Financial Planners and Financial Advisors Act, SS 2020, c 22

1 2020 FINANCIAL PLANNERS AND FINANCIAL ADVISORS c 22 The Financial Planners and Financial Advisors Act being Chapter 22 of the Statutes of Saskatchewan, 2020 (section 52 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 c 22 FINANCIAL PLANNERS AND FINANCIAL ADVISORS 2020 Table of Contents PART 1 PART 6 Preliminary Matters Inspections, Investigations and Enforcement 1 Not yet in force DIVISION 1 2 Not yet in force Definitions for Part 3 Not yet in force 32 Not yet in force PART 2 DIVISION 2 Use of Title Inspections and Investigations 4 Not yet in force 33 Not yet in force 5 Not yet in force 34 Not yet in force 35 Not yet in force PART 3 Approvals DIVISION 3 6 Not yet in force Offences, Penalties and Enforcement 7 Not yet in force 36 Not yet in force 8 Not yet in force 37 Not yet in force 9 Not yet in force 38 Not yet in force 10 Not yet in force 39 Not yet in force 11 Not yet in force 40 Not yet in force 12 Not yet in force 41 Not yet in force 13 Not yet in force PART 7 14 Not yet in force Appeals 15 Not yet in force 42 Not yet in force 16 Not yet in force 43 Not yet in force 17 Not yet in force 44 Not yet in force 18 Not yet in force 45 Not yet in force 19 Not yet in force PART 8 20 Not yet in force General 46 Not yet in force PART 4 Reporting Requirements 47 Not yet in force 21 Not yet in force 48 Not yet in force 22 Not yet in force 49 Not yet in force 50 Not yet in force PART 5 Powers of Executive Director 51 Not yet in force 23 Not yet in force 52 Regulations 24 Not yet in force PART 9 25 Not yet in force Consequential Amendments 26 Not yet in force 53 Not yet in force 27 Not yet in force PART 10 28 Not yet in force Coming into Force 29 Not yet in force 54 Not yet in force 30 Not yet in force 31 Not yet in force 3 2020 FINANCIAL PLANNERS AND FINANCIAL ADVISORS c 22 CHAPTER 22 An Act respecting Financial Planners and Financial Advisors and mak- ing consequential amendments to another Act Regulations 52(1) The Lieutenant Governor in Council may make regulations: (a) defining, enlarging or restricting the meaning of any word or expression used in this Act but not defined in this Act; (b) respecting the meaning of “good standing” for the purpose of sections 4 and 5; (c) for the purpose of sections 4 and 5, prescribing other titles that the regulation maker is satisfied are consistent with the purposes of this Act; (d) prescribing criteria and requirements for credentialing bodies to be approved pursuant to section 6, including criteria and requirements relating to: (i) the applicant’s governance structure and practices; and (ii) disciplinary processes the applicant must have in place for individuals holding approved credentials it has issued; (e) prescribing partners, officers, representatives, employees and other related persons of a credentialing body who are required to comply with the terms and conditions applicable to the approval of the credentialing body; (f) establishing criteria and requirements for credentials to be approved pursuant to section 12, including criteria and requirements relating to: (i) educational requirements; (ii) examination requirements; (iii) codes of ethics and standards of practice and behaviour; and (iv) continuing education requirements; (g) respecting applications for approval; (h) respecting credentialing bodies; (i) prescribing criteria and requirements respecting credentialing bodies’ collection, holding and payment of fees that are payable by credentialed individuals; (j) respecting credentials; (k) establishing requirements for and procedures with respect to the use of an electronic or computer-based system for the delivery or deposit of documents or information, including requirements for paying charges or fees in connection with the use of the system; 4 c 22 FINANCIAL PLANNERS AND FINANCIAL ADVISORS 2020 (l) prescribing the circumstances in which persons are deemed to have signed or certified documents on an electronic or computer-based system for any purpose of this Act; (m) prescribing information, documents, records or other materials that are required to be delivered, including requirements relating to the following: (i) the method by which they are to be delivered; (ii) the timing of the delivery; (iii) the costs related to the delivery; (iv) when they are deemed to have been delivered or received; (n) prescribing all fees and other charges payable to the Authority, including, without limitation, charges respecting: (i) applications for approval and reinstatement, exemptions, inquiries, audits, examinations, inspections and investigations and hearings before the executive director; and (ii) reports and returns; (o) respecting any additional disclosure required with respect to credentialing bodies and credentialed individuals; (p) respecting the service of documents; (q) authorizing the Authority to make regulations pursuant to subsection (2) respecting any matter or thing set out in this subsection, other than those matters or things mentioned in clauses (a), (n) and (r) and this clause; (r) prescribing procedures the Authority shall follow, and conditions the Authority shall adhere to, in making regulations pursuant to subsection (2); (s) respecting any additional matter or thing that the regulation maker considers necessary to facilitate the implementation of this Act, including the treatment of credentials and other qualifications possessed by persons before this Act comes into force; (t) governing the use of titles in circumstances where a credentialing body’s approval is revoked or where a credentialing body ceases to operate; (u) respecting the recognition in Saskatchewan of an approval of a credentialing body granted in another Canadian jurisdiction, and the approval of credentials approved in another Canadian jurisdiction; (v) exempting persons or classes of persons from all or any provision of this Act, including prescribing any terms or limitations on an exemption and requiring compliance with those terms or limitations; (w) prescribing any matter or thing that is required or authorized by this Act to be prescribed in the regulations; (x) respecting any other matter or thing that the regulation maker considers necessary or desirable to carry out the purposes of this Act. 5 2020 FINANCIAL PLANNERS AND FINANCIAL ADVISORS c 22 (2) Subject to any conditions prescribed pursuant to the regulations made pursuant to subsection (1) and in accordance with any procedures prescribed pursuant to the regulations made pursuant to subsection (1), the Authority may make regulations respecting any matter or thing with respect to which the Authority is authorized pursuant to clause (1)(q) to make regulations. (3) A regulation pursuant to this section may be of general or specific application and may be limited as to time or place. (4) The regulations made by the Lieutenant Governor in Council pursuant to subsection (1) prevail in the case of any conflict between the regulations made by the Lieutenant Governor in Council and the regulations made by the Authority pursuant to subsection (2). 2020, c 22, s.52. 6 c 22 FINANCIAL PLANNERS AND FINANCIAL ADVISORS 2020 REGINA, SASKATCHEWAN Printed by the authority of THE QUEEN’S PRINTER Copyright©2020