AI-assisted research summary: This provision sets who can set administrative penalty amounts, the criteria to use, when penalties cannot be imposed, and when penalties must be paid.
General Administrative Penalties (Section 39 of the Act) Exclusions from s. 39 penalties 1. An administrative penalty cannot be imposed under section 39 of the Act for a contravention of section 46 of the Act (Prohibition re reprisals). O. Reg. 192/08, s. 1. Chief Executive Officer’s authority 2. The Chief Executive Officer is authorized to determine the amount of a penalty imposed under section 39 of the Act, subject to the limits set out in section 41 of the Act. O. Reg. 192/08, s. 2; O. Reg. 168/19, s. 1. Criteria for determining amount of penalty 3. (1) The Chief Executive Officer shall consider only the following criteria when determining the amount of an administrative penalty to be imposed under section 39 of the Act for a purpose set out in section 38 of the Act: 1. The degree to which the contravention or failure was intentional, reckless or negligent. 2. The extent of the harm or potential harm to others resulting from the contravention or failure. 3. The extent to which the person or entity tried to mitigate any loss or to take other remedial action. 4. The extent to which the person or entity derived or reasonably might have expected to derive, directly or indirectly, any economic benefit from the contravention or failure. 5. Any other contraventions or failures to comply with a requirement established under the Act or with any other financial services legislation of Ontario or of any jurisdiction during the preceding five years by the person or entity. O. Reg. 192/08, s. 3; O. Reg. 168/19, s. 1. (2) If, after determining the amount of an administrative penalty for the contravention, the Chief Executive Officer determines that the amount is, by its magnitude, punitive in nature having regard to all the circumstances, the Chief Executive Officer shall reduce the amount of the administrative penalty to an amount that is consistent with either or both of the purposes listed in subsection 38 (1) of the Act. O. Reg. 35/22, s. 1. Deadline for paying s. 39 penalties 4. (1) A person or entity on whom a penalty has been imposed under section 39 of the Act shall pay the penalty no later than 30 days after the person or entity is given notice of the order imposing the penalty or such longer time as may be specified in the order. O. Reg. 192/08, s. 4 (1). (2) If a person or entity requests a hearing on the notice of proposal to impose the order in accordance with subsection 39 (5) of the Act, the person or entity shall pay the penalty no later than 30 days after the matter is finally determined or such longer time as may be specified in the order. O. Reg. 192/08, s. 4 (2). Summary Administrative Penalties (Section 40 of the Act) Deadline for paying s. 40 penalties 5. (1) A person or entity on whom a penalty has been imposed under section 40 of the Act shall pay the penalty no later than 30 days after the person or entity is given notice of the order imposing the penalty. O. Reg. 192/08, s. 5 (1). (2) If a person or entity appeals the Chief Executive Officer’s order in accordance with subsection 40 (4) of the Act, the person or entity shall pay the penalty no later than 30 days after the matter is finally determined or such longer time as may be specified in the varied or confirmed order. O. Reg. 192/08, s. 5 (2); O. Reg. 168/19, s. 2. 6. Omitted (provides for coming into force of provisions of the English version of this Regulation). O. Reg. 192/08, s. 6.