superintendent shall hold and administer a deposit made under subsection (1) as security for the New Brunswick contracts of the insurer and for its contracts in any reciprocating province.

70.3(3)If a reciprocating province requires that the amount of a deposit be in a fixed amount, the Superintendent may, by order, fix the required amount of the deposit and list the reciprocating provinces with respect to the deposit.

70.3(4)If an insurer that has deposited securities with the Superintendent under this section ceases to carry on the business of insurance in New Brunswick or its licence is suspended or revoked under this Act, the Superintendent shall notify each reciprocating province of the cessation, suspension or revocation.

70.3(5)A notice given under subsection (4) shall state that the reciprocating province is entitled to submit to the Superintendent an accounting of all claims and liabilities outstanding in the reciprocating province in respect of the insurer before the deposit is released to the insurer.

70.3(6)If the Superintendent receives notice that an insurer that has deposited securities with the Superintendent has ceased to transact business in a reciprocating province or that the insurer’s licence to transact the business of insurance has been suspended or revoked in that province, at the request of the reciprocating province the Superintendent may take any action that the Superintendent could take if the insurer ceased to carry on the business of insurance in New Brunswick or could take if the licence of the insurer were suspended or revoked in New Brunswick.

70.3(7)If the Superintendent receives notice that an order has been made in another province for the administration of a deposit of an insurer in respect of which New Brunswick is a reciprocating province and that a date has been fixed by the trustee in the other province for the termination of the administration of the deposit, the Superintendent shall give notice of the termination date to persons insured under New Brunswick contracts issued by the insurer.

70.4At any time, the Superintendent may make an application to a court of competent jurisdiction for directions regarding the administration of securities deposited by an insurer under section 70.1 or 70.3.

Deposits held by Minister of Finance

70.5On the commencement of this section, the Minister of Finance shall remit to the Superintendent all deposits held by that Minister under sections 37 to 70 immediately before the commencement of this section, and the deposits so remitted shall be deemed to have been deposited under section 70.1 or 70.3, as the case may be.

20(57)Section 73 of the Act is amended by striking out “Minister or”.

20(58)Subsection 74(2) of the Act is repealed and the following is substituted:

74(2)If, at any time, it appears to the Superintendent that the records referred to in subsection (1) are not kept in a manner that shows correctly the experience of the insurer, the Superintendent may nominate an accountant to proceed under his or her direction to audit the books and records of the insurer and to give any instructions that will enable the insurer to keep the records correctly.

20(59)Section 79 of the Act is amended

(a) in subsection (1) by striking out “Minister or”;

(b) in subsection (2) by striking out “order of the Lieutenant-Governor in Council” and substituting “the Financial and Consumer Services Commission,”.

20(60)Subsection 86(1) of the Act is amended by striking out “Minister” and substituting “Superintendent”.

20(61)Subsection 91(2) of the Act is amended by striking out “the Superintendent and filed with the Minister of Finance” and substituting “and filed with the Superintendent”.

20(62)Section 92.3 of the Act is amended by striking out “Minister, with the approval of the Lieutenant-Governor in Council,” and substituting “Financial and Consumer Services Commission”.

20(63)Subsection 93(7) of the Act is amended by striking out “the Lieutenant-Governor in Council may, upon the report of the Superintendent,” and substituting “the Superintendent may”.

20(64)Section 94 of the Act is amended

(a) by repealing subsection (3) and substituting the following:

94(3)As soon as possible after the close of each fiscal year, the Financial and Consumer Services Commission shall ascertain and certify the total amount of the expenditure incurred by it and the Province for or in connection with the administration of this Act during the last preceding fiscal year, and that amount is final and conclusive for all purposes of this section.

(b) by repealing subsection (3.1) and substituting the following:

94(3.1)The total amount of the expenditure ascertained and certified under subsection (3) includes the following costs:

(a) the costs incurred by the Financial and Consumer Services Commission with respect to the following:

(i) a hearing before the Tribunal;

(ii) the administration of the Tribunal; and

(iii) an intervention before the Board.

(b) the costs incurred by the Province with respect to an intervention before the Board.

(i) in the portion preceding paragraph (a) by striking out “Province” and substituting “Financial and Consumer Services Commission and the Province”;

(ii) by repealing paragraph (b) and substituting the following:

(b) if any portion of the total amount of the expenditure, as determined by the Financial and Consumer Services Commission, was expended directly or indirectly with respect to a class of insurance, each licensed insurer providing insurance of that class shall be assessed an amount of that portion that its net receipts with respect to that class of insurance are of the total net receipts with respect to that class of insurance of all licensed insurers providing insurance of that class; and

(iii) in paragraph (c) of the English version by striking out “Province” and substituting “Financial and Consumer Services Commission and the Province”;

(iv) in the portion following paragraph (c) by striking out “Superintendent and approved by the Minister” and substituting “Financial and Consumer Services Commission”;

(d) in subsection (6) by striking out “Her Majesty and is payable upon demand of the Superintendent” and substituting “the Financial and Consumer Services Commission and is payable on its demand”;

(e) by adding after subsection (6) the following:

94(6.1)The Financial and Consumer Services Commission shall remit to the Minister of Finance the amount paid by an insurer under this section that relates to expenditures incurred by the Province for or in connection with the administration of this Act.

20(65)Subsection 117(2) of the Act is repealed and the following is substituted:

117(2)The Superintendent shall report to the Financial and Consumer Services Commission any case in which an insurer issues a policy or uses an application that in the opinion of the Superintendent is unfair, fraudulent or not in the public interest, and, if the Financial and Consumer Services Commission concurs with the report after hearing the insurer, it may order the Superintendent to prohibit the insurer from issuing or using that form of policy or application.

20(66)Subsection 120.1(7.1) of the Act is repealed and the following is substituted:

120.1(7.1)Despite subsection (6), the Superintendent may prohibit the insurer from withdrawing from the business of automobile insurance until a date specified by the Superintendent that is not later than six months after the date specified in the notice under subsection (4).

20(67)Subsection 121.3(5.11) of the Act is amended by striking out “Minister” and substituting “Superintendent”.

20(68)Section 242.3 of the Act is repealed and the following is substituted:

Estimate and payment of levy

242.3(1)Before April 1 of each year, the provincial authority shall establish an estimate of the amount of the levy applicable on January 1 of the current calendar year.

242.3(2)Before May 15 of each year, the provincial authority shall give notice to each insurer of the amount of the estimated levy the insurer is obliged to pay.

242.3(3)The amount of the estimated levy an insurer is obliged to pay constitutes a debt payable to Her Majesty and shall be paid in accordance with subsection (4).

242.3(4)On receipt of the notice given under subsection (2), an insurer shall remit to the Minister of Finance equal quarterly payments as follows:

(a) the first payment shall be made before June 30 of the year in respect of which the estimate is made;

(b) the second payment shall be made before September 30 of the year in respect of which the estimate is made;

(d) the fourth payment shall be made before March 15 of the year following the year in respect of which the estimate is made.

20(69)Section 242.4 of the Act is repealed and the following is substituted:

Re-evaluation of levy

242.4(1)The provincial authority shall annually re-evaluate the accuracy of the levy estimate and shall make adjustments if necessary.

242.4(2)The provincial authority shall give notice to an insurer of an adjustment made under subsection (1) to the estimated levy.

242.4(3)If the adjusted amount is greater than the estimated levy, the insurer, when making the next quarterly payment under subsection 242.3(4), shall remit payment of the adjusted amount to the Minister of Finance.

242.4(4)If the adjusted amount is less than the estimated levy, the insurer shall credit the surplus amount to the next quarterly payment.

242.4(5)No interest is payable on the surplus or deficit resulting from the re-evaluation by the provincial authority under subsection (1).

20(70)The heading “LIABILITY COVERAGE” preceding section 242.6 of the Act is repealed.

20(71)Subsection 242.6(1) of the Act is repealed and the following is substituted:

242.6(1)If an insurer fails to remit any portion of the levy within 90 days of any of the dates of payment set out in subsection 242.3(4), the Minister of Finance shall report this to the Superintendent, who may revoke the licence of the defaulting insurer after giving notice to the insurer and holding a hearing.

20(72)The Act is amended by adding after section 242.9 the following:

LIABILITY COVERAGE

20(73)Subsection 267.7(2) of the Act is amended by striking out “Minister” and substituting “Superintendent”.

20(74)Section 282 of the Act is amended

(a) by repealing subsection (3) and substituting the following:

282(3)If the Superintendent takes exception to an amendment or revision, he or she shall notify the society in writing without delay, giving reasons, and the society or any member or person affected by the decision of the Superintendent may appeal the decision to the Tribunal, and the Tribunal may approve the amendment or revision.

(b) in subsection (4) by striking out “Lieutenant-Governor in Council” and substituting “Tribunal”.

20(75)Section 283 of the Act is amended by striking out “Lieutenant-Governor in Council” and substituting “Tribunal”.

20(76)Section 291 of the Act is amended

(a) by repealing subsection (1) and substituting the following:

291(1)If it appears to the Superintendent from the statement and reports filed with him or her, or from an examination or valuation, that the assets of a society, applicable for the purpose are insufficient to provide for the payment of its contracts at maturity without deduction or abatement and without increase in its existing rates of contribution, the Superintendent shall require the society to make an increase in its rates of contribution or a reduction in the benefits payable under its contracts or any other change that will enable the society to provide for the payment of its contracts at maturity.

(b) by repealing subsection (2) and substituting the following:

291(2)An increase in rates of contribution, a reduction in benefits payable or any other change required by the Superintendent under subsection (1) shall be made within the time specified by the Superintendent, which shall not exceed four years from the date the society receives notice of the requirement.

20(77)Section 292 of the Act is amended by striking out “Minister” and substituting “Superintendent”.

20(78)Subsection 293(1) of the Act is repealed and the following is substituted:

293(1)If a society does not comply with the requirement of the Superintendent within the time allowed, the Superintendent shall appoint a readjustment committee of three persons, of whom at least one shall be an actuary, who shall without delay investigate the assets, liabilities, rates of contribution and plans of insurance of the society and prepare a report containing the amendments to the society’s constitution and rules reducing the benefits payable under its contracts or some of them or increasing the rates of contribution payable by its members as a whole or some class or classes of members, or making any other changes that are considered necessary to provide for the payment of all its contracts as they mature.

20(79)Subsection 294(1) of the Act is amended by striking out “to the Minister and”.

20(80)Paragraph 302(1)(a) of the Act is amended by striking out “Lieutenant-Governor in Council” and substituting “Superintendent”.

20(81)Subsection 306(3) of the Act is amended by striking out “, upon the approval of the Lieutenant-Governor in Council,”.

20(82)Subsection 326(4) of the Act is amended by striking out “Lieutenant-Governor in Council” and substituting “Tribunal”.

20(83)Section 332 of the Act is amended

(a) in subsection (1) by striking out “a form prescribed by the Lieutenant-Governor in Council” and substituting “a prescribed form”;

(b) in subsection (2) by striking out “The Lieutenant-Governor in Council” and substituting “The Lieutenant-Governor in Council or the Financial and Consumer Services Commission, as the case may be,”.

20(84)Subsection 340(1) of the Act is amended by striking out “the Minister on the report of”.

20(85)Section 345 of the Act is amended by striking out “Lieutenant-Governor in Council” and substituting “Superintendent”.

20(86)Section 349 of the Act is repealed and the following is substituted:

349After hearing the directors, shareholders, members, policyholders and any other persons that he or she considers entitled to be heard on the petition or giving them an opportunity to be heard, the Superintendent may approve the agreement if he or she is satisfied that no sufficient objection to the agreement has been established.

20(87)Section 350 of the Act is amended by striking out “recommended” and substituting “approved”.

20(88)Section 352 of the Act is amended

(a) in subsection (6) by striking out “which the Lieutenant-Governor in Council may prescribe by regulation” and substituting “which may be prescribed by the Lieutenant-Governor in Council or the Financial and Consumer Services Commission, as the case may be”;

(b) by striking out the portion preceding paragraph (8)(a) and substituting the following:

352(8)A licence issued under this section may be revoked or suspended by the Superintendent if, after due investigation and a hearing, he or she determines that the holder of the licence,

352(9)In determining whether to revoke or suspend a licence, the Superintendent may, and shall when requested in writing by the licensee, nominate an advisory board before which the hearing provided for in subsection (8) shall be heard, and the advisory board shall provide the Superintendent with the recommendations it considers appropriate.

