2(1)This Act or any provision of it does not apply to

2(2)A person exempted under paragraph (1)(b) from the application of this Act or any provision of it shall comply with any terms or conditions prescribed by regulation.

3(1) If the Director considers it appropriate to do so, the Director may, by order and subject to any terms and conditions the Director considers appropriate, exempt any person or class of persons from the application of this Act or any provision of it or from the application of the regulations or any provision of them.

3(2)An order under subsection (1) may be made on the Director’s own motion or on the application of an interested person and may be retroactive in its operation.

3(3)An application referred to in subsection (2) shall be on a form provided by the Director and accompanied by the fees prescribed by regulation.

3(4)A person to whom the order applies shall comply with the terms and conditions imposed by the Director under subsection (1).

4(1)Unless a person is a financial advisor, no person shall represent that they are a financial advisor or use

4(2)Unless a person is a financial planner, no person shall represent that they are a financial planner or use

5(1)No person shall carry on business as a credentialing body or represent that they are a credentialing body unless they are approved by the Director as a credentialing body under section 6.

5(2)No person shall represent that a credential they issue is approved under this Act unless the credential is approved by the Director under section 9.

6(1)An application for approval as a credentialing body or the reinstatement or amendment of a credentialing body’s approval shall be made to the Director on a form provided by the Director and shall be accompanied by the fees prescribed by regulation.

6(2)If the Director is satisfied that an applicant meets the requirements prescribed by regulation, the Director may approve the applicant as a credentialing body or reinstate or amend the credentialing body’s approval.

6(3)The Director shall not refuse to approve an applicant as a credentialing body or refuse to reinstate or amend the credentialing body’s approval without giving the applicant an opportunity to be heard.

6(4)Subject to the regulations, the Director may make a decision under this section with respect to an applicant or credentialing body on the basis that a regulatory authority has made a substantially similar decision regarding that applicant or credentialing body and the Director may make the decision on this basis, despite any provision of this Act, without giving the applicant or credentialing body an opportunity to be heard.

7(1)The Director may restrict, at any time, a credentialing body’s approval by imposing any terms and conditions that the Director considers appropriate on the approval, and the credentialing body shall comply with the terms and conditions.

7(2)The Director shall not impose terms and conditions on a credentialing body’s approval without giving the credentialing body an opportunity to be heard.

8(1)The Director may suspend or revoke a credentialing body’s approval

8(2)The Director shall not suspend or revoke a credentialing body’s approval without giving the credentialing body an opportunity to be heard.

9(1)A credentialing body may apply to the Director, on a form provided by the Director, for approval of a credential entitling the use of a title or a variation or abbreviation of a title referred to in subsection 4(1) or (2) or for the reinstatement or amendment of an approval, and the application shall be accompanied by the fees prescribed by regulation.

9(2)If the Director is satisfied that a credential meets the requirements prescribed by regulation, the Director may approve the credential or reinstate or amend the credential’s approval.

9(3)The Director shall not refuse to approve a credential or reinstate or amend a credential’s approval without giving the credentialing body an opportunity to be heard.

9(4)Subject to the regulations, the Director may make a decision under this section with respect to a credential on the basis that a regulatory authority has made a substantially similar decision regarding that credential and the Director may make the decision on this basis, despite any provision of this Act, without giving the credentialing body an opportunity to be heard.

10(1)The Director may restrict, at any time, a credential’s approval by imposing any terms and conditions that the Director considers appropriate on the approval, and the credentialing body shall comply with the terms and conditions.

10(2)The Director shall not impose terms and conditions on a credential’s approval without giving the credentialing body an opportunity to be heard.

11(1)The Director may suspend or revoke a credential’s approval

11(2)The Director shall not suspend or revoke a credential’s approval without giving the credentialing body an opportunity to be heard.

15(1)A credentialing body may enter into an agreement or arrangement with a person to provide, on behalf of the credentialing body, any service with respect to overseeing financial advisors, financial planners or both.

15(2)A credentialing body that enters into an agreement or arrangement under subsection (1) shall ensure that the person provides the services in accordance with the terms and conditions of the credentialing body’s approval, this Act and the regulations.

18(1)Within the time prescribed by regulation, a credentialing body shall provide the Director with an annual return, on a form provided by the Director, that contains the prescribed information and is accompanied by the fees prescribed by regulation.

18(2)The Director may, at any time, require a credentialing body to provide additional information that the Director considers necessary within the period specified by the Director.

21(1)A credentialing body, financial advisor or financial planner shall keep records and documents that are necessary for the proper recording of its business and affairs and shall keep any other records and documents that are otherwise required under this Act or the regulations.

