Administrative Monetary Penalties (OSFI) Regulations
Version of the schedule from 2006-03-22 to 2020-04-06:
SCHEDULE(Sections 2 to 5)
| Item | Column 1 | Column 2 | Column 3 | Column 4 | Column 5 | Column 6 |
|---|---|---|---|---|---|---|
| Short-form Description of Violation | Provisions of the Bank Act | Provisions of the Cooperative Credit Associations Act | Provisions of the Insurance Companies Act | Provisions of the Trust and Loan Companies Act | Classification of Violation | |
| 1 | Failure to obtain approval of Superintendent for carrying on business | 48(1) and 534(2) | 56(1) | 52(1) | 52(1) | Very serious |
| 2 | Failure to obtain approval of Superintendent for the insuring in Canada of risks | N/A | N/A | 573(1) | N/A | Very serious |
| 3 | Failure to comply with conditions or limitations on an order approving the commencement and carrying on of business | 53, 54 and 534(5) and (6) | 61 and 62 | 58(2), 59 and 657(3) and (4) | 57(4) and 58 | Very serious |
| 4 | Failure to comply with conditions or limitations on an order approving the insuring in Canada of risks | N/A | N/A | 581(2) and 586(1) | N/A | Very serious |
| 5 | Failure to obtain approval of Superintendent for issuing shares paid for in property | 65(1) and 709(1) | 74(1) | 69(1) and 748(1) | 68(1) | Serious |
| 6 | Holding of own shares | 70 and 714 | 78 | 74 and 753 | 73 | Serious |
| 7 | Failure to notify Superintendent of declaration of dividend on time | 79(2) and 722(2) | 86(2) | 83(2) and 761(2) | 82(2) | Minor |
| 8 | Failure to obtain approval of Superintendent for declaration and payment of dividend in excess of net income | 79(5) | 86(5) | 83(5) | 82(5) | Very serious |
| 9 | Failure to obtain approval of Superintendent for issuing subordinated debt paid for in property | 80(1) and 723(1) | 87(1) | 84(1) and 762(1) | 83(1) | Serious |
| 10 | Failure to file with Superintendent proxy circular, notice of meeting, form of proxy or other documents on time | 156.05(2)(a) (with modifications required, as the case may be, under section 746) | 166.05(2)(a) | 164.04(2)(a) and 789(2)(a) | 160.05(2)(a) | Minor |
| 11 | Failure to establish audit committee | 157(2)(a) and 747(2)(a) | 167(2)(a) | 165(2)(a) and 794(2)(a) | 161(2)(a) | Very serious |
| 12 | Failure to establish conduct review committee | 157(2)(b) | 167(2)(b) | 165(2)(b) and 660(1)(c) | 161(2)(b) | Very serious |
| 13 | Failure to establish procedures to resolve conflicts of interest | 157(2)(c) and 747(2)(b) | 167(2)(c) | 165(2)(c) and 794(2)(b) | 161(2)(c) | Very serious |
| 14 | Failure to designate committee to monitor procedures to resolve conflicts of interest | 157(2)(d) and 747(2)(c) | 167(2)(d) | 165(2)(d) and 794(2)(c) | 161(2)(d) | Very serious |
| 15 | Failure to establish investment or lending policies, standards or procedures | 157(2)(g), 465, 581, 747(2)(d) and 927 | 167(2)(e) and 387 | 165(2)(h), 492, 551, 615(1), 794(2)(d) and 968 | 161(2)(g) and 450 | Very serious |
| 16 | Failure to comply with board composition requirements | 159, 160, 163(1), 164, 749, 750 and 752 | 169, 170 and 171 | 167, 168(1) and (2), 171(1), 172, 796, 797 and 799 | 163, 164, 167(1) and 168 | Serious |
| 17 | Failure to comply with requirements in respect of self-dealing | 195(3) | 200(3) | 204(3) and 660(2) | 199(3) | Very serious |
| 18 | Failure to report to Superintendent on mandate or responsibilities of conduct review committee or on procedures for complying with self-dealing regime | 195(4) | 200(4) | 204(4) and 660(3) | 199(4) | Minor |
| 19 | Failure to report to Superintendent on time on activities of conduct review committee | 195(6) | 200(6) | 204(6) and 660(5) | 199(6) | Minor |
| 20 | Failure to appoint chief executive officer, principal officer or chief agent | 196(1) and 536(1) | N/A | 205 and 579(3) | 200(1) | Serious |
| 21 | Failure by director or officer to disclose conflict of interest | 202 and 789 | 206 | 211 and 836 | 207 | Very serious |
| 22 | Failure by director to abstain from being present at meeting or from voting | 203(1) and 790(1) | 207(1) | 212(1) and 837(1) | 208(1) | Very serious |
| 23 | Failure to notify Superintendent on time of change of address of the head office or principal office | 237(3), 535(3) and 814(3) | 234(3) | 260(3), 544(2.2) and 868(3) | 242(3) | Minor |
| 24 | Failure to file with Superintendent a power of attorney appointing new chief agent or containing new address of the chief agency forthwith after the change | N/A | N/A | 587 | N/A | Minor |