(d) by adding after subsection (9) the following:

352(9.1)In determining whether to grant or refuse an application for or the renewal of a licence, the Superintendent may, and shall when requested in writing by the applicant or licensee, nominate an advisory board which shall hold a hearing and provide the Superintendent with the recommendations it considers appropriate.

352(9.2)The advisory board referred to in subsections (9) and (9.1) shall be comprised of a representative of insurers, a representative of agents or brokers and a representative of the Superintendent, and the decision of the Superintendent rendered after the hearing and on the advice of the board may be appealed to the Tribunal.

(e) in subsection (10) of the French version, by striking out “audition” and substituting “audience”;

(f) in subsection (11) by striking out “upon due application upon a form prescribed” and substituting “on application on a form provided”;

(g) by repealing subsection (21) and substituting the following:

352(21)The licence shall be subject to the regulations, if any, with respect to the form of the licence, the terms and conditions under which it is issued and the circumstances under which it may be suspended or revoked.

20(89)Section 353 of the Act is amended by adding after subsection (5) the following:

353(5.1)A decision of the Superintendent to revoke or suspend a licence under subsection (5) may be appealed to the Tribunal.

20(90)Section 354 of the Act is amended by adding after subsection (6) the following:

354(7)A decision of the Superintendent to suspend or revoke a licence under subsection (6) may be appealed to the Tribunal.

20(91)Section 356 of the Act is amended by striking out “Minister” and substituting “Superintendent”.

20(92)Section 358 of the Act is amended by adding after subsection (3) the following:

358(3.1)A decision of the Superintendent to refuse to renew, suspend or revoke a licence under subsection (3) may be appealed to the Tribunal.

20(93)Section 358.1 of the Act is amended by adding after subsection (5) the following:

358.1(5.1)A decision of the Superintendent to revoke or suspend a licence under subsection (5) may be appealed to the Tribunal.

20(94)Section 359 of the Act is amended

(a) by repealing subsection (1) and substituting the following:

359(1)Except as otherwise provided in this section, the Superintendent may issue licences as agents, brokers, adjusters or damage appraisers to partnerships on the conditions specified in this Act for the issue of those licences to individuals.

(b) in subsection (2) by striking out “; the licence may be revoked or suspended as to one or more members of the partnership”;

359(2.1)The Superintendent may revoke or suspend a licence issued under subsection (1) as to the partnership or as to any member of the partnership.

359(2.2)A decision of the Superintendent to revoke or suspend a licence under subsection (2.1) may be appealed to the Tribunal.

20(95)Section 360 of the Act is amended

(a) by repealing subsection (1) and substituting the following:

360(1)The Superintendent may issue to a corporation that is incorporated expressly for the purpose of acting as an insurance agent, broker, adjuster or damage appraiser, a licence as an agent, broker, adjuster or damage appraiser, as the case may be.

(b) by repealing subsection (5) and substituting the following:

360(5)The Superintendent may revoke or suspend a licence issued under subsection (1) as to the corporation or as to any officer of the corporation named in the licence.

360(5.1)A decision of the Superintendent to revoke or suspend a licence under subsection (5) may be appealed to the Tribunal.

20(96)Section 366 of the Act is repealed.

20(97)Section 369.4 of the Act is amended by adding after subsection (3) the following:

369.4(4)A decision of the Superintendent to make an order under subsection (1) may be appealed to the Tribunal.

Loan and Trust Companies Act

21(1)Subsection 1(1) of the Loan and Trust Companies Act, chapter L-11.2 of the Acts of New Brunswick, 1987, is amended

(a) by repealing the definition “accountant” and substituting the following:

“accountant” means a person who is a practising accountant, is a member of a recognized accounting institute or association and is approved by the Commission;

(b) by repealing the definition “Superintendent” and substituting the following:

“Superintendent” means the Superintendent of Loan and Trust Companies appointed under the Financial and Consumer Services Commission Act and includes any person designated by the Commission or the Superintendent to act on the Superintendent’s behalf;

(c) in paragraph (n) of the definition “restricted party” by striking out “section 178” and substituting “subsection 178(1)”;

(d) by adding the following definitions in alphabetical order:

“Commission” means the Financial and Consumer Services Commission continued under the Financial and Consumer Services Commission Act;(Commission)

“prescribed” means prescribed by the regulations or, unless the context otherwise requires, by the rules made by the Commission under the Financial and Consumer Services Commission Act;(prescrit)

“Tribunal” means the Tribunal established under the Financial and Consumer Services Commission Act; (tribunal)

21(2)Subsection 100(1) of the Act is repealed and the following is substituted:

100(1)The Superintendent may require a provincial company to provide the information, material and evidence that the Superintendent may consider necessary to assess the fitness of a person to be a director in accordance with this Act.

21(3)Section 117 of the Act is amended

(a) in subsection (2) by striking out “Minister” wherever it appears and substituting “Superintendent”;

(b) in subsection (3) by striking out “Minister” and substituting “Superintendent”.

21(4)Section 118 of the Act is amended

(a) in subsection (2) by striking out “Minister” wherever it appears and substituting “Superintendent”;

(b) in subsection (3) by striking out “Minister” and substituting “Superintendent”.

21(5)Subsection 140(3) of the Act is amended by striking out “Minister” wherever it appears and substituting “Superintendent”.

21(6)Section 141 of the Act is amended

(a) in subsection (1) by striking out “Minister” and substituting “Superintendent”;

(b) in subsection (6) by striking out “Minister” and substituting “Superintendent”.

21(7)Subsection 169(10) of the Act is amended by striking out “Minister” and substituting “Superintendent”.

21(8)Section 178 of the Act is repealed and the following is substituted:

Power to designate person as restricted party

178For the purposes of this Part, the Superintendent may designate

(a) a person to be a restricted party of a provincial company if the Superintendent is of the opinion that

(i) the person is acting in concert with a restricted party of the company to participate in or enter into an investment or other transaction with the company that would be prohibited or restricted if entered into with the company by the restricted party, or

(ii) there exists between the person and the company an interest or relationship that might reasonably be expected to affect the exercise of the best judgment of the company with respect to an investment or other transaction, or

(b) a shareholder of a provincial company or of an affiliate of a provincial company to be a restricted party of the company if the Superintendent is of the opinion that the shareholder is acting in concert with one or more other shareholders of the provincial company or of an affiliate to control directly or indirectly 10% or more of any class of shares of the company.

21(9)Section 211 of the Act is amended

(a) in subsection (4) by striking out “Minister” and substituting “Superintendent”;

(b) in subsection (5) by striking out “Minister” and substituting “Superintendent”;

(d) by repealing paragraph (9)(b) and substituting the following:

(b) an undertaking to the Superintendent signed by the proper officers of the company that the company and its subsidiaries will provide the information that the Superintendent may request and will adhere to this Act and the regulations and to the terms, conditions and restrictions, if any, imposed on its licence under this Act.

(e) by repealing subsection (11) and substituting the following:

211(11)An application under this section shall be submitted to the Superintendent in the prescribed form.

(f) in subsection (12) by striking out “Minister” wherever it appears and substituting “Superintendent”.

21(10)Section 212 of the Act is amended

(a) in subsection (1) by striking out the portion preceding paragraph (a) and substituting the following:

212(1)Subject to subsection (2), on application by a company referred to in subsection 211(1) and on payment of the prescribed fee for that kind of company, the Superintendent, in his or her sole discretion, may

(b) in subsection (2)

(i) in the portion preceding paragraph (a) by striking out “Minister” and substituting “Superintendent”;

(ii) in paragraph (a)

(A) in the portion preceding subparagraph (i) of the English version by striking out “Minister” and substituting “Superintendent”;

(B) in subparagraph (ii) in the portion preceding clause (A) by striking out “Minister” and substituting “Superintendent”;

(iii) in paragraph (c) by striking out “Minister” and substituting “Superintendent”;

(iv) in paragraph (e) in the portion preceding subparagraph (i) by striking out “Minister” and substituting “Superintendent”;

(v) in paragraph (g) by striking out “Minister” and substituting “Superintendent”.

21(11)Section 213 of the Act is amended

(a) in subsection (1)

(i) in the portion preceding paragraph (a) by striking out “Minister” wherever it appears and substituting “Superintendent”;

(ii) in paragraph (a) by striking out “Minister” and substituting “Superintendent”;

(iii) in paragraph (b) by striking out “Minister” and substituting “Superintendent”;

(b) in subsection (2) by striking out “Minister” and substituting “Superintendent”;

21(12)Subsection 214(1) of the Act is repealed and the following is substituted:

214(1)A licence shall be in the prescribed form and may contain the terms, conditions and restrictions relating to the powers and business of the company that the Superintendent may impose.

21(13)Section 215 of the Act is amended

(a) in subsection (2) by striking out “Minister” and substituting “Superintendent”;

(b) by repealing subsection (3) and substituting the following:

215(3)Despite subsection (2), when a licence has expired because of inadvertence, the failure to pay the prescribed fee or any other reason acceptable to the Superintendent, within six months after the licence has expired and if in the opinion of the Superintendent to do so would not be prejudicial to the public interest, the Superintendent may issue a second or subsequent licence, as the case may be, and that licence shall be deemed to be effective from the expiry date of the preceding licence.

(d) in subsection (5) by striking out “Minister” and substituting “Superintendent”;

(e) in subsection (6) by striking out “Minister” wherever it appears and substituting “Superintendent”.

21(14)Section 217 of the Act is repealed and the following is substituted:

Administration

217(1)The Commission is responsible for the administration of this Act.

217(2)The Minister may designate the Commission, the Superintendent or any other person to act on the Minister’s behalf.

217(3)A person designated by the Minister under subsection (2) may delegate, in writing, the authority to act on behalf of the Minister to another person and may impose on the delegate the terms and conditions that the person considers appropriate.

21(15)Section 218 of the Act is repealed and the following is substituted:

Appeals

218When an appeal is provided for under this Act, the Tribunal shall hear the appeal.

21(16)Section 219 of the Act is amended

(a) in subsection (1) by striking out “No employee under the Civil Service Act” and substituting “No employee under the Civil Service Act or of the Commission”;

(b) in subsection (2) by striking out “No employee under the Civil Service Act” and substituting “No employee under the Civil Service Act or of the Commission”.

21(17)Section 220 of the Act is amended by striking out “Minister” and substituting “Commission”.

21(18)Section 222 of the Act is amended

(a) by repealing subsection (1) and substituting the following:

222(1)In carrying out their duties under this Act, the Superintendent or the Tribunal may require to be made or may take and receive affidavits, statutory declarations or depositions and may examine witnesses on oath or solemn affirmation.

(b) by repealing subsection (2) and substituting the following:

222(2)The evidence and proceedings in a matter before the Superintendent or the Tribunal may be reported by a stenographer sworn or solemnly affirmed before the Superintendent or the Tribunal to faithfully report the evidence.

21(19)Section 223 of the Act is amended

(a) in subsection (2) by striking out “the Minister or Superintendent” and substituting “the Superintendent or the Commission”;

(b) by repealing subsection (3) and substituting the following:

223(3)In order to facilitate an examination, audit or inspection of the books and records of a licensed company, the Superintendent or the Commission may require the company and its subsidiaries to produce the books and records

(a) in the case of a provincial company, at its registered office,

(b) in the case of an extra-provincial company, at its principal place of business in New Brunswick, or

(c) in subsection (5) by striking out “the Minister or Superintendent” and substituting “the Superintendent or the Commission”.

21(20)Section 225 of the Act is amended by striking out “the Superintendent’s direction” and substituting “the Superintendent’s or the Commission’s direction”.

21(21)Section 226 of the Act is amended

(a) in subsection (1) by striking out “Minister” and substituting “Commission”;

(b) by repealing subsection (5) and substituting the following:

226(5)On the conclusion of the examination, audit and inquiry, the special examiner shall make a report in writing to the Superintendent, who shall provide a copy of the report and the Superintendent’s recommendations, if any, to the Commission.

226(6)On the conclusion of an examination under this section, the Commission may order the licensed company or the party requesting the examination under subsection (1) to pay the costs and expenses of that examination or include the costs and expenses in those referred to in section 232.

21(22)Subsection 227(1) of the Act is amended by striking out “Minister” and substituting “Commission”.