21(2)A credentialing body, financial advisor or financial planner shall keep the records and documents at a safe location and in a durable form.

21(3)A credentialing body shall retain the records and documents for at least seven years after the date of the transaction to which the records or documents relate.

21(4)A financial advisor or financial planner shall retain the records and documents for at least seven years after the date of the transaction to which the records or documents relate unless the financial advisor or financial planner is required to retain the records and documents for a longer period under any enactment, other than this Act, referred to in the definition “financial and consumer services legislation” in the Financial and Consumer Services Commission Act.

21(5)A credentialing body, financial advisor or financial planner shall deliver to the Director, or to any other employee of the Commission, at any time that the Director or other employee requires,

22(1) The Commission may appoint in writing a person as a compliance officer for the purpose of ensuring compliance with this Act and the regulations.

22(2)The Commission shall issue to every compliance officer a certificate of appointment, and every compliance officer, in the execution of the compliance officer’s duties under this Act or the regulations, shall produce the certificate of appointment on request.

23(1)For the purpose of determining whether this Act and the regulations are being complied with, a compliance officer, in carrying out a compliance review, may

23(2)In carrying out a compliance review, a compliance officer may

23(3)A compliance officer may carry out a compliance review within or outside the Province.

23(4)A compliance officer shall not enter a private dwelling under subsection (1) unless the compliance officer has the consent of the occupier or has obtained an entry warrant under the Entry Warrants Act.

23(5)Before or after attempting to enter or to have access to any premises, a compliance officer may apply for an entry warrant under the Entry Warrants Act.

24(1) A compliance officer who removes records or documents to make a copy or extract of them or any part of them shall give a receipt to the occupier of the premises for the records or documents removed and return the records or documents as soon as possible after the making of copies or extracts.

24(2)A copy or extract of any record or document related to a compliance review and purporting to be certified by a compliance officer is admissible in evidence in any action, proceeding or prosecution and is proof, in the absence of evidence to the contrary, of the original without proof of the appointment, authority or signature of the person purporting to have certified the copy or extract.

25(1) No person shall interfere with or obstruct a compliance officer who is carrying out or attempting to carry out a compliance review under this Part or withhold, destroy, conceal, alter or refuse to produce any information or thing reasonably required by a compliance officer for the purposes of the compliance review.

25(2)A refusal of consent to enter a private dwelling is not and shall not be considered to be interfering with or obstructing within the meaning of subsection (1) unless an entry warrant has been obtained.

32(1)A notice of administrative penalty shall include the following information:

32(2)A notice of administrative penalty shall not be issued more than one year after the administrative penalty officer first had knowledge of the contravention or failure to comply.

35(1)A person who receives a notice of administrative penalty may request that the Director review the administrative penalty by applying to the Director on a form provided by the Director within 30 days after the notice was received.

35(2)The Director shall not make a decision with respect to a review without giving the person who received the notice of administrative penalty an opportunity to be heard.

35(3)The Director may confirm or revoke the administrative penalty or may vary the amount of the administrative penalty.

35(4)The decision of the Director is not subject to appeal to the Tribunal.

36(1)Subject to subsection (2), a person who receives a notice of administrative penalty shall pay the administrative penalty within 30 days after the notice was received unless the time is extended under section 34.

36(2)If a person who receives a notice of administrative penalty applies for a review under section 35 and the Director confirms the administrative penalty or varies the amount of the administrative penalty, the person shall pay the administrative penalty within 30 days after the Director makes the decision or within a longer period the Director may allow.

36(3)An administrative penalty is payable to the Commission.

38(1)The Commission may file a certified copy of a notice of administrative penalty or a decision of the Director under section 35 with a clerk of the Court, and, on being filed, that notice or decision has the same force and effect as if it were a judgment of the Court.

38(2)If a notice of administrative penalty or a decision of the Director is filed under subsection (1), the administrative penalty required to be paid to the Commission under the notice or decision may be collected as a judgment of the Court for the recovery of a debt.

40(1)The Director may make an order under subsection (2)

40(2)By an order applicable generally or to one or more persons named or otherwise described in the order, the Director may require any of the following persons to provide information or produce records or documents or classes of records or documents specified or otherwise described in the order within the time or at the intervals specified in the order:

40(3)The Director may require that the authenticity, accuracy or completeness of information provided or of a record or document or a class of records or documents produced in accordance with an order under subsection (2) be verified by affidavit.

