Financial Planners and Financial Advisors (Fees and Regulation Procedures) Regulations, SR 120/2020

1 FINANCIAL PLANNERS AND FINANCIAL ADVISORS (FEES AND REGULATIONS PROCEDURES) SR 120/2020 The Financial Planners and Financial Advisors (Fees and Regulation Procedures) Regulations being Saskatchewan Regulations 120/2020 (effective December 1, 2020). NOTE: This consolidation is not official. Amendments have been incorporated for convenience of reference and the original statutes and regulations should be consulted for all purposes of interpretation and application of the law. In order to preserve the integrity of the original statutes and regulations, errors that may have appeared are reproduced in this consolidation. 2 FINANCIAL PLANNERS AND FINANCIAL ADVISORS SR 120/2020 (FEES AND REGULATIONS PROCEDURES) Table of Contents PART 1 8 Reconsideration and resubmission Preliminary Matters 9 Minister may exempt Authority regulations 1 Title 10 Emergency regulations 2 Definitions 11 Filing of Authority regulations PART 2 12 Effective date and publication Authority Regulation Procedures PART 3 3 Application Coming into Force 4 Authorization to make Authority regulations 13 Coming into force 5 Preenactment publication and comment 6 Significant changes 7 Ministerial approval 3 FINANCIAL PLANNERS AND FINANCIAL ADVISORS (FEES AND REGULATIONS PROCEDURES) SR 120/2020 SASKATCHEWAN REGULATIONS 120/2020 The Financial Planners and Financial Advisors Act PART 1 Preliminary Matters Title 1 These regulations may be cited as The Financial Planners and Financial Advisors (Fees and Regulation Procedures) Regulations. Definitions 2 In these regulations: “Act” means The Financial Planners and Financial Advisors Act; “Authority regulations” means regulations made by the Authority pursuant to subsection 52(2) of the Act; “publish” includes posting on the Authority’s website. 4 Dec 2020 SR 120/2020 s2. PART 2 Authority Regulation Procedures Application 3 This Part applies to all Authority regulations. 4 Dec 2020 SR 120/2020 s3. Authorization to make Authority regulations 4 The Authority is authorized to make Authority regulations respecting any matter or thing set out in subsection 52(1) of the Act, other than those matters or things mentioned in clauses 52(1)(a), (n), (q) and (r) of the Act. 4 Dec 2020 SR 120/2020 s4. Preenactment publication and comment 5 Before making Authority regulations, the Authority shall publish a notice that sets out: (a) the proposed Authority regulations; (b) a summary of the proposed Authority regulations and their purpose; (c) a reference to the authority in the Act for making the proposed Authority regulations; and 4 FINANCIAL PLANNERS AND FINANCIAL ADVISORS SR 120/2020 (FEES AND REGULATIONS PROCEDURES) (d) a statement that: (i) informs the public that it has 60 days from the date on which the notice was published to submit comments to the Authority respecting the proposed Authority regulations; (ii) gives the address, telephone number, fax number and email address of the Authority and the name, address, telephone number, fax number and email address of the contact person to whom comments can be sent or made. 4 Dec 2020 SR 120/2020 s5. Significant changes 6 If, after considering comments received pursuant to section 5, the Authority decides to make changes that it considers significant to the proposed Authority regulations, the Authority shall publish a notice of its decision that sets out: (a) the proposed Authority regulations with the changes incorporated and clearly identified; (b) a summary of the changes and the reasons for the changes; and (c) a statement that: (i) informs the public that it has 60 days from the date on which the notice was published to submit comments to the Authority respecting the proposed Authority regulations; (ii) gives the address, telephone number, fax number and email address of the Authority and the name, address, telephone number, fax number and email address of the contact person to whom comments can be sent or made. 4 Dec 2020 SR 120/2020 s6. Ministerial approval 7(1) Subject to section 10, Authority regulations must be approved or be deemed to have been approved by the minister before the Authority regulations can be filed with the Registrar of Regulations pursuant to section 12. (2) After the expiry of the 60day period mentioned in section 5 or 6, as the case may be, the Authority shall submit to the minister: (a) a copy of the notice published pursuant to section 5 or 6, as the case may be; (b) the proposed Authority regulations; (c) a summary of comments submitted to the Authority respecting the proposed Authority regulations; and (d) a statement by the Authority setting out its response to the comments submitted to the Authority respecting the proposed Authority regulations. 5 FINANCIAL PLANNERS AND FINANCIAL ADVISORS (FEES AND REGULATIONS PROCEDURES) SR 120/2020 (3) If requested by the minister to do so, the Authority shall submit any other information or material that the minister requires to decide whether or not to approve the proposed Authority regulations. (4) Within 60 days after receiving the information and material mentioned in subsection (2) or (3), as the case may be, the minister may, in writing: (a) approve the proposed Authority regulations; (b) reject the proposed Authority regulations; or (c) direct the Authority to reconsider the proposed Authority regulations and include any directions for the Authority to follow that the minister considers appropriate. (5) If the minister does not do any of the things mentioned in subsection (4) within 60 days after receiving the material and information mentioned in subsection (2) or (3), as the case may be, the minister is deemed to have approved the proposed Authority regulations. 