21(23)Section 229 of the Act is amended

(a) in subsection (1) by striking out “of the Minister or Superintendent” and substituting “of the Superintendent or of a member or other employee of the Commission”.

(b) in subsection (2) by striking out “Minister or”.

21(24)Section 230 of the Act is repealed.

21(25)Section 231 of the Act is amended by striking out the portion preceding paragraph (a) and substituting the following:

Powers relating to administration and enforcement

231The Commission and the Superintendent may do all things necessary or incidental to the administration and enforcement of this Act and the regulations and, in particular but without limiting the generality of the foregoing, the Commission or the Superintendent may

21(26)Section 232 of the Act is amended

(a) by repealing subsection (1) and substituting the following:

Assessment of Minister’s costs

232(1)The expenses and costs incurred by the Minister or any other person acting under the direction of the Minister under this Act or the regulations shall be borne by and recovered from licensed companies by means of assessments.

(b) in subsection (3) by striking out “under this Act and the regulations” and substituting “under this section”.

21(27)The Act is amended by adding after section 232 the following:

Assessment of Commission’s costs

232.1(1)The expenses and costs incurred by the Commission in administering this Act and the regulations, including the carrying out of examinations and inspections under this Act and the costs of the Tribunal, shall be borne by and recovered from licensed companies by means of assessments.

232.1(2)The Commission shall assess the amounts ascertained under subsection (1) against each licensed company in the manner and to the extent that is prescribed.

232.1(3)An assessment made under this section constitutes a debt due by the company against which it is made to the Commission, is immediately payable and may be recovered as a debt in a court of competent jurisdiction.

21(28)Section 234 of the Act is repealed.

21(29)The Act is amended by adding after section 235 the following:

Approvals by Superintendent

235.1(1)When this Act provides for a decision, order, approval or consent of the Superintendent, the decision, order, approval or consent shall be subject to the terms and conditions that the Superintendent imposes.

235.1(2)A decision, order, approval or consent of the Superintendent under this Act shall be in writing and may be appealed to the Tribunal within 15 days after its receipt.

235.1(3)Before rendering a decision, making an order, refusing an approval or consent or granting an approval or consent subject to terms and conditions, the Superintendent shall give the licensed company notice of the Superintendent’s intention and the licensed company may require a hearing before the Superintendent.

235.1(4)At any time, having given the licensed company an opportunity to be heard, the Superintendent may confirm, revoke or vary a decision, order, approval, consent or refusal.

21(30)Section 236 of the Act is amended by striking out “an appeal board” and substituting “the Tribunal”.

21(31)Section 237 of the Act is repealed and the following is substituted:

Transcript of oral evidence

237Oral evidence taken before the Superintendent or the Tribunal may be recorded and, if recorded, copies of a transcript of the evidence shall be furnished on request on the same terms and for the same fees as in the Court.

21(32)Section 238 of the Act is repealed and the following is substituted: .

Hearings may be private or public

238A hearing before the Superintendent or the Tribunal, at the discretion of the Superintendent or the Tribunal, as the case may be, may be heard in private or in public.

21(33)Section 239 of the Act is amended

(a) in subsection (1)

(i) in the portion preceding paragraph (a) by striking out “Where, in the opinion of the Minister” and substituting “When, in the opinion of the Superintendent”;

(ii) in paragraph (c) by striking out “Minister” and substituting “Superintendent”;

(b) in subsection (2) by striking out “Minister” and substituting “Superintendent”;

(d) in subsection (4) by striking out “Minister” and substituting “Superintendent”;

(e) in subsection (5) by striking out “Minister” wherever it appears and substituting “Superintendent”.

21(34)Section 240 of the Act is amended

(a) in subsection (1)

(i) in paragraph (a) by striking out “or of the Minister”;

(ii) in paragraph (c) by striking out “Minister” and substituting “Commission”;

(iii) in the portion following paragraph (d) by striking out “Minister” and substituting “Superintendent”;

(b) in subsection (2) by striking out “Minister” wherever it appears and substituting “Superintendent”;

(d) in subsection (4) by striking out “Minister” wherever it appears and substituting “Superintendent”.

21(35)Section 243 of the Act is repealed and the following is substituted:

Orders for possession and control or to impose conditions

243(1)Despite any other provision of this Act, the Commission, without holding a hearing or issuing a notice, may make either of the following orders:

(a) that the licence of a licensed company is subject to the terms, conditions and restrictions set out in the order; or

(b) subject to subsection (7), that the Commission take possession and control of the assets of a licensed company.

243(2)The Commission may only make an order under subsection (1) if it is of the opinion that

(a) there has been a transfer or issue of shares of a provincial company to which subsection 88(1) or (2) applies and the consent of the Minister has not been obtained under section 88, or there has been such a transfer of the shares of a licensed extra-provincial company for which consent to that transfer is required in the company’s designated jurisdiction and that consent was not obtained,

(b) the licensed company has defaulted on payment of any of its liabilities or will not be able to pay its liabilities as they become due and payable,

(c) the licensed company is not complying with this Act or the regulations or an undertaking given or agreement made with the Superintendent under this Act,

(d) the provincial company’s assets or investments are not satisfactorily accounted for,

(e) the provincial company’s assets are not sufficient, having regard to all the circumstances, to give adequate protection to the company’s depositors or those persons for whom the company acts in a fiduciary capacity,

(f) in the case of a licensed extra-provincial company, it has become or is about to become subject to an order for possession and control of its assets in its designated jurisdiction or its jurisdiction of incorporation, or

(g) there exists a practice or state of affairs within the licensed company that is or may be prejudicial to the public interest or to the interests of the company’s depositors or those persons for whom the company acts in a fiduciary capacity or creditors, and in the case of a licensed provincial company, to its shareholders.

243(3)When the Commission makes an order under subsection (1), the Superintendent shall send a copy of the order to an officer of the licensed provincial company, or, in the case of an extra-provincial company, to its agent in accordance with subsection 193(7).

243(4)An order under subsection (1) shall take effect immediately and is final and binding and that order shall not be stayed, varied or set aside by any court.

243(5)For the purposes of this section, the Commission may appoint those persons that it considers necessary to value and appraise the assets and liabilities of the licensed company and report on its condition and its ability, or otherwise, to meet its liabilities.

243(6)Within 60 days after the date of an order made under subsection (1), a party to the order or an interested person may appeal the making of the order to the Tribunal, and the Tribunal may confirm, vary or rescind, in whole or in part, the order.

243(7)An order of the Tribunal confirming or varying an order made under subsection (1) is final and binding and, despite section 48 of the Financial and Consumer Services Commission Act, shall not be stayed, varied or set aside by any court.

243(8)When the Commission makes an order under paragraph (1)(b) with respect to a licensed extra-provincial company, the order shall be limited to the possession and control of the assets of the company in New Brunswick.

243(9)Nothing in this section affects the right of the Commission to vary or rescind, at any time, an order made under subsection (1).

21(36)Section 244 of the Act is repealed and the following is substituted:

Power of Commission on taking possession and control

244(1)When the Commission takes possession and control of the assets of a licensed company under the authority of an order under paragraph 243(1)(b), the Commission shall conduct the licensed company’s business and take those steps that, in the Commission’s opinion, should be taken toward the company’s rehabilitation.

244(2) For the purposes set out in subsection (1), the Commission has all the powers of the board of directors of the licensed company and may do the following:

(a) exclude the directors, officers, servants and agents of the licensed provincial company from the premises, property and business of the company, and, in the case of an extra-provincial company, from the premises, property and business of the company situated in New Brunswick;

(b) carry on, manage and conduct the operations of the licensed provincial company and, in the name of the company, preserve, maintain, realize, dispose of and add to the property of the company, receive the incomes and revenues of the company and exercise all the powers of the company, and, in the case of an extra-provincial company, exercise those powers in New Brunswick; and

(c) in the case of an extra-provincial company, make any agreement with the appropriate official of the company’s designated jurisdiction or its jurisdiction of incorporation to carry out the Commission’s order.

244(3)While the Commission has possession and control of the assets of a licensed company under this section, the Commission may apply to the Court for an order for the liquidation of the licensed provincial company under subsection 164(1) as if it were an application for the supervision of a voluntary liquidation under that subsection, or, in the case of a licensed extra-provincial company, for an order for the liquidation of the assets of the branch or branches of the company located in New Brunswick.

244(4)When the Commission is in possession and control of the assets of a licensed company and is conducting its business, the Commission may appoint one or more persons to manage and operate the business of the company, and such an appointee

(a) is a representative of the Commission, and

(b) is entitled to the remuneration fixed by the Commission, unless he or she is an employee under the Civil Service Act.

244(5)When the Commission is of the opinion that a licensed company whose assets are in its possession and control meets the requirements of this Act and the regulations and that it is otherwise proper for the company to resume possession and control of its assets and the conduct of its business, the Commission may relinquish to the company the possession and control of its assets, and, on and after the date the assets are relinquished, the powers of the Commission under this section cease.

244(6)If the Commission considers that further efforts to rehabilitate a licensed company whose assets are in its possession and control would be futile, the Commission may relinquish to the company the possession and control of its assets, and, on and after the date the assets are relinquished, the powers of the Commission under this section cease.

244(7)The costs and expenses of the Commission incurred in proceedings under section 243 and this section

(a) shall be paid by the licensed company, or

(b) if the company cannot pay the costs and expenses, the Commission may include the costs and expenses in those referred to in section 232.1.

21(37)Subsection 245(1) of the Act is amended by striking out “the Minister” wherever it appears and substituting “the Commission”.

21(38)Section 248 of the Act is amended

(a) by repealing subsection (1) and substituting the following:

248(1)When, on a statement made under oath or by solemn affirmation, it appears probable to the Superintendent that a licensed company or other person has violated any of the provisions of this Act or the regulations or an undertaking given or agreement made with the Superintendent or Commission under this Act, the Superintendent may, by order, appoint a person to make the investigation the Superintendent considers expedient for the due administration of this Act, and in the order shall determine and prescribe the scope of the investigation.

(b) in subsection (7) by striking out “the Minister” and substituting “the Superintendent”;

(d) by striking out subsection (9) and substituting the following:

248(9)The costs and expenses incurred by the Commission in an investigation ordered under this section

(a) shall be paid by the licensed company or other person to which the investigation relates, or

(b) if the company or other person cannot pay the costs and expenses, the Commission may include the costs and expenses in those referred to in section 232.1.

21(39)Section 249 of the Act is repealed.

21(40)Section 250 of the Act is amended

(a) in subsection (1)

(i) in the portion preceding paragraph (a) by striking out “Minister” and substituting “Superintendent”;

(ii) in paragraph (a) of the English version by striking out “Minister” and substituting “Superintendent”;

(iii) in paragraph (b) of the English version by striking out “Minister” and substituting “Superintendent”;

(iv) in paragraph (c) by striking out “Minister” and substituting “Superintendent”;

(v) in the portion following paragraph (c) by striking out “in trust for the Minister or until the Minister” and substituting “in trust for the Commission or until the Superintendent”;

(b) in subsection (4) by striking out “Minister” and substituting “Superintendent”;

(d) in subsection (6) by striking out “Minister” wherever it appears and substituting “Superintendent”.

21(41)Subsection 251(1) of the Act is amended

(a) in the portion preceding paragraph (a) by striking out “Minister” and substituting “Superintendent”;

(b) in paragraph (c) by striking out “Minister” and substituting “Superintendent”;

in addition to any other rights under this Act, the Superintendent may apply to the Court for an order

21(42)Section 252 of the Act is amended

(a) in subsection (1) by striking out “the Superintendent” and substituting “the Superintendent, the Commission”;

(b) by repealing subsection (3) and substituting the following:

252(3)An applicant under subsection (1), other than the Superintendent or the Commission, shall give notice of the application to the Superintendent, and the Superintendent or the Commission may appear and be heard in person or by counsel.

21(43)Subsection 254(2) of the Act is repealed and the following is substituted:

254(2)An applicant under this section shall give the Superintendent notice of the application, and the Superintendent may appear and be heard in person or by counsel.

21(44)Paragraph 275(c) of the Act is amended by striking out “the Minister or Superintendent” and substituting “the Minister, the Superintendent, the Commission or the Tribunal”.

