timelimits
56 | winter 2017 cmba-achc.ca CMB MAGAZINE
OBEY THE
CLOCK
W
hat happens if the regulator serves you with
documentation and you do not respond within the
time permitted by the statute or the regulations?
You risk the regulator – without considering any
late response from you – taking steps against you.
is is demonstrated by the December 2, 2016, decision of the Ontario
Financial Services Tribunal (FST).
MBs in provinces other than Ontario should note that the cautions
provided in this article would apply – regarding notices from regulators
requiring responses within statutory deadlines – across all provinces.
What Happened in the Ontario Case?
e Ontario Superintendent of Financial Services (Superintendent)
issued Notices of Proposal (NOPs) to a broker (MB): one NOP
proposed to refuse to renew the MB's licence and the other proposed to
impose administrative penalties. e NOPs were based on allegations
that the MB had breached the Ontario Mortgage Brokerages, Lenders
and Administrators Act (Act) and Regulations by receiving unpermitted
Know the importance of responding to
regulators within legislative time limits
BY RAY BASI, LL.B.
STAFF, EDUCATION AND POLICY REVIEW