| 25 | Failure to prepare or maintain records | 238, 597(1) and 815 | 235 | 261, 647(1), 662 and 869 | 243 | Very serious |
| 26 | Failure to notify Superintendent of place of records | 239(2), 597(3) and 816(2) | 236(2) | 262(2) and 870(2) | 244(2) | Minor |
| 27 | Failure to take precautions to protect records | 244 (with modifications required, as the case may be, under section 598) and 821 | 241 | 267 (with modifications required, as the case may be, under section 649) and 875 | 249 | Very serious |
| 28 | Failure to obtain approval of Superintendent for maintaining and processing of information outside Canada or to comply with terms and conditions regarding maintenance and processing of information outside Canada | 245(1) (with modifications required, as the case may be, under section 598) and 822(1) | 242(1) | 268(1) (with modifications required, as the case may be, under section 649) and 876(1) | 250(1) | Serious |
| 29 | Failure to inform Superintendent of maintenance of copies of records and further processing of information outside Canada or to provide information required by Superintendent | 245(4) (with modifications required, as the case may be, under section 598) and 822(3) | 242(3) | 268(4) (with modifications required, as the case may be, under section 649) and 876(3) | 250(4) | Minor |
| 30 | Failure to comply without delay with a direction to maintain copies of records or further process information in Canada | 245(6) (with modifications required, as the case may be, under section 598) and 822(5) | 242(5) | 268(6) (with modifications required, as the case may be, under section 649) and 876(5) | 250(6) | Very serious |
| 31 | Failure to send to Superintendent copy of annual financial statement, auditor’s report, actuary’s report, annual return or other material on time | 312, 601(2) and 844 | 296 | 335, 665(3), 667(2) and 891 | 317 | Minor |
| 32 | Failure to notify Superintendent without delay of designation of member of firm of accountants who will conduct audit | 315(3) and (4), 585(4) and (5) and 847(3) and (4) | 299(3) and (4) | 338(3) and (4) (with modifications required, as the case may be, under subsection 547(1)), 634(3) and (4) and 894(3) and (4) | 320(3) and (4) | Minor |
| 33 | Failure to fill auditor vacancy forthwith | 319(1) and 851(1) | 303(1) | 342(1) and 638(1) | 324(1) | Minor |
| 34 | Failure to notify Superintendent of the appointment of an actuary forthwith after appointment | N/A | N/A | 357 and 623(2) | N/A | Minor |
| 35 | Failure to notify Superintendent of the revocation of the appointment of the actuary forthwith after revocation | N/A | N/A | 360(2) and 625(2) | N/A | Minor |
| 36 | Failure to notify Superintendent of a vacancy in the office of the actuary forthwith after vacancy | N/A | N/A | 362 and 626(3) | N/A | Minor |
| 37 | Insuring of risk not within a class of insurance specified in order | N/A | N/A | 443(1) and 573(2) | N/A | Very serious |
| 38 | Failure to obtain approval of Superintendent for engaging in transfers from segregated funds | N/A | N/A | 453 and 542.03(4) | N/A | Serious |
| 39 | Failure to comply within the specified time with an order of the Superintendent to amend policies | 419(3) | 383(3) | 470(3) and 542.07(3) | 419(3) | Very serious |
| 40 | Failure to comply with restriction on partnerships | 421(1), 553.1(1) and 924(1) | 385(1) | 472(1), 542.09 and 964(1) | 421(1) | Serious |
| 41 | Entering into a transaction resulting in aggregate debt obligations and stated capital in excess of limit | N/A | N/A | 473(1), 476 and 542.1(1) | N/A | Very serious |
| 42 | Failure to obtain approval of Superintendent for giving up control of an entity | 468(11) and 930(11) | 390(10) | 495(12) and 971(10) | 453(10) | Serious |
| 43 | Failure to cease to control entity or dispose of substantial investment acquired or increased by way of temporary investment within divestiture period | 471(1) and (2) and 933(1) | 393(1) and (2) | 498(1) and (2), 557(1) and (2) and 974(1) | 456(1) and (2) | Serious |
| 44 | Failure to cease to control entity or dispose of substantial investment acquired by way of loan default within divestiture period | 472(2) and (3) and 934(2) | 394(2) and (3) | 499(2) and (3) and 558(2) and (3) and 975(2) | 457(2) and (3) | Serious |