Nursing Homes Pension Plans Act

22(1)Section 1 of the Nursing Homes Pension Plans Act, chapter N-12 of the Acts of New Brunswick, 2008, is amended by repealing the definition “Superintendent” and substituting the following:

“Superintendent” means the Superintendent of Pensions appointed under the Financial and Consumer Services Commission Act and includes persons to whom the Superintendent or the Financial and Consumer Services Commission has delegated powers and duties under the Pension Benefits Act or the Financial and Consumer Services Commission Act.(surintendant)

22(2)Subsection 17(2) of the Act is amended by adding after paragraph (c) the following:

(c.1) 28(5);

22(3)The Act is amended by adding after section 18 the following:

Administration

18.1The Financial and Consumer Services Commission is responsible for the administration of this Act.

Pension Benefits Act

23(1)Section 1 of the Pension Benefits Act, chapter P-5.1 of the Acts of New Brunswick, 1987, is amended

(a) by repealing the definition “Board”;

(b) by repealing the definition “Superintendent” and substituting the following:

“Superintendent” means the Superintendent of Pensions appointed under the Financial and Consumer Services Commission Act and includes persons to whom the Superintendent or the Financial and Consumer Services Commission has delegated powers and duties under section 91 or under the Financial and Consumer Services Commission Act;(surintendant)

“Labour and Employment Board” means the Labour and Employment Board established under the Labour and Employment Board Act;(Commission du travail et de l’emploi)

“Tribunal” means the Financial and Consumer Services Tribunal established under the Financial and Consumer Services Commission Act;(Tribunal)

23(2)Section 28 of the Act is amended

(a) in subsection (1) by striking out “Subject to subsection (2)” and substituting “Subject to subsection (2) and to the Financial and Consumer Services Commission Act”;

(b) by adding after subsection (4) the following:

28(5)In the case of a conflict or an inconsistency between a provision of this Act and a provision of the Financial and Consumer Services Commission Act, this Act prevails.

23(3)The heading “ORDERS BY SUPERINTENDENT AND BOARD” preceding section 72 of the Act is repealed and the following is substituted:

ORDERS AND APPEALS

23(4)Section 73 of the Act is amended

(a) by repealing subsection (1) and substituting the following:

Appeals to the Tribunal

73(1)If the Superintendent has made an order or decision under this Act or the regulations, the person against whom the order or decision is made or who is affected by the order or decision may appeal the order or decision to the Tribunal within 20 days after the order is served or within 20 days after the day notice of the Superintendent’s decision is mailed.

(b) by repealing subsection (2);

73(3)The Tribunal may hear a matter appealed to it under this section despite that a time period set out in subsection (1) was not complied with.

(d) by repealing subsection (4) and substituting the following:

73(4)If a matter is appealed to the Tribunal, an order of the Superintendent or decision issued by the Superintendent with respect to the matter is stayed pending the disposition of the matter by the Tribunal, unless the Tribunal directs otherwise.

23(5)The Act is amended by adding after section 73 the following:

Referral of matters to the Labour and Employment Board

73.1(1)Despite subsection 74(1), the Tribunal may refer a matter to the Labour and Employment Board that, in the opinion of the Tribunal, involves a question of law or a question of mixed law and fact involving labour or employment law.

73.1(2)If the Tribunal refers a matter to the Labour and Employment Board under subsection (1), the Tribunal shall

(a) state the question in writing, setting out the facts on which it is based, and

(b) file with the Labour and Employment Board the question together with additional information or material that the Tribunal considers relevant.

73.1(3)The Labour and Employment Board shall consider and determine the question, and the decision of the Labour and Employment Board on the question is final and binding on the Tribunal and the parties and shall be deemed to be a part of the Tribunal’s decision.

73.1(4)When the Labour and Employment Board hears a matter referred to it under this section, subsections 73(3) and (4) and sections 75, 76 and 80 apply with the necessary modifications to the hearing.

73.1(5)To the extent they are not inconsistent with the Labour and Employment Board Act, the rules made by the Financial and Consumer Services Commission governing the practice and procedure of the Tribunal apply with the necessary modifications to a hearing under this section.

23(6)Section 74 of the Act is repealed.

23(7)Section 75 of the Act is repealed and the following is substituted:

Proceedings before the Tribunal

75(1)The Superintendent is a party to a matter appealed to the Tribunal and is responsible to present a case in support of a decision or order made by the Superintendent.

75(2)In a matter appealed to the Tribunal under section 73, the appellant, the Superintendent and any other person who, in the opinion of the Tribunal, is interested in or affected by the proceedings have the right to be heard.

23(8)Section 76 of the Act is amended

(a) in subsection (1)

(i) by striking out the portion preceding paragraph (a) and substituting the following:

Orders and records of the Tribunal

76(1)If a matter has been appealed to the Tribunal under section 73, after hearing and considering the matter the Tribunal may issue an order

(ii) in paragraph (c) by striking out “Board” and substituting “Tribunal”;

(iii) in the portion following paragraph (c) by striking out “Board” and substituting “Tribunal”;

(b) by repealing subsection (2).

23(9)Section 77 of the Act is repealed and the following is substituted:

Summons to appear to show cause

77(1)On the application of the Superintendent or any other interested person, the Tribunal may issue a summons requiring the person named in the summons to appear before the Tribunal to show cause why an order of the Superintendent or of the Tribunal has not been complied with and why a further order should not be made.

77(2)A summons issued under this section by the Tribunal may be served outside the Province, and a failure to appear by any person summoned shall not affect the ability of the Tribunal to act.

23(10)Section 78 of the Act is repealed and the following is substituted:

Entering orders as judgments of the Court

78(1)If the Tribunal determines that a person has failed or refused to comply with an order of the Superintendent or the Tribunal without reasonable cause, the Tribunal may file a copy of the order in The Court of Queen’s Bench of New Brunswick and the order shall be entered and recorded in the Court, and when entered and recorded becomes a judgment of the Court that may be enforced as a judgment obtained by the Tribunal in the Court.

78(2)All reasonable costs and charges attendant on the filing, entering and recording of an order under subsection (1) are recoverable as if the amount had been included in the order.

23(11)Section 79 of the Act is repealed.

23(12)Section 80 of the Act is repealed.

23(13)Section 81 of the Act is repealed and the following is substituted:

Extension of time limits

81The Superintendent or the Tribunal may extend any time limit prescribed by this Act or the regulations before or after the expiration of the time if satisfied that there are reasonable grounds for the extension, and may give the directions that the Superintendent or the Tribunal considers proper consequent on the extension.

23(14)Subsection 88(1.1) of the Act is amended by striking out “Board” and substituting “Tribunal”.

23(15)Section 91 of the Act is amended

(a) by repealing subsection (1) and substituting the following:

Financial and Consumer Services Commission responsible for administration of the Act

91(1)The Financial and Consumer Services Commission is responsible for the administration of this Act.

(b) by repealing subsection (2);

91(3)The Superintendent or the Financial and Consumer Services Commission may delegate in writing any power or duty of the Superintendent under this Act or the regulations to any person, subject to any limitation or condition set out in the delegation.

23(16)Section 96 of the Act is amended

(a) in subsection (1) by striking out “Board” and substituting “Labour and Employment Board”;

(b) in subsection (2) by striking out “Board” and substituting “Labour and Employment Board”;

23(17)Section 97 of the Act is repealed and the following is substituted:

Jurisdiction of the Labour and Employment Board

97(1)The Labour and Employment Board has exclusive jurisdiction to exercise the powers conferred on it under this Act and to determine all questions of fact or law that arise in a matter before it.

97(2)A decision, determination, direction, declaration or ruling of the Labour and Employment Board is final and conclusive and, except on the grounds of jurisdiction or a denial of natural justice, shall not be questioned or reviewed in any court, and no order shall be made or proceedings taken in any court, whether by way of injunction, declaratory judgment, order on judicial review or otherwise to question, review, prohibit or restrain the Labour and Employment Board or any of its proceedings.

97(3)If a decision of the Labour and Employment Board is reviewed and set aside because of an excess of jurisdiction or a denial or natural justice, no costs shall be awarded against any party to the matter before the Labour and Employment Board.

23(18)Section 98 of the Act is repealed and the following is substituted:

98(1)Despite subsection 38(5) of the Financial and Consumer Services Commission Act, the Tribunal, on its own motion, may state a case in writing for the opinion of The Court of Appeal of New Brunswick on a question that, in the opinion of the Tribunal, is a question of law.

98(2)The Court of Appeal of New Brunswick shall hear and determine the question or questions of law arising in the stated case and shall remit the matter to the Tribunal with the opinion of the Court, and the opinion of the Court on a question of law is binding on the Tribunal and the parties.

98(3)No costs shall be awarded in a case stated under this section.

23(19)Paragraph 100(1)(g) of the Act is amended by striking out “Minister” and substituting “Financial and Consumer Services Commission”.

23(20)Section 100.81 of the Act is amended

(a) by repealing subsection (1) and substituting the following:

100.81(1)The Crown in right of the Province, the Minister, a person designated to act on behalf of the Minister, the Financial and Consumer Service Commission, the Superintendent or an administrator or any of their officers, directors, employees or members is not liable under this Act or the regulations if the Minister, person designated to act on behalf of the Minister, Financial and Consumer Services Commission, Superintendent or administrator or any of their officers, directors, employees or members exercised the care, diligence and skill that a reasonably prudent person would have exercised in comparable circumstances, including reliance in good faith on a report of a person whose profession lends credibility to a statement made by that person.

(b) in subsection (2) in the portion preceding paragraph (a) by striking out “the Superintendent” and substituting “the Financial and Consumer Services Commission, the Superintendent”.

Personal Property Security Act

24Subsection 1(1) of the Personal Property Security Act, chapter P-7.1 of the Acts of New Brunswick, 1993, is amended

(a) in paragraph (a) of the definition “futures contract” by striking out “New Brunswick Securities Commission” and substituting “Financial and Consumer Services Commission”;

(b) in paragraph (b) of the definition “futures intermediary” by striking out “New Brunswick Securities Commission” and substituting “Financial and Consumer Services Commission”.

Pre-arranged Funeral Services Act

25(1)Section 1 of the Pre-arranged Funeral Services Act, chapter 109 of the Revised Statutes, 2012, is amended by adding the following definitions in alphabetical order:

“Director” means the Director of Consumer Affairs appointed under the Financial and Consumer Services Commission Act and includes any person designated by the Financial and Consumer Services Commission or the Director to act on the Director’s behalf. (directeur)

“Tribunal” means the Tribunal established under the Financial and Consumer Services Commission Act.(Tribunal)

25(2)Section 2 of the Act is repealed and the following is substituted:

2The Financial and Consumer Services Commission is responsible for the administration of this Act.

25(3)Section 5 of the Act is amended

(a) in subsection (1) by striking out “Minister” and substituting “Director”;

(b) in subsection (2) by striking out “Minister” wherever it appears and substituting “Director”;

(d) in subsection (4) by striking out “Minister” and substituting “Director”.

25(4)Section 6 of the Act is amended

(a) in subsection (2) by striking out “Minister” and substituting “Director”;

(b) in subsection (3) by striking out “Minister” wherever it appears and substituting “Director”;

25(5)The heading “Signature of Minister” preceding section 9 of the Act is amended by striking out “Minister” and substituting “Director”.

25(6)Section 9 of the Act is repealed and the following is substituted:

Signature of Director

9The signature of the Director on a funeral provider’s licence or manager’s licence issued under this Act may be printed, stamped or otherwise mechanically reproduced on the licence.

25(7)Section 15 of the Act is amended

(a) in subsection (3) by striking out “Minister” and substituting “Director”;

(b) in subsection (4) by striking out “Minister” and substituting “Director”.

25(8)Section 18 of the Act is amended

(a) in subsection (1) by striking out “Minister” wherever it appears and substituting “Director”;

(b) in subsection (2) in the portion preceding paragraph (a) by striking out “Minister” and substituting “Director”;

25(9)Section 19 of the Act is amended

(a) in subsection (1) by striking out “Minister” wherever it appears and substituting “Director”;

(b) in subsection (2) by striking out “Minister” and substituting “Director”.

25(10)Section 20 of the Act is amended

(a) in subsection (1) by striking out “Minister” and substituting “Director”;

(b) in subsection (3) in the portion preceding paragraph (a) by striking out “Minister” and substituting “Director”;

(d) in subsection (5) by striking out “Minister” and substituting “Director”;

(e) in subsection (6) by striking out “Minister” wherever it appears and substituting “Director”;

(f) in subsection (7) by striking out “Minister” wherever it appears and substituting “Director”;

(g) in subsection (8) by striking out “Minister” wherever it appears and substituting “Director”;

(h) in subsection (9) of the French version by striking out “ministre” and substituting “directeur”.