40(4)The Director may require that the information provided or that the records or documents or classes of records or documents produced in accordance with an order made under subsection (2) be delivered in electronic form if the information or the records or documents or classes of records or documents are already available in that form.

41(1)The Commission may, by order, appoint a person as an investigator to conduct any investigation that the Commission considers expedient

41(2)In its order, the Commission shall specify the scope of an investigation referred to in subsection (1).

42(1)An investigator may, with respect to a credentialing body, financial advisor, financial planner or other person that is the subject of the investigation, investigate, inspect and examine

42(2)For the purposes of an investigation under this Part, an investigator may inspect and examine any record, document or thing in the possession or control of the credentialing body, financial advisor, financial planner or other person in respect of which the investigation is ordered.

42(3)An investigator conducting an investigation under this Part may, on production of the order appointing the investigator,

42(4)An inspection or examination under this section shall be completed as soon as possible, and the records, documents or things shall be returned promptly to the credentialing body, financial advisor, financial planner or to the other person that produced them.

42(5)No credentialing body, financial advisor, financial planner or other person shall withhold, destroy, conceal, alter or refuse to give any information or withhold, destroy, conceal, alter or refuse to produce any record, document or thing reasonably required under subsection (3) by an investigator.

43(1) An investigator conducting an investigation under this Part has the same power to summon and enforce the attendance of witnesses, compel witnesses to give evidence under oath or in any other manner and compel witnesses to produce records, documents and things or classes of records, documents and things as the Court has for the trial of civil actions.

43(2)On the application of an investigator to the Court, the failure or refusal of a person to attend, take an oath, answer questions or produce records, documents and things or classes of records, documents and things in the custody, possession or control of the person makes the person liable to be committed for contempt as if in breach of an order or judgment of the Court.

43(3)A person giving evidence at an investigation conducted under this section may be represented by legal counsel.

43(4)Testimony given by a person under this section shall not be admitted into evidence against that person in any prosecution other than for perjury in the giving of that testimony or the giving of evidence contradictory to that testimony.

45(1) On request to an investigator by the credentialing body, financial advisor, financial planner or other person that, at the time of the seizure, was in lawful possession of records, documents or things seized under this Part, the records, documents or things seized shall, at a time and place mutually convenient to the investigator and the credentialing body, financial advisor, financial planner or other person, be made available to them for consultation and copying.

45(2)If records, documents or things are seized under this Part and the matter for which the records, documents or things were seized is concluded, the investigator shall return those records, documents or things to the credentialing body, financial advisor, financial planner or other person that was in lawful possession of them at the time of the seizure within 60 days after the day the matter is concluded.

45(3)If records, documents or things are seized under this Part and the credentialing body, financial advisor, financial planner or other person that was in lawful possession of the records, documents or things at the time of the seizure alleges that the records, documents or things are not relevant in respect of the matter for which they were seized, that credentialing body, financial advisor, financial planner or other person may apply by notice of motion to the Court for the return of the records, documents or things.

45(4)On a motion under subsection (3), the Court shall order the return of any records, documents or things that it determines are not relevant to the matter for which they were seized to the credentialing body, financial advisor, financial planner or other person that was in lawful possession of the records, documents or things at the time of the seizure.

46(1) If an investigation has been conducted under this Part, the investigator shall, at the request of the Commission, provide the Commission with a report of the investigation or any transcripts of evidence or any material or other things in the investigator’s possession relating to the investigation.

46(2)A report that is provided to the Commission under this section is privileged and is inadmissible in evidence in any action or proceeding.

47(1)For the purpose of protecting the integrity of an investigation under this Part, the Commission may make an order that applies for the duration of the investigation prohibiting a person from disclosing to any person other than the person’s lawyer the following information:

47(2)An order under subsection (1) does not apply to disclosures authorized by the regulations or by the Director in writing.

47(3)An investigator conducting an investigation under this Part may make, or authorize the making of, any disclosure of information that may be required for the effectual conduct of the investigation.

49(1)A person who does any of the following commits an offence, and is liable on conviction for each offence, if an individual, to a fine of not more than $50,000 or to imprisonment for a term of not more than one year, or to both, and if a person other than an individual, to a fine of not more than $250,000:

49(2)Without limiting the availability of other defences, no person commits an offence under paragraph (1)(a) or (b) if

49(3)A person charged with an offence under this Act or the regulations is not liable to an administrative penalty imposed by an administrative penalty officer under section 29 in respect of the same incident that gave rise to the charge.

51(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:

51(2)The Tribunal may impose any terms and conditions that the Tribunal considers appropriate on an order under this section.

