consultationprocess
MortgageBroker mbabc.ca winter 2015 | 29
happen, it remains to be seen how this will
(in fact) take place.
MBABC is somewhat comforted that
there are built-in incentives for all parties to
find the correct balance as to consistency of
regulation across the country while allowing
for provinces to address their particular
circumstances. While the voting structure
is helpful, as is the fact that each level of
government is taken to be delegating to the
regulatory body only those powers in its
jurisdiction, the primary incentives must
surely be that any province or territory can
join the cooperative at any time and can
leave aer providing notice of six months.
e end result of the process appears to
be principles-based regulation. is approach
leaves those who will implement the Acts and
regulations with tremendous discretion and
power. is concentrates too much power in
too few non-elected hands. is power needs
to be limited by checks and balances as well
as by limiting the tenure of those having such
power. is is particularly important where
appeals are not available and the courts
can review decisions under the much more
limited judicial review power.
Further, any broad clauses giving
persons enforcement authority should be
accompanied by governing principles rather
than blanket empowerments. For example,
if enforcement is to be permitted without
anything more than a single authority
concluding that enforcement is appropriate
in the public interest, then the authority
should have to meet specified thresholds
of evidence and procedure to exercise the
power. e authority should be required
to provide detailed reasoning. e greater
the impact of the use of power, the more
carefully the power should be used and the
more clearly the appropriateness of it having
being used should be demonstrated.
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