25(11)Section 21 of the Act is amended by striking out “Minister” and substituting “Director”.

25(12)The heading “Report by former licensee to Minister and Board” preceding section 22 of the Act is amended by striking out “to Minister and Board”.

25(13)Section 22 of the Act is amended by striking out “Minister” and substituting “Director”.

25(14)Section 28 of the Act is amended

(a) in subsection (1)

(i) in the portion preceding paragraph (a) by striking out “Minister” wherever it appears and substituting “Director”;

(ii) in paragraph (b) of the English version by striking out “Minister” and substituting “Director”;

(b) in subsection (2)

(i) in the portion preceding paragraph (a) by striking out “Minister” wherever it appears and substituting “Director”;

(ii) in paragraph (b) of the English version by striking out “Minister” and substituting “Director”;

(d) in subsection (4) by striking out “Minister” and substituting “Director”;

(e) by repealing subsection (5);

(f) by repealing subsection (6);

(g) by repealing subsection (7);

(h) in subsection (8) by striking out “Minister” wherever it appears and substituting “Director”;

(i) in subsection (9) by striking out “Minister” and substituting “Director”;

(j) in subsection (10) by striking out “Minister” and substituting “Director”;

(k) in subsection (11) by striking out “Minister” and substituting “Director”.

25(15)The Act is amended by adding after section 28 the following:

Appeal

28.1 A person directly affected by any of the following decisions of the Director may appeal the decision to the Tribunal:

(a) the refusal to issue a funeral provider’s licence for a reason other than that referred to in subsection 5(3) or (4);

(b) the imposition of a term or condition under subsection 5(4);

(d) the issuance of or the refusal to issue a direction under subsection 15(3);

(e) the making of or the refusal to make an order under subsection 15(4);

(f) the imposition of a restriction or prohibition under subsection 19(2);

(g) the suspension or cancellation of a funeral provider’s licence under subsection 28(1) or of a manager’s licence under subsection 28(2).

25(16)Paragraph 31(h) of the Act is repealed.

Regulations under the Pre-arranged Funeral Services Act

26(1)The enacting clause of New Brunswick Regulation 88-32 under the Pre-arranged Funeral Services Act is repealed and the following is substituted:

Under section 31 of the Pre-arranged Funeral Services Act, the Lieutenant-Governor in Council makes the following Regulation:

26(2)Section 2 of the Regulation is amended

(a) in the definition “beneficiary” in the English version by striking out the semicolon at the end of the definition and substituting a period;

(b) by repealing the definition “Branch”.

26(3)Section 3 of the Regulation is amended by striking out “Minister” and substituting “Director”.

26(4)Section 4 of the Regulation is amended

(a) in paragraph (1)(d) by striking out “Minister” and substituting “Director”;

(b) in subsection (4) by striking out “Minister” and substituting “Director”.

26(5)Section 4.1 of the Regulation is amended by striking out “Minister” and substituting “Director”.

26(6)Section 5 of the Regulation is amended

(a) in subsection (2) in the portion preceding paragraph (a) by striking out “Minister” and substituting “Director”;

(b) in subsection (3) by striking out “Minister by sending the copy to the Branch” and substituting “Director”;

26(7)Section 8 of the Regulation is amended by striking out the portion preceding paragraph (a) and substituting the following:

8A licensed funeral provider shall notify the Director within 30 days, by notice in writing, of

26(8)Section 9 of the Regulation is amended

(a) in subsection (1) by striking out “Minister” and substituting “Director”;

(b) in subsection (2) by striking out “Minister by sending it by ordinary mail to the Branch” and substituting “Director by sending it by ordinary mail”;

9(3)Despite subsection (1), a licensed funeral provider, when requested by the Director, shall report to the Director the information that may be required in Form 1.

Regulations under the Pre-arranged Funeral Services Act

27(1)The enacting clause of New Brunswick Regulation 94-122 under the Pre-arranged Funeral Services Act is repealed and the following is substituted:

Under section 31 of the Pre-arranged Funeral Services Act, the Lieutenant-Governor in Council makes the following Regulation:

27(2)Section 2 of the Regulation is amended

(a) in the definition “claimant” in the English version by striking out the semicolon at the end of the definition and substituting a period;

(b) by repealing the definition “Director”.

27(3)Section 6 of the French version of the Regulation is amended

(a) in subsection (1) by striking out “Directeur” and substituting “directeur”;

(b) in subsection (3) by striking out “Directeur” wherever it appears and substituting “directeur”;

(d) in subsection (5) by striking out “Directeur” and substituting “directeur”;

(e) in subsection (6) by striking out “Directeur” wherever it appears and substituting “directeur”;

(f) in subsection (7) by striking out “Directeur” wherever it appears and substituting “directeur”;

(g) in subsection (8) by striking out “Directeur” and substituting “directeur”.

Premium Tax Act

28(1)Section 1 of the Premium Tax Act, chapter P-15 of the Revised Statutes, 1973, by adding the following definition in alphabetical order:

“Minister” means the Minister of Finance and includes any person designated by the Minister to act on the Minister’s behalf;(ministre)

28(2)Subsection 2(1) of the Act is amended in the portion preceding paragraph (a) by striking out “Minister of Finance” and substituting “Minister”;

28(3)Section 3 of the Act is repealed and the following is substituted:

3(1)Every insurance company liable to pay a tax under section 2 shall remit to the Minister

(a) on or before each June 30, September 30 and December 31 of the taxation year, an amount equal to one-quarter of the tax paid for the year preceding the taxation year, and

(b) on or before March 15 in the year following the taxation year, the balance, if any, of the amount payable by it in respect of that taxation year.

3(2)On or before March 15 in the year following the taxation year, an insurance company referred to in subsection (1) shall file with the Minister and the Superintendent a return on a form provided by the Superintendent showing the amount of tax payable by it in respect of that taxation year.

3(3)If the payments made by an insurance company under subsection (1) exceed the amount of tax it is liable to pay under section 2, the Minister shall refund the excess amount paid within 30 days following receipt of the return required by subsection (2).

28(4)The Act is amended by adding after section 4 the following:

5The Minister is responsible for the administration of this Act and may designate one or more persons to act on the Minister’s behalf.

6 The Superintendent may disclose to the Minister the information necessary for the administration of the Act, including the information necessary for the following purposes:

(a) to determine whether an insurance company is required to pay the tax under subsection 2(1);

(b) to determine the amount of tax payable under subsection 2(1); and

Proceedings Against the Crown Act

29Section 1 of the Proceedings Against the Crown Act, chapter P-18 of the Revised Statutes, 1973, is amended in the definition “Crown corporation” by striking out “New Brunswick Securities Commission” and substituting “Financial and Consumer Services Commission”.

Regulation under the Public Purchasing Act

30(1)The enacting clause of New Brunswick Regulation 94-157 under the Public Purchasing Act is repealed and the following is substituted:

Under section 12 of the Public Purchasing Act, the Lieutenant-Governor in Council makes the following Regulation:

30(2)Subsection 8(8) of the Regulation is amended by striking out “New Brunswick Securities Commission” and substituting “Financial and Consumer Services Commission”.

30(3)Subsection 9(5) of the Regulation is amended by striking out “New Brunswick Securities Commission” and substituting “Financial and Consumer Services Commission”.

30(4)Subsection 10(4) of the Regulation is amended by striking out “New Brunswick Securities Commission” and substituting “Financial and Consumer Services Commission”.

30(5)Section 28 of the Regulation is amended by striking out “New Brunswick Securities Commission” and substituting “Financial and Consumer Services Commission”.

30(6)Schedule B of the Regulation is amended

(a) by striking out

New Brunswick Securities Commission

(b) by adding the following in alphabetical order:

Financial and Consumer Services Commission

Public Service Labour Relations Act

31The First Schedule of the Public Service Labour Relations Act, chapter P-25 of the Revised Statutes, 1973, is amended in Part IV

(a) by striking out

New Brunswick Securities Commission

(b) by adding the following in alphabetical order:

Financial and Consumer Services Commission

Regulation under the Public Service Superannuation Act

32(1)Schedule A of New Brunswick Regulation 84-105 under the Public Service Superannuation Act is amended

(a) by adding after

Energy Efficiency and Conservation Agency of New Brunswick

the following:

Financial and Consumer Services Commission, but only with respect to its Chair and persons who are employed or engaged in full-time employment by the Commission in accordance with section 18 of the Financial and Consumer Services Commission Act

(b) by striking out

New Brunswick Securities Commission, but only with respect to its Chair and persons who are employed or engaged in full-time employment by the Commission in accordance with section 14 of the Securities Act

32(2)Schedule B of the Regulation is amended

(a) by adding after

Energy Efficiency and Conservation Agency of New Brunswick

the following:

Financial and Consumer Services Commission

(b) by striking out

New Brunswick Securities Commission

Real Estate Agents Act

33(1)Section 1 of the Real Estate Agents Act, chapter 215 of the Revised Statutes, 2011, is amended

(a) by repealing the definition “Minister”;

(b) by repealing the definition “prescribed” and substituting the following:

“prescribed” means prescribed by this Act, the regulations or, if the context requires, the rules made by the Commission under the Financial and Consumer Services Commission Act. (prescrit)

“Commission” means the Financial and Consumer Services Commission continued under the Financial and Consumer Services Commission Act. (Commission)

“Tribunal” means the Tribunal established under the Financial and Consumer Services Commission Act. (Tribunal)

33(2)Paragraph 4(1)(b) of the Act is repealed and the following is substituted:

(b) the agent files with the Director, in a form approved or provided by the Director, a bond in the prescribed amount that is payable to the Commission,

33(3)Paragraph 6(1)(c) of the Act is amended by striking out “Minister” and substituting “Director”.

33(4)Subsection 8(2) of the Act is amended in the portion preceding paragraph (a) by striking out “Minister” wherever it appears and substituting “Director”.

33(5)Paragraph 9(1)(c) of the Act is amended by striking out “Minister” and substituting “Director”.

33(6)Section 10 of the Act is amended

(a) by repealing subsection (1) and substituting the following:

10(1)On receipt of an application for a licence and on payment of the prescribed fee, if the Director is satisfied that the applicant is suitable to be licensed and that the issuing of the proposed licence is not objectionable for any reason, the Director may issue to the applicant a licence authorizing the holder during the term of the licence to carry on the business of an agent or act as a manager or salesperson within the Province, but if, after due investigation made by the Director, the Director is, for any reason, of the opinion that the applicant should not be granted a licence, the Director may refuse a licence to the applicant.

(b) by repealing subsection (2) and substituting the following:

10(2)The Director may suspend or cancel a licence if he or she is of the opinion it is in the public interest to do so.

10(6)A person dissatisfied with a decision of the Director under this section may appeal the decision to the Tribunal.

(d) in subsection (7) by striking out “Minister” and substituting “Director”.

33(7)Section 11 of the Act is amended

(a) in subsection (1) by striking out “Minister” and substituting “Director”;

(b) in subsection (2) by striking out “Minister” wherever it appears and substituting “Director”.

33(8)The heading “Signature of Minister on licence” preceding section 12 of the Act is repealed and the following is substituted:

Signature of Director on licence

33(9)Section 12 of the Act is amended by striking out “Minister” and substituting “Director”.

33(10)Subsection 13(1) of the Act is amended by striking out “Minister” and substituting “Director”.

33(11)The heading “Power of Minister to require further information” preceding section 14 of the Act is repealed and the following is substituted:

Power of Director to require further information

33(12)Section 14 of the Act is amended by striking out “Minister” wherever it appears and substituting “Director”.

33(13)The heading “Requirement to notify Minister” preceding section 15 of the Act is repealed and the following is substituted:

Requirement to notify Director

33(14)Section 15 of the Act is amended

(a) in subsection (1) in the portion preceding paragraph (a) by striking out “Minister” and substituting “Director”;

(b) in subsection (2) in the portion preceding paragraph (a) by striking out “Minister” and substituting “Director”.

33(15)Subsection 16(1) of the Act is amended by striking out “Minister” wherever it appears and substituting “Director”.