4 Dec 2020 SR 120/2020 s7. Reconsideration and resubmission 8(1) If the minister has directed the Authority to reconsider the proposed Authority regulations, the Authority shall reconsider the proposed Authority regulations and comply with any directions set by the minister. (2) After complying with the minister’s directions and following any additional steps that the Authority considers appropriate, the Authority may resubmit the proposed Authority regulations to the minister for approval along with a written statement detailing: (a) the Authority’s response to the minister’s directions; and (b) any changes made to the proposed Authority regulations. (3) Within 60 days after receiving the material and information mentioned in subsection (2), the minister may, in writing: (a) approve the proposed Authority regulations; or (b) reject the proposed Authority regulations. (4) If the minister does not approve or reject, in writing, the proposed Authority regulations within 60 days after receiving the resubmission, the minister is deemed to have approved the proposed Authority regulations. 4 Dec 2020 SR 120/2020 s8. 6 FINANCIAL PLANNERS AND FINANCIAL ADVISORS SR 120/2020 (FEES AND REGULATIONS PROCEDURES) Minister may exempt Authority regulations 9(1) The minister may exempt the Authority from complying with sections 5 to 8 and approve the proposed Authority regulations if the Authority satisfies the minister that: (a) all persons who and companies that would be subject to or substantially affected by the proposed Authority regulations: (i) are named in the proposed Authority regulations; (ii) have had the proposed Authority regulations and sufficient explanatory materials sent to them; and (iii) have had an opportunity to make comments respecting the proposed Authority regulations; (b) the proposed Authority regulations grant an exemption or remove a restriction and are not likely to substantially affect the interests of persons or companies other than those benefiting from the Authority regulations; (c) the proposed Authority regulations are amendments to existing Authority regulations and the proposed Authority regulations do not significantly change those Authority regulations; (d) the proposed Authority regulations will replace existing regulations made by the Lieutenant Governor in Council pursuant to subsection 52(1) of the Act, are substantially similar to those regulations and do not significantly change those regulations; or (e) it is in the public interest to do so. (2) If the minister approves Authority regulations pursuant to subsection (1), the minister shall provide the Authority with a written notice of approval. 4 Dec 2020 SR 120/2020 s9. Emergency regulations 10(1) The Authority may make Authority regulations without complying with sections 5 to 8 if the Authority is of the opinion that: (a) the proposed Authority regulations are urgently required in the public interest; and (b) there is insufficient time to comply with sections 5 to 8. (2) Authority regulations described in subsection (1) cease to be effective after 1 year from the day on which they are filed with the Registrar of Regulations, unless, within that 1year period: (a) the Authority submits them for the minister’s approval in the manner prescribed by sections 5 to 8; and (b) the Authority regulations are approved or are deemed to have been approved by the minister pursuant to section 7 or 8. 4 Dec 2020 SR 120/2020 s10. 7 FINANCIAL PLANNERS AND FINANCIAL ADVISORS (FEES AND REGULATIONS PROCEDURES) SR 120/2020 Filing of Authority regulations 11(1) In this section, “certified” means certified by the Chairperson of the Authority. (2) In accordance with The Legislation Act, the Authority shall file all Authority regulations with the Registrar of Regulations. (3) Along with the Authority regulations, the Authority shall file the following: (a) a certified copy of the minister’s written approval or a certified statement that the minister has had the Authority regulations for at least the 60day period mentioned in subsection 7(5) or 8(4), as the case may be, and is deemed to have approved the regulations; or (b) in the case of Authority regulations described in section 10, a certified copy of the Authority’s decision declaring that the Authority regulations are governed by that section. (4) If Authority regulations described in section 10 are approved or are deemed to have been approved by the minister within the 1year period mentioned in subsection 10(2), the Authority shall file with the Registrar of Regulations, immediately after the approval or deemed approval: (a) a certified copy of the minister’s written approval; or (b) in the case of a deemed approval, a certified statement that the minister has had the Authority regulations for at least the 60day period mentioned in subsection 7(5) or 8(4), as the case may be, and is deemed to have approved the regulations. 4 Dec 2020 SR 120/2020 s11. Effective date and publication 12(1) Authority regulations come into force on the day on which they are filed with the Registrar of Regulations, unless a later date is specified in the Authority regulations. (2) In addition to complying with the requirements of The Legislation Act, the Authority shall publish a copy of every Authority regulation filed with the Registrar of Regulations as soon as is practicable after the regulations have been filed. 4 Dec 2020 SR 120/2020 s12. PART 3 Coming into Force Coming into force 13(1) Subject to subsection (2), these regulations come into force on the day on which section 52 of The Financial Planners and Financial Advisors Act comes into force. (2) If these regulations are filed with the Registrar of Regulations after the day on which section 52 of The Financial Planners and Financial Advisors Act comes into force, these regulations come into force on the day on which they are filed with the Registrar of Regulations. 4 Dec 2020 SR 120/2020 s13. 8 FINANCIAL PLANNERS AND FINANCIAL ADVISORS SR 120/2020 (FEES AND REGULATIONS PROCEDURES) REGINA, SASKATCHEWAN Printed by the authority of THE QUEEN’S PRINTER Copyright©2020