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Regulation number	Title
2013, c.30	Financial and Consumer Services Commission Act

Under section 63 of the Financial and Consumer Services Commission Act, the Lieutenant-Governor in Council makes the following Regulation:

Citation

1This Regulation may be cited as the Rule-making Procedure Regulation - Financial and Consumer Services Commission Act.

Definition of “Act”

2In this Regulation, “Act” means the Financial and Consumer Services Commission Act.(Loi)

Publication of notice and proposed rule

3Before making a rule under financial and consumer services legislation, the Commission shall

(a) publish electronically

(i) the proposed rule,

(ii) an explanation of the proposed rule and the reasons for it,

(iii) a statement that comments in writing may be made to the Commission in respect of the proposed rule within 60 days after the date on which the proposed rule was published under this paragraph, and

(iv) the name, address and telephone number of the contact person to whom comments referred to in subparagraph (iii) may be made,

(b) publish in The Royal Gazette a notice of the proposed rule that sets out

(i) a summary of the proposed rule,

(ii) a statement that comments in writing may be made to the Commission in respect of the proposed rule within 60 days after the date the proposed rule was published under paragraph (a),

(iii) the name, address and telephone number of the contact person to whom comments referred to in subparagraph (ii) may be made, and

(iv) the address at which a printed copy of the proposed rule may be obtained and the web site at which the proposed rule is published electronically,

(c) comply with section 5, if applicable,

(d) comply with subsection 6(1) or (2), and

(e) obtain the Minister’s written consent to the proposed rule being made.

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Exemption

4The Commission is not required to comply with the requirements of paragraphs 3(a), (b) and (c) and section 5 if

(a) all of the persons who would be subject to the proposed rule are named in the proposed rule, a copy of the proposed rule is sent to each of them and they are given an opportunity to make written representations with respect to it,

(b) the proposed rule grants an exemption or removes a restriction, and the Commission is of the opinion that the proposed rule would not likely have a substantial effect on the interests of persons other than those who would benefit under the proposed rule, or

(c) the proposed rule would be an amendment or variation that in the opinion of the Commission would not materially change an existing rule.

Alteration of proposed rule

5If, after the proposed rule has been published under paragraph 3(a), the Commission wishes to alter the proposed rule, the Commission shall, if in its opinion the alterations would materially change the proposed rule,

(a) publish electronically

(i) the altered proposed rule with the alterations incorporated and identified,

(ii) a summary of the alterations and the reasons for them,

(iii) a statement that comments in writing may be made to the Commission in respect of the altered proposed rule within 30 days after the date on which the altered proposed rule was published under this paragraph, and

(iv) the name, address and telephone number of the contact person to whom comments referred to in subparagraph (iii) may be made, and

(b) publish in The Royal Gazette a notice of its intention to alter the proposed rule that sets out

(i) a summary of the alterations,

(ii) a statement that comments in writing may be made to the Commission in respect of the altered proposed rule within 30 days after the date on which the altered proposed rule was published under paragraph (a),

(iii) the name, address and telephone number of the contact person to whom comments referred to in subparagraph (ii) may be made, and

(iv) the address at which a printed copy of the altered proposed rule may be obtained and the web site at which the altered proposed rule is published electronically.

Information to be provided to Minister

6(1)After the expiry of the 60-day period referred to in subparagraph 3(a)(iii) or the 30-day period referred to in subparagraph 5(a)(iii), as the case may be, the Commission shall provide the Minister with

(a) a copy of the proposed rule, with any alterations incorporated,

(b) a copy of the notice published under paragraph 3(b) and a copy of the notice, if any, published under paragraph 5(b),

(c) a copy of the written comments received in response to the statement published under subparagraph 3(a)(iii) or to the notice published under paragraph 3(b) and in response to the statement, if any, published under subparagraph 5(a)(iii) or to the notice, if any, published under paragraph 5(b), and

(d) any other information requested by the Minister.

6(2)If, in accordance with section 4, the Commission is not required to comply with the requirements of paragraphs 3(a), (b) and (c) and section 5, the Commission shall, in order to obtain the consent of the Minister to the proposed rule being made, provide the Minister with

(a) a copy of the proposed rule,

(b) a copy of the written representations, if any, received in response to the proposed rule, and

(c) any other information requested by the Minister.

6(3)Within 60 days after receiving the information and material referred to in subsection (1) or (2), the Minister may, in writing,

(a) consent to the proposed rule being made,

(b) refuse to consent to the proposed rule being made, or

(c) direct the Commission to reconsider the proposed rule and include any direction for the Commission to follow that the Minister considers appropriate.

6(4)If, within 60 days after receipt of the information and material referred to in subsection (1) or (2), the Minister does not consent to or refuse to consent to the proposed rule being made or direct the Commission to reconsider the proposed rule, the Minister shall be deemed to have consented to the proposed rule being made and the Commission shall be deemed to have obtained the Minister’s written consent to the proposed rule being made for the purposes of paragraph 3(e).

Notice of rule

7A notice of a rule made under financial and consumer services legislation shall set out the following:

(a) the title of the rule;

(b) the date of the written consent or the deemed consent of the Minister to the rule being made;

(c) a summary of the rule;

(d) the date on which the rule came into force; and

(e) the address at which a printed copy of the rule may be obtained and the web site at which the rule is published electronically.

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Commencement of rules

8A rule comes into force on the day the rule is published electronically by the Commission or on a later date that is specified in the rule.

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N.B. This Regulation is consolidated to September 4, 2015.

2014-18 - Rule-making Procedure

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