33(16)Subsection 17(1) of the Act is amended by striking out “Minister” wherever it appears and substituting “Director”.

33(17)Section 22 of the Act is amended

(a) in subsection (1) by striking out “Minister” and substituting “Director”;

(b) in subsection (2) by striking out “Minister” and substituting “Director”;

(i) in paragraph (b) by striking out “Minister” and substituting “Director”;

(ii) in paragraph (c) by striking out “Minister” and substituting “Director”;

(d) in subsection (4) by striking out “Minister” and substituting “Director”;

(e) by repealing subsection (5) and substituting the following:

22(5)If a party is dissatisfied with the decision of the Director under subsection (4), the party may appeal the decision to the Tribunal.

(f) by repealing subsection (6);

(g) in subsection (7) by striking out “Minister” and substituting “Director”;

(h) by repealing subsection (8).

33(18)Subsection 23(1) of the Act is amended in the portion preceding paragraph (a) by striking out “Minister” and substituting “Director”.

33(19)Section 24 of the Act is amended in the portion preceding paragraph (a) by striking out “Minister” and substituting “Director”.

33(20)Section 26 of the Act is amended by striking out “Minister” wherever it appears and substituting “Director”.

33(21)Subsection 27(2) is amended by striking out “Minister” and substituting “Director”.

33(22)Section 31 of the Act is amended

(a) in subsection (2)

(i) in the portion preceding paragraph (a) by striking out “Minister” and substituting “Director”;

(ii) in paragraph (c) by striking out “Minister” wherever it appears and substituting “Director”;

(b) by repealing subsection (3) and substituting the following:

31(3)When the Director declares a bond forfeited under subsection (2), the amount of the bond is a debt due to the Commission, owing by the person bound by it.

(d) by repealing subsection (8) and substituting the following:

31(8)The Tribunal may assign a bond forfeited under the provisions of this section or, subject to subsection (11), may pay over any money recovered under it to a person, or to the Registrar of The Court of Queen’s Bench of New Brunswick, in trust for the persons who may become, in respect of claims arising out of trades in real estate, judgment creditors of the person so bonded, or to a trustee, custodian, interim receiver, receiver or liquidator of the judgment creditors, as the case may be; the assignment or payment over to be in accordance with and on conditions set out in the regulations or in a special order of the Tribunal.

(e) in subsection (9) by striking out “Minister” wherever it appears and substituting “Minister of Justice”;

(f) by repealing subsection (10) and substituting the following:

31(10)If a bond has been forfeited under the provisions of subsection (2) by reason of a conviction or judgment under paragraph (2)(a) or (b) and, within two years after the conviction or judgment having become final or after the agent or salesperson in respect of whom the bond was furnished ceasing to carry on business as such, the Commission has not received notice in writing of a claim against the proceeds of the bond or of the portion of it that remains in the possession of the Commission, the Commission, subject to subsection (11), shall pay the proceeds or portion of the proceeds to a person who on forfeiture of the bond made payments under it.

(g) in subsection (11)

(i) in the portion preceding paragraph (a) by striking out “Minister” wherever it appears and substituting “Commission”;

(ii) in paragraph (a) by striking out “Minister” and substituting “Commission”.

33(23)The heading “Power of inquiry of Minister” preceding section 32 of the Act is repealed and the following is substituted:

Power of inquiry of Director

33(24)Section 32 of the Act is amended

(a) in subsection (1) in the portion preceding paragraph (a) by striking out “Minister” wherever it appears and substituting “Director”;

(b) in subsection (6) by striking out “Minister” wherever it appears and substituting “Director”.

33(25)The heading “Reference by Minister to Association” preceding section 33 of the Act is repealed and the following is substituted:

Reference by Director to Association

33(26)Section 33 of the Act is amended

(a) in subsection (1) by striking out “Minister” and substituting “Director”;

(b) in subsection (2) by striking out “Minister” and substituting “Director”;

33(27)The heading “Advice to Minister by Association” preceding section 34 of the Act is repealed and the following is substituted:

Advice to Director by Association

33(28)Section 34 of the Act is repealed and the following is substituted:

34In addition to any other powers and duties given to it under this Act or the regulations, the Association may, and on request of the Director shall, advise the Director in relation to the Director’s powers under this Act.

33(29)The heading “Certificat du ministre” preceding section 46 of the French version of the Act is repealed and the following is substituted:

Certificat du directeur

33(30)Section 46 of the Act is amended in the portion preceding paragraph (a) by striking out “Minister” wherever it appears and substituting “Director”.

33(31)Section 47 of the Act is repealed and the following is substituted:

47The Commission is responsible for the administration of this Act.

33(32)Section 48 of the Act is amended

(a) by repealing paragraph (g) and substituting the following:

(g) prescribing the books, accounts and records to be kept and maintained by agents, and providing for their inspection by the Director or the Director’s representative and for their audit;

(b) in paragraph (k) by striking out “Minister” and substituting “Director”.

33(33)Subsection 49(3) of the Act is amended by striking out “Minister” and substituting “Director”.

Regulation under the Real Estate Agents Act

34(1)The enacting clause of New Brunswick Regulation 85-24 under the Real Estate Agents Act is repealed and the following is substituted:

Under section 48 of the Real Estate Agents Act, the Lieutenant-Governor in Council makes the following Regulation:

34(2)Section 5.1 of the Regulation is amended

(a) in subsection (1) by striking out “Minister” wherever it appears and substituting “Director”;

(b) in subsection (2) by striking out “Minister” and substituting “Director”.

34(3)Section 6.1 of the Regulation is amended

(a) in subsection (1) by striking out “Minister” wherever it appears and substituting “Director”;

(b) in subsection (2) by striking out “Minister” and substituting “Director”.

34(4)Section 9 of the Regulation is amended

(a) in subsection (1) by striking out “Minister” and substituting “Director”;

(b) in subsection (2) by striking out “Minister” and substituting “Director”;

9(3)An application for a salesperson’s licence shall be on the form provided by the Director.

(d) by repealing subsection (4) and substituting the following:

9(4)An application for a salesperson’s licence shall have attached to it, on a form approved by the Director, a recommendation of the applicant and of his qualifications made by or on behalf of a licensed agent.

(e) in subsection (5) by striking out “Minister” and substituting “Director”;

(f) in subsection (6) by striking out “Minister” and substituting “Director”;

(g) by repealing subsection (8) and substituting the following:

9(8)A salesperson’s licence shall be on the form provided by the Director.

(h) by repealing subsection (9) of the English version and substituting the following:

9(9)A salesperson’s licence shall be inscribed with the name of the agent employing the salesperson.

34(5)Section 10 of the Regulation is repealed and the following is substituted:

10The amount of a bond that an agent shall furnish is:

(a) $10,000 if the agent does not employ a salesperson or manager or employs no more than one salesperson or manager;

(b) $20,000 if the agent employs more than one salesperson or manager and less than 11 salespeople and managers;

(d) $60,000 if the agent employs more than 20 and less than 31 salespeople and managers;

(e) $80,000 if the agent employs more than 30 and less than 41 salespeople and managers; and

(f) $100,000 if the agent employs more than 40 salespeople and managers.

34(6)Section 11 of the Regulation is repealed and the following is substituted:

11(1)The fee for an agent’s licence or a temporary agent’s licence is:

(a) $100 if the applicant employs no more than five salespeople and managers;

(b) $200 if the applicant employs more than five and not more than ten salespeople and managers;

(d) $500 if the applicant employs more than 20 salespeople and managers.

11(2)The fee for a licence for a branch office of an agent is $100.

11(3)The fee for a manager’s licence or a temporary manager’s licence is $75.

11(4)The fee for a salesperson’s licence is $50.

34(7)Section 12 of the Regulation is amended

(a) in subsection (1) by striking out “Minister” and substituting “Director”;

(b) in subsection (2) by striking out “Minister” and substituting “Commission”.

34(8)Section 13 of the English version of the Regulation is amended by striking out “salesman” and substituting “salesperson”.

34(9)Form 1 of the Regulation is repealed.

Right to Information and Protection of Privacy Act

35 Subparagraph 30(1)(e)(iii) of the Right to Information and Protection of Privacy Act, chapter R-10.6 of the Acts of New Brunswick, 2009, is amended by striking out “New Brunswick Securities Commission” and substituting “Financial and Consumer Services Commission”.

Securities Act

36(1)Subsection 1(1) of the Securities Act, chapter S-5.5 of the Acts of New Brunswick, 2004, is amended

(a) by repealing the following definitions:

“Chair”;

“member of the Commission”;

“Secretary”;

“supplementary member of the Commission”;

(b) by repealing the definition “Commission” and substituting the following:

“Commission” means the Financial and Consumer Services Commission continued under the Financial and Consumer Services Commission Act.(Commission)

“decision” , where used in relation to the Commission, the Executive Director or the Tribunal, means a decision, ruling, order, temporary order, direction or other requirement made by the Commission, the Executive Director or the Tribunal, as the case may be, under a power or right conferred by this Act or the regulations or under a delegation or transfer of an extra-provincial authority under section 195.11. (décision)

(d) by repealing the definition “Executive Director” and substituting the following:

“Executive Director” means the Executive Director of Securities appointed under the Financial and Consumer Services Commission Act and includes any person designated by the Commission or the Executive Director to act on the Executive Director’s behalf.(directeur général)

(e) in paragraph (e) of the definition “distribution” by striking out “Commission” and substituting “Tribunal”;

(f) in paragraph (c) of the definition “New Brunswick securities law” by striking out “the Commission or the Executive Director” and substituting “the Commission, the Executive Director or the Tribunal”;

(g) by adding the following definition in alphabetical order:

“Tribunal” means the Tribunal established under the Financial and Consumer Services Commission Act.(Tribunal)

36(2)The heading “Commission” preceding section 3 of the Act is repealed.

36(3)Section 3 of the Act is repealed.

36(4)The heading “Head office” preceding section 6 of the Act is repealed.

36(5)Section 6 of the Act is repealed.

36(6)The heading “Members of the Commission other than the Chair” preceding section 7 of the Act is repealed.

36(7)Section 7 of the Act is repealed.

36(8)The heading “Supplementary members of the Commission” preceding section 7.1 of the Act is repealed.

36(9)Section 7.1 of the Act is repealed.

36(10)The heading “Chair” preceding section 8 of the Act is repealed.

36(11)Section 8 of the Act is repealed.

36(12)The heading “Remuneration and expenses” preceding 9 of the Act is repealed.

36(13)Section 9 of the Act is repealed.

36(14)The heading “Continuation in office” preceding section 10 of the Act is repealed.

36(15)Section 10 of the Act is repealed.

36(16)The heading “Removal from office” preceding section 11 of the Act is repealed.

36(17)Section 11 of the Act is repealed.

36(18)The heading “Vacancy or temporary absence” preceding section 12 of the Act is repealed.

36(19)Section 12 of the Act is repealed.

36(20)The heading “Quorum” preceding section 13 of the Act is repealed.

36(21)Section 13 of the Act is repealed.

36(22)The heading “Employees” preceding section 14 of the Act is repealed.

36(23)Section 14 of the Act is repealed.

36(24)The heading “Executive Director” preceding section 15 of the Act is repealed.

36(25)Section 15 of the Act is repealed.

36(26)Section 16 of the Act is amended

(a) by repealing subsection (5);

(b) by repealing subsection (6).

36(27)The heading “Secretary” preceding section 17 of the Act is repealed.

36(28)Section 17 of the Act is repealed.

36(29)The heading “Agreement for services” preceding section 18 of the Act is repealed.

36(30)Section 18 of the Act is repealed.

36(31)The heading “Appointment of experts” preceding section 19 of the Act is repealed.

36(32)Section 19 of the Act is repealed.

36(33)The heading “Immunity” preceding section 20 of the Act is repealed.

36(34)Section 20 of the Act is repealed.

36(35)The heading “Indemnity” preceding section 21 of the Act is repealed.

36(36)Section 21 of the Act is repealed.

36(37)The heading “By-laws” preceding section 22 of the Act is repealed.

36(38)Section 22 of the Act is repealed.

36(39)Subsection 23(1) of the Act is amended by striking out “In relation to any hearing under this Act or the regulations, the Commission” and substituting “When holding a hearing under this Act or the regulations, the Commission” .