| 45 | Failure to cease to control entity or dispose of substantial investment acquired by way of realization within divestiture period | 473(2) and (3) and 935(2) | 395(2) and (3) | 500(2) and (3), 559(2) and (3) and 976(2) | 458(2) and (3) | Serious |
| 46 | Failure to obtain approval of Superintendent for acquiring or disposing of assets in excess of 10% of total assets | 482(1) and 944(1) | 406(1) | 512(1), 569(1) and 987(1) | 470(1) | Serious |
| 47 | Holding of consumer and commercial loans in excess of limit | N/A | 398 and 399 | 503, 504, 505, 562, 616 and 617 | 461 and 462 | Very serious |
| 48 | Holding of interest in real property in excess of limit | 476 and 938 | 401 | 506, 563, 618 and 981 | 464 | Very serious |
| 49 | Holding of equity in excess of limits | 477 and 939 | 402 | 507, 565, 619 and 982 | 465 | Very serious |
| 50 | Holding of interest in real property and equity in excess of aggregate limit | 478 and 940 | N/A | 508, 566, 620 and 983 | 466 | Very serious |
| 51 | Failure to comply with a divestment order | 480 and 942 | 404 | 510, 567 and 985 | 468 | Very serious |
| 52 | Failure to comply with an order to increase capital, provide additional liquidity, increase assets or maintain or deposit assets in Canada | 485(4), 617 and 949(4) | 409(4) | 515(4), 608(5), 609(3) and 992(4) | 473(4) | Very serious |
| 53 | Entering into a prohibited related party transaction | 489(1) | 413(1) | 521(1) and 621 | 477(1) | Very serious |
| 54 | Failure to obtain approval of Superintendent to be reinsured by a related party | N/A | N/A | 523(2) and 597(1) | N/A | Very serious |
| 55 | Entering into a related party transaction in excess of limits | 495.2, 495.3, 496(2) and 497 | 420(2) and 421 | 528.2, 528.3, 529(2) and 530 | 483.2, 483.3, 484(2) and 485 | Very serious |
| 56 | Failure to obtain full disclosure from a party believed to be a related party | 504(1) | 428(1) | 537(1) | 492(1) | Very serious |
| 57 | Failure to notify Superintendent of a prohibited or non-approved related party transaction | 505 | 429 | 538 | 493 | Very serious |
| 58 | Carrying on activities prohibited to a foreign bank or entity associated with a foreign bank | 510 | N/A | N/A | N/A | Very serious |
| 59 | Failure to provide Superintendent with financial statements or other information on time | 522.27 | N/A | N/A | N/A | Minor |
| 60 | Failure to submit copy of power of attorney to Superintendent without delay | 536(2) and (3) | N/A | N/A | N/A | Minor |
| 61 | Failure to notify Superintendent of the appointment of the auditor without delay | 585(1) | N/A | 633(2) | N/A | Minor |
| 62 | Failure to keep records at chief agency | N/A | N/A | 647(3) | N/A | Serious |
| 63 | Failure to provide Superintendent with required information at the time or in the form specified | 600, 628 and 950 | 431 | 664 and 993 | 495 | Minor, if the violation relates to information required as part of periodic reports Serious, in any other case |
| 64 | Failure to comply with an order for the production of information | 605, 635 and 954 | N/A | 671 and 997 | 502 | Very serious |
| 65 | Failure to provide information required by Superintendent in relation to an examination | 613(2), 643(2) and 957(2) | 437(2) | 674(3) and 1000(2) | 505(2) | Serious |
| 66 | Failure to comply with prudential agreement | 614.1, 644.1 and 959 | 438.1 | 675.1 and 1002 | 506.1 | Very serious |
| 67 | Failure to comply with direction of compliance | 615(1) and (3), 645(1) and (3) and 960(1) and (3) | 439(1) and (3) | 676(1) and (3) and 1003(1) and (3) | 507(1) and (3) | Very serious |
| 68 | Failure to provide Superintendent with information relating to appointment of directors or officers on time | 617.1(3), 647(3) and 963(3) | 441.1(3) | 678.1(3), 678.3(3) and 1006(3) | 509.1(3) | Very serious |
| 69 | Failure to provide Superintendent with information on directors and auditors on time | 632(1) and 951(1) | 432(1) | 549(1), 661(2), 668(1) and 994(1) | 499(1) | Minor |
| 70 | Failure to provide Superintendent with changes to information on directors and auditors forthwith after the changes | 632(2) and 951(2) | 432(2) | 549(2), 661(3), 668(2) and 994(2) | 499(2) | Minor |
| 71 | Failure to send to Superintendent copy of by-laws on time | 633 and 952 | 632(2) and 951(2) | 548(3), 661(1)(a), 669 and 995 | 500 | Minor |
| 72 | Failure to comply with terms, conditions or undertakings relating to approval of Superintendent | 973(3) | 459.2(3) | 1016(3) | 527.2(3) | Very serious |
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