51(3)A person who is the subject of an order made under this section shall comply with any terms and conditions imposed on the order.

51(4)Unless the parties and the Tribunal consent, no order shall be made under this section without a hearing.

51(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 (f).

51(6)The temporary order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by the Tribunal.

51(7)The Tribunal may extend a temporary order until the hearing is concluded if a hearing is commenced within the 15-day period.

51(8)The Commission shall as soon as possible give written notice of an order or temporary order made under this section to any person directly affected by the order or temporary order.

52(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 $25,000, in the case of an individual, and of not more than $100,000, in the case of a person other than an individual, if the Tribunal

52(2)Subject to subsection (3), 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, the Commission or the Director related to the same matter.

52(3)The Tribunal shall not make an order under this section if an administrative penalty has been imposed by an administrative penalty officer under section 29 in respect of the same matter.

54(1)Despite any other provision of this Act or the regulations, an administrative proceeding conducted by the Commission, the Tribunal or the Director under this Act or the regulations may be disposed of by

54(2)An agreement approved, a written undertaking accepted or a decision made under subsection (1) may be enforced in the same manner as a decision made by the Commission, the Tribunal or the Director under any other provision of this Act or under the regulations.

57(1)A person who is directly affected by a decision of the Director, other than a decision under section 35, may appeal it to the Tribunal within 30 days after the date of the decision.

57(2)Despite subsection (1), the Tribunal may extend the period for appealing a decision, before or after the expiration of the time, if it is satisfied that there are reasonable grounds for an extension.

57(3)The Director is a party to an appeal of a decision of the Director under this section.

57(4)The Tribunal may, by order, confirm, vary or rescind the whole or any part of a decision under appeal or make any other decision that the Tribunal considers appropriate.

57(5)Despite the fact that an appeal is held under this section, a decision under appeal takes effect immediately, but the Tribunal may grant a stay of the decision until the disposition of the appeal.

61(1)The Lieutenant-Governor in Council may make regulations and the Commission may make rules

61(2)The Lieutenant-Governor in Council may, by order, amend or repeal a rule made by the Commission.

61(3)Subject to the approval of the Minister, the Commission, concurrently with making a rule, may make a regulation that amends or repeals any provision of a regulation made by the Lieutenant-Governor in Council under this Act or by the Commission under this subsection that, in the opinion of the Commission, is necessary or advisable to effectively implement the rule.

61(4)A regulation made under subsection (3) is not effective before the rule referred to in that subsection comes into force.

61(5)Subject to subsection (4), a regulation made under subsection (3) may be retroactive in its operation.

61(6)A regulation or rule authorized by this section may incorporate by reference, in whole or in part, any laws, any by-laws or other regulatory instruments or any codes, standards, procedures or guidelines as they are amended from time to time before or after the making of the regulation or the rule or as they read at a fixed time and may require compliance with any law, any by-law or other regulatory instrument or any code, standard, procedure or guideline so incorporated.

61(7)Regulations or rules may vary for or be made in respect of different persons, matters or things or different classes or categories of persons, matters or things.

61(8)A regulation or a rule may be general or particular in its application, may be limited as to time or place or both and may exclude any place from the application of the regulation or rule.

61(9)The Regulations Act does not apply to the rules made under this Act.

61(10)If there is a conflict or an inconsistency between a regulation made by the Lieutenant-Governor in Council under this Act and a rule made under this Act, the regulation prevails but in all other respects a rule has the same force and effect as a regulation.

62(1)As soon as the circumstances permit after a rule is made under section 61, the Commission shall

62(2)As soon as possible after the Commission makes a rule, it shall make a copy of the rule available for public inspection at each of the Commission’s offices during the normal business hours of the Commission.

62(3)When notice of a rule has been published in The Royal Gazette in accordance with paragraph (1)(b), a person affected by the rule shall be deemed to have notice of it on the date the rule is published in accordance with paragraph (1)(a).

64(1)The Secretary of the Commission may maintain a consolidation of the rules made by the Commission.

64(2)In maintaining a consolidation of the rules, the Secretary of the Commission may make changes respecting form and style and respecting typographical errors without changing the substance of a rule.

64(3)The Commission may publish the consolidated rules in the frequency that it considers appropriate.

64(4)A consolidated rule does not operate as new law but shall be interpreted as a consolidation of the law contained in the original rule and any subsequent amendments.

64(5)In the event of an inconsistency between a consolidated rule published by the Commission and the original rule or a subsequent amendment, the original rule or amendment prevails to the extent of the inconsistency.