36(40)Section 23.1 of the Act is amended

(a) by repealing subsection (1) and substituting the following:

23.1(1)The Chair of the Commission may assign two or more persons from among the members of the Commission to sit as members of a hearing panel of the Commission and may direct the hearing panel to conduct a hearing that the Commission itself could conduct under this Act or the regulations.

(b) in subsection (2) by striking out “or review”;

(d) in subsection (5) by striking out “The Chair” and substituting “The Chair of the Commission”.

(e) by repealing subsection (8) and substituting the following:

23.1(8)When a hearing is being conducted by a hearing panel of the Commission and a member of the hearing panel is unable to complete the hearing for any reason, the remaining members, if they constitute a quorum of the hearing panel, may complete the hearing.

36(41)The heading “Delegation of Commission powers and duties” preceding section 24 of the Act is repealed.

36(42)Section 24 of the Act is repealed.

36(43)The heading “Financial matters” preceding section 25 of the Act is repealed.

36(44)Section 25 of the Act is repealed.

36(45)The heading “Self-financing” preceding section 26 of the Act is repealed.

36(46)Section 26 of the Act is repealed.

36(47)The heading “Budget” preceding section 27 of the Act is repealed.

36(48)Section 27 of the Act is repealed.

36(49)The heading “Business plan” preceding section 28 of the Act is repealed.

36(50)Section 28 of the Act is repealed.

36(51)The heading “Minister’s request for information” preceding section 29 of the Act is repealed.

36(52)Section 29 of the Act is repealed.

36(53)The heading “Fiscal year and financial statements” preceding section 30 of the Act is repealed.

36(54)Section 30 of the Act is repealed.

36(55)The heading “Audit” preceding section 31 of the Act is repealed.

36(56)Section 31 of the Act is repealed.

36(57)The heading “Annual report” preceding section 32 of the Act is repealed.

36(58)Section 32 of the Act is repealed.

36(59)The heading “New Brunswick Securities Commission Securities Policy Advisory Committee” preceding section 33 of the Act is repealed.

36(60)Section 33 of the Act is repealed.

36(61)Subsection 38.1(1) of the Act is amended by striking out “the Commission and the Executive Director” and substituting “the Commission, the Tribunal and the Executive Director”.

36(62)Subsection 41(4) of the Act is amended by striking out “to the Executive Director” and substituting “to the Tribunal or the Executive Director”.

36(63)Subsection 42(4) of the Act is amended by striking out “to the Executive Director” and substituting “to the Tribunal or the Executive Director”.

36(64)Subsection 44(1) of the Act is amended by striking out “Commission” and substituting “Tribunal”.

36(65)The Act is amended by adding after section 44 the following:

Immunity

44.01No action or other proceeding may be brought against any of the following persons for anything done or not done, or for a neglect, in the performance or exercise, or the intended performance or exercise, in good faith of a power or duty under the authority of this Act or the regulations:

(a) an auditor oversight body;

(b) a director, officer or employee of an auditor oversight body;

36(66)Section 87 of the Act is repealed and the following is substituted:

87(1)Subject to subsection (2), if, on the application of the Commission after the filing of a prospectus and the issuance of a receipt for a prospectus, the Tribunal is satisfied that any of the circumstances referred to in subsection 75(2) exist, the Tribunal, following a hearing, may order that the distribution of the securities under the prospectus shall cease for a period specified in the order.

87(2)If the Tribunal is of the opinion that the length of time required to hold a hearing under subsection (1) could be prejudicial to the public interest, the Tribunal, without a hearing, may make a temporary order under subsection (1) to have effect for not longer than 15 days after the date the temporary order is made, unless a hearing is commenced within the 15 days, in which case the Tribunal may extend the temporary order until the hearing is concluded.

87(3)Without delay, the Commission shall give written notice of an order or temporary order made under this section to the issuer to whose security the prospectus relates.

36(67)Section 106 of the Act is amended in paragraph (e) of the definition “interested person” by striking out “Commission” and substituting “Tribunal”.

36(68)The heading “Applications to the Commission” preceding section 129 of the Act is amended by striking out “Commission” and substituting “Tribunal”.

36(69)Section 129 of the Act is amended

(a) in subsection (1) by striking out the portion preceding paragraph (a) and substituting the following:

129(1)If the Tribunal is of the opinion that a person has not complied with or is not complying with this Part or the regulations relating to this Part, the Tribunal, subject to those terms and conditions that it considers appropriate, may make an order

(b) by repealing subsection (2) and substituting the following:

129(2)If the Tribunal is of the opinion that to do so would not be prejudicial to the public interest, the Tribunal, subject to those terms and conditions that it considers appropriate, may make an order exempting, in whole or in part, a person or class of persons from any of the requirements of this Part or the regulations relating to this Part.

(c) in subsection (3) by striking out “on the application of an interested person or on the Commission’s own motion” and substituting “on the application of the Commission or of an interested person”.

36(70)Paragraph 151(2)(c) of the Act is amended by striking out “the Commission” and substituting “the Commission or the Tribunal”.

36(71)Subsection 176(1) of the Act is amended by striking out “the Chair or a member of the Commission” and substituting “the Chair of the Commission or a of member of the Commission”.

36(72)Section 177.1 of the Act is amended

(a) by repealing paragraph (d);

(b) by repealing paragraph (f) and substituting the following:

(f) a person engaged by the Commission under section 18 of the Financial and Consumer Services Act.

36(73)Subsection 179(2) of the Act is amended

(a) in paragraph (d) by striking out “the Commission or the Executive Director” and substituting “the Commission, the Executive Director or the Tribunal”;

(b) in paragraph (e) by striking out “the Commission or the Executive Director” and substituting “the Commission, the Executive Director or the Tribunal”.

36(74)Section 183 of the Act is amended

(a) in subsection (1) by striking out the portion preceding paragraph (a) and substituting the following:

183(1)On the application of the Commission, the Tribunal may make one or more of the following orders if the Tribunal considers it expedient for the administration of New Brunswick securities law or to assist in the administration of another jurisdiction’s securities laws or another jurisdiction’s laws regulating exchange contracts:

(b) in subsection (5) by striking out “Commission” and substituting “Tribunal”;

(d) in subsection (7) by striking out “The Commission, on the application of a person directly affected by the order or on its own motion” and substituting “The Tribunal, on the application of the Commission or of a person directly affected by the order”;

(e) by repealing subsection (9) and substituting the following:

183(9)The Tribunal may order a notice submitted under subsection (8) to be revoked or modified and, if an order is made, the Commission shall submit a copy of the revocation or modification to the appropriate registry office or land titles office.

36(75)Subsection 184 of the Act is amended

(a) in subsection (1)

(i) by striking out the portion preceding paragraph (a) and substituting the following:

184(1)On the application of the Commission, the Tribunal, if in its opinion it is in the public interest to do so, may make one or more of the following orders:

(ii) in paragraph (e) by striking out “Commission” and substituting “Tribunal”;

(iii) in paragraph (f) in the portion preceding subparagraph (i) by striking out “Commission” and substituting “Tribunal”;

(iv) in paragraph (k) by striking out “Commission” and substituting “Tribunal”;

(b) in subsection (1.1) by striking out the portion preceding paragraph (a) and substituting the following:

184(1.1)In addition to the power to make orders under subsection (1), the Tribunal, on the application of the Commission and after providing an opportunity to be heard, may make one or more of the orders referred to in paragraphs (1)(a) to (d) and (1)(g) to (i) against a person if the person

(d) by repealing subsection (3) and substituting the following:

184(3)The Tribunal may make an order under paragraph (1)(c) despite that a report of the material change has been filed with the Commission on a confidential basis under the regulations.

(e) by repealing subsection (4) and substituting the following:

184(4) Unless the parties and the Tribunal consent, no order shall be made under this section, except under subsection (1.1), without a hearing.

(f) by repealing subsection (5) and substituting the following:

184(5)Despite subsection (4), if in the opinion of the Tribunal the length of time required to hold a hearing could be prejudicial to the public interest, the Tribunal, without a hearing, may make a temporary order under paragraph (1)(a), (b), (c) or (d) or subparagraph (1)(f)(ii).

(g) in subsection (6) by striking out “Commission” and substituting “Tribunal”;

(h) in subsection (7) by striking out “Commission” and substituting “Tribunal”;

(i) by repealing subsection (8) and substituting the following:

184(8)Despite subsection (7), the Tribunal may extend a temporary order under paragraph (1)(c) for the period that it considers necessary if satisfactory information is not provided to the Tribunal within the 15-day period.

36(76)The heading “Payment of investigation and hearing costs” preceding section 185 of the Act is repealed.

36(77)Section 185 of the Act is repealed.

36(78)Section 186 of the Act is amended

(a) in subsection (1)

(i) by striking out the portion preceding paragraph (a) and substituting the following:

186(1)On the application of the Commission and after conducting a hearing, the Tribunal may order a person to pay an administrative penalty of not more than $750,000 if the Tribunal

(ii) in paragraph a) of the French version by striking out “elle détermine” and substituting “conclut”;

(iii) in paragraph b) of the French version by striking out “elle”;

(b) by repealing subsection (2) and substituting the following:

186(2)The Tribunal may make an order under this section despite the imposition of any other penalty on the person or the making of any other order by the Tribunal or the Commission related to the same matter.

36(79)Subsection 187(4) of the Act is amended in the portion preceding paragraph (a) by striking out “any other order by the Commission” and substituting “any other order by the Commission or the Tribunal”.

36(80)Section 188.1 of the Act is amended

(a) in subsection (1) by striking out “Commission” and substituting “Tribunal”;

(b) in subsection (2) by striking out “Commission” wherever it appears and substituting “Tribunal”;

188.1(3)When requested to by the Executive Director, the Tribunal may order the person to pay the claimant compensation of not more than $100,000 for the claimant’s financial loss, if, after the hearing, the Tribunal

(a) determines that the person has contravened or failed to comply with any of the following:

(i) a provision of this Act that is listed in Schedule A or a provision of the regulations;

(ii) a decision of the Commission, the Tribunal or the Executive Director;

(iii) a written undertaking made by the person to the Commission, the Tribunal or the Executive Director; or

(iv) a term or condition imposed on the person’s registration;

(b) is able to determine the amount of the financial loss on the evidence; and

(d) in subsection (4) by striking out “Commission” and substituting “Tribunal”;

(e) by repealing subsection (6) and substituting the following:

188.1(6)The Tribunal may make an order under subsection (3) despite the imposition of any other penalty on the person or the making of any other order by the Tribunal or Commission related to the same matter.

(f) in subsection (7) by striking out “Commission” and substituting “Tribunal”;

(g) in subsection (8) by striking out “Commission” and substituting “Tribunal”;

(h) in subsection (9) by striking out “Commission” and substituting “Tribunal”;

(i) in subsection (10) by striking out “Commission” wherever it appears and substituting “Tribunal”.

36(81)Subsection 189(1) of the Act is amended by striking out “decision of the Commission” and substituting “decision of the Commission or the Tribunal”.

36(82)Section 190 of the Act is amended in the portion preceding paragraph (a) by striking out “Commission” and substituting “Tribunal”.

36(83)Section 191 of the Act is amended

(a) in subsection (1)

(i) in the portion preceding paragraph (a) by striking out “the Commission or the Executive Director” and substituting “the Commission, the Tribunal or the Executive Director”;

(ii) in paragraph (a) by striking out “the Commission or the Executive Director” and substituting “the Commission, the Tribunal or the Executive Director”;

(iii) by repealing paragraph (b) and substituting the following:

(b) a written undertaking made by a person to the Commission, the Tribunal or the Executive Director that has been accepted by the Commission, the Tribunal or Executive Director, as the case may be, or

(iv) in paragraph (c) by striking out “the Commission or Executive Director” and substituting “the Commission, the Tribunal or the Executive Director”;

(b) in subsection (2) by striking out “the Commission or the Executive Director” and substituting “the Commission, the Tribunal or the Executive Director”.

36(84)Section 193 of the Act is amended

(a) by repealing subsection (1) and substituting the following:

193(1)A person directly affected by a decision of the Executive Director may request, and is entitled to, a hearing and review by the Tribunal of the decision.

(b) by repealing subsection (2) and substituting the following:

193(2)On application by the Commission, the Tribunal may review a decision of the Executive Director.

193(3)If the Commission intends to make an application under subsection (2), within 30 days after the date of the Executive Director’s decision, it shall notify the Executive Director and any person directly affected by that decision of its intention to make the application.

(d) in subsection (6) by striking out “Commission” wherever it appears and substituting “Tribunal”;

(e) in subsection (7) by striking out “Commission” and substituting “Tribunal”.

36(85)Section 195 of the Act is amended

(a) in subsection (1.2) by striking out “Secretary” and substituting “Secretary of the Commission”;

(b) in subsection (3)

(i) in the portion preceding paragraph (a) by striking out “Secretary” and substituting “Secretary of the Commission”;

(ii) by repealing paragraph (a).

36(86)Subsection 195.1(1) of the Act is amended by repealing the definition “New Brunswick authority” and substituting the following:

“New Brunswick authority” means a power, function or duty of the Commission, the Tribunal or the Executive Director that is, or is intended to be, performed or exercised by the Commission, the Tribunal or the Executive Director under New Brunswick securities law.(compétences du Nouveau-Brunswick)

36(87)Subsection 195.11(1) of the Act is amended in the portion preceding paragraph (a) by striking out “Commission” and substituting “Commission or Tribunal”.

36(88)Section 195.4 of the Act is amended by striking out “the Commission” and substituting “the Commission or the Tribunal”.

36(89)Section 195.5 of the Act is amended

(a) in subsection (1) by striking out “the Commission or the Executive Director” wherever it appears and substituting “the Commission, the Tribunal or the Executive Director”;

(b) in subsection (2) by striking out “the Commission or Executive Director” and substituting “the Commission, the Tribunal or the Executive Director”.

36(90)Section 195.6 of the Act is amended

(a) in subsection (1) by repealing the definition “Commission” and substituting the following:

“Commission” includes the Executive Director, a member of the Commission and an officer, employee or agent of the Commission.(Commission)

(b) in subsection (2) in the portion preceding paragraph (a) by striking out “the Commission or a securities regulatory authority” and substituting “the Commission, the members of the Tribunal or a securities regulatory authority”;

36(91)Section 195.7 of the Act is amended

(a) in subsection (1) in the definition “Commission” by striking out “Executive Director and any member of the Commission, any supplementary member of the Commission” and substituting “Executive Director, any member of the Commission”;

36(92)Section 195.8 of the Act is amended

(a) in subsection (1) in the definition “extra-provincial decision” by striking out “the Commission” and substituting “the Commission or the Tribunal”;

(b) in subsection (3) by striking out “the Commission” and substituting “the Tribunal”.

36(93)The heading “Appeal regarding decision of the Commission” preceding section 195.9 of the Act is repealed and the following is substituted:

Appeal of decision of Commission or Tribunal

36(94)Section 195.9 of the Act is amended

(a) by repealing subsection (1) and substituting the following:

195.9(1)In this section, “delegated authority” means an extra-provincial authority that is delegated or transferred to the Commission or the Tribunal and is accepted by the Commission or the Tribunal, as the case may be, under section 195.11.

(b) by adding after subsection (2) the following:

195.9(2.1)A person that is directly affected by a final decision of the Tribunal made under a delegated authority or a final decision of the Tribunal that is made under section 195.5, with leave of a judge of the Court of Appeal, may appeal that decision to the Court of Appeal in accordance with section 48 of the Financial and Consumer Services Commission Act, and that section applies with the necessary modifications to the appeal.

36(95)The heading “Certificate of Chair, other member of Commission or Executive Director” preceding section 196 is repealed and the following is substituted:

Certificate of Commission member or Executive Director

36(96)Subsection 196(1) of the Act is amended in the portion preceding paragraph (a) by striking out “the Chair” and substituting “the Chair of the Commission”.

36(97)Section 198 of the Act is amended

(a) by adding after subsection (4) the following:

198(4.1)A decision of the Commission made under subsection (4) is final and, despite subsection 195(1), is not subject to appeal under section 195.

(b) by repealing subsection (5) and substituting the following:

198(5)If a decision of the Executive Director under subsection (4) is reviewed by the Tribunal under section 193, the decision made by the Tribunal under subsection 193(6) is final and, despite subsection 48(1) of the Financial and Consumer Services Commission Act, is not subject to appeal under section 48 of that Act.

198(6)On the application of an interested person or the Executive Director and after giving the interested person or the Executive Director an opportunity to be heard, the Tribunal may make an order directing that any information or class of information or any material or class of materials filed with the Commission or the Executive Director under New Brunswick securities law be held in confidence if the Tribunal is of the opinion that the information or material so held discloses intimate financial, personal or other information and that the desirability of avoiding disclosure of the information in the interests of any person affected outweighs the desirability of adhering to the principle that information or material filed with the Commission or the Executive Director be available to the public for inspection.

(d) by repealing subsection (7) and substituting the following:

198(7)An order of the Tribunal made under subsection (6) is final and, despite subsection 48(1) of the Financial and Consumer Services Commission Act, is not subject to appeal under section 48 of that Act.

36(98)The heading “Receipt and disclosure of information” preceding section 199.1 of the Act is repealed and the following is substituted:

Disclosure of information

36(99)Section 199.1 of the Act is amended

(a) by repealing subsection (2);

(b) in subsection (4) by striking out “Commission” and substituting “Tribunal”;

36(100)Subsection 200(1) of the Act is amended

(a) in paragraph (h) by striking out “and authorizing the Commission to make an order that a proposed change may not be effected before a decision by the Commission” and substituting “and authorizing the Tribunal to make an order that a proposed change may not be effected before a decision of the Tribunal”;

(b) in paragraph (nnn.3) by striking out “by the Commission” and substituting “by the Commission or the Tribunal”;

(c) in paragraph (nnn.8) by striking out “respecting, for the purposes of subsection 199.1(7),” and substituting “respecting”.

(d) by repealing paragraph (qqq.1);

(e) by repealing paragraph (qqq.2) and substituting the following:

(qqq.2) authorizing the Commission or the Tribunal to require a person to dispose of a security or an exchange contract acquired as a result of an intentional or accidental violation of a provision of a rule made under paragraph 59(1)(h) of the Financial and Consumer Services Commission Act;

36(101)The heading “Changes by Secretary” preceding section 201.1 of the Act is amended by striking out “Secretary” and substituting “Secretary of the Commission”.

36(102)Section 201.1 of the Act is amended in the portion preceding paragraph (a) by striking out “Secretary” and substituting “Secretary of the Commission”.

36(103)Section 201.2 of the Act is amended

(a) in subsection (1) by striking out “Secretary” and substituting “Secretary of the Commission”;

(b) in subsection (2) by striking out “Secretary” and substituting “Secretary of the Commission”.

36(104)The heading “Memorandum of understanding” preceding section 204 of the Act is repealed and the following is substituted:

Agreement, memorandum of understanding or arrangement

36(105)Section 204 of the Act is repealed and the following is substituted:

204 The Commission may enter into an agreement, memorandum of understanding or arrangement that relates to

(a) the harmonization of securities regulation, or

(b) interjurisdictional cooperation between the Commission and another securities regulatory authority, a financial regulatory authority, a designated credit rating organization, an exchange, a self-regulatory organization or body, a quotation and trade reporting system, a clearing agency, an auditor oversight body, the Canadian Investor Protection Fund, a law enforcement agency or a jurisdiction.

36(106)The heading “Revocation or variation of decision” preceding section 206 of the Act is repealed.

36(107)Section 206 of the Act is repealed.

36(108)Section 207 of the Act is amended by striking out “Commission” and substituting “Commission or Tribunal”.

Securities Transfer Act

37(1)Subsection 1(1) of the Securities Transfer Act, chapter S-5.8 of the Acts of New Brunswick, 2008, is amended in paragraph (b) of the definition “clearing agency” by striking out “New Brunswick Securities Commission” and substituting “New Brunswick Financial and Consumer Services Commission”.

37(2)The Act is amended by adding after section 9 the following:

Administration

9.1The Financial and Consumer Services Commission continued under the Financial and Consumer Services Commission Act is responsible for the administration of this Act.

The New Brunswick Real Estate Association Act

38(1)Section 2 of The New Brunswick Real Estate Association Act, chapter 115 of the Acts of New Brunswick, 1994, is amended

(a) in the definition “real estate board” in the English version by striking out the period at the end of the definition and substituting a semicolon;

(b) in the definition « Ministre » in the French version by striking out the period at the end of the definition and substituting a semicolon;

“Commission” means the Financial and Consumer Services Commission continued under the Financial and Consumer Services Commission Act;

“Tribunal” means the Tribunal established under the Financial and Consumer Services Commission Act.

38(2)Paragraph 6(w) of the Act is amended by striking out “the Minister” and substituting “the Director”.

38(3)Subsection 7(4) of the Act is amended by striking out “the Minister” and substituting “Director”.

38(4)Section 14 of the Act is amended

(a) in paragraph (1)(b) by striking out “the Minister” and substituting “the Commission”;

(b) by repealing subsection (2) and substituting the following:

14(2)The members of the Committee shall hold office for a period of two years.

38(5)Section 15 of the Act is amended

(a) in subsection (2) in the portion preceding paragraph (a) by striking out “the Minister” and substituting “the Director”;

(b) in subsection (4) of the French version by striking out “Ministre” and substituting “conseil”;

(c) in subsection (5) in the portion preceding paragraph (a) by striking out “the Minister” and substituting “the Director”.

38(6)Section 20 of the Act is amended

(a) in paragraph (1)(c) by striking out “the Minister” and substituting “the Commission”;

(b) in subsection (2) by striking out “the Minister” and substituting “the Commission”;

38(7)Section 21 of the Act is amended

(a) in paragraph (1)(c) by striking out “the Minister” and substituting “the Director”;

(b) in paragraph (3)(c) by striking out “the Minister” and substituting “the Director”;

(d) in subsection (6) by striking out “the Minister” and substituting “the Director”.

38(8)Section 22 of the Act is amended

(a) in paragraph (1)(b) by striking out “the Minister” and substituting “the Commission”;

(b) in subsection (2) by striking out “the Minister” wherever it appears and substituting “the Commission”;

38(9)Section 23 of the Act is amended

(a) in subsection (1)

(i) in paragraph (a) by striking out “the Minister” and substituting “the Director”;

(ii) by repealing paragraph (b) and substituting the following:

(b) perform any other duties assigned to it by the Board or the Director.

(b) in subsection (5)

(i) in the portion preceding paragraph (a) by striking out “the Minister” and substituting “the Director”;

(ii) in paragraph (b) of the English version by striking out “the Minister” and substituting “the Director”;

(iii) in paragraph (c)

(A) in the portion preceding subparagraph (i) of the English version by striking out “the Minister” and substituting “the Director”;

(B) in subparagraph (iv) by striking out “the Minister” and substituting “the Director”;

(d) by repealing subsection (8) and substituting the following:

23(8)When the Director revokes, suspends or restricts the right to trade in real estate on grounds of incompetence, the decision takes effect immediately despite that an appeal is taken from the decision, unless the Tribunal orders otherwise.

(e) in subsection (9) by striking out “the Minister” wherever it appears and substituting “the Director”.

38(10)Subsection 24(4) of the Act is amended by striking out “the Minister” and substituting “the Director”.

Transitional provision - The New Brunswick Real Estate Association Act

39(1)In this section, “decision” includes a direction, a determination or an approval.

39(2)An appointment made by the Minister of Justice under The New Brunswick Real Estate Association Act that was valid and of full force and effect immediately before the commencement of this section and that if made after the commencement of this section would be made under that Act by the Financial and Consumer Services Commission

(a) continues to be valid and of full force and effect until the appointee is reappointed or ceases to hold office under The New Brunswick Real Estate Association Act, as the case may be, and

(b) shall be deemed to be an appointment made by the Financial and Consumer Services Commission.

39(3)A decision of the Minister of Justice that was valid and of full force and effect immediately before the commencement of this section under The New Brunswick Real Estate Association Act and that if made after the commencement of this section would be made by the Financial and Consumer Services Commission or the Director of Consumer Affairs appointed under the Financial and Consumer Services Act

(a) continues to be valid and of full force and effect, and

(b) shall be deemed to be a decision of the Financial and Consumer Services Commission or the Director of Consumer Services, as the case may be.

Commencement

40(1)Subject to subsection (2), this Act shall come into force on July 1, 2013.

40(2)Sections 7 and 8 of this Act shall come into force on a day or days to be fixed by proclamation.