Government Notices Respecting Corporations

Certificate of Dissolution

Notice Is Hereby Given that a certificate of dissolution under the Business Corporations Act, has been endorsed. The effective date of dissolution precedes the corporation listings.

Date	Name of Corporation	Ontario Corporation Number
2003-05-09	Green Valley (International) Investment & Management Ltd.	1083190
2003-05-09	1182003 Ontario Limited	1182003
2003-05-09	1286718 Ontario Inc.	1286718
2003-05-12	Emily & Sons Enterprises Ltd.	796318
2003-05-12	Frey Signs Limited	317666
2003-05-12	Helen Maclaren Inc.	1048206
2003-05-19	Lee & Sum Investments Inc.	1140866
2003-05-20	L. & J. Collins Group Homes Limited	309882
2003-05-20	Sico Foods Limited/Les Aliments Sico Limitee	114292
2003-05-20	1037149 Ontario Inc.	1037149
2003-05-20	770136 Ontario Inc.	770136
2003-05-20	939534 Ontario Inc.	939534
2003-05-23	Janwin Investments Limited	154586
2003-05-26	William Ross Hardware Ltd.	712239
2003-05-26	1183979 Ontario Inc.	1183979
2003-05-26	972731 Ontario Inc.	972731
2003-05-27	Frood Safety Company Limited	231073
2003-06-03	Rosin Advertising Ltd.	910396
2003-06-04	Rouge Valley Therapy Centre Inc.	1022479
2003-06-04	1109615 Ontario Limited	1109615
2003-06-04	1323280 Ontario Inc.	1323280
2003-06-05	China-Can International School Ltd.	1035803
2003-06-06	Elmidan Holdings Ltd.	481204
2003-06-06	Marian Pillach Inc.	403749
2003-06-06	1270544 Ontario Inc.	1270544
2003-06-06	1466687 Ontario Inc.	1466687
2003-06-07	Canpatent Office Services Inc.	879514
2003-06-09	J.J. Van Dinter Real Estate Ltd.	288336
2003-06-11	Logimacs Technologies Inc.	1405831
2003-06-11	689960 Ontario Limited	689960
2003-06-11	809124 Ontario Inc.	809124
2003-06-12	Chedoke Business Services Printers & Lithographers Ltd.	407634
2003-06-13	Drumbo Investments Inc.	924539
2003-06-13	Japan Resources Group Inc.	1528358
2003-06-13	Lycrown International (Canada) Ltd.	960848
2003-06-13	Royal Choice Coffee House Corporation	1520107
2003-06-13	Triumph Consultants (Canada) Ltd.	1514154
2003-06-13	1134675 Ontario Limited	1134675
2003-06-13	1196677 Ontario Inc.	1196677
2003-06-13	1283442 Ontario Ltd.	1283442
2003-06-13	1297270 Ontario Limited	1297270
2003-06-13	952661 Ontario Inc.	952661
2003-06-16	L. Fallis Construction Limited	343086
2003-06-16	Man Kee Limited	1062337
2003-06-16	Riverhill Developments Limited	213445
2003-06-16	Sai It Consultants Inc.	1424730
2003-06-16	Sass Productions Inc.	1031257
2003-06-16	Silva Security Consultants Inc.	2006351
2003-06-16	Tropical Children’s Wear Inc.	1006166
2003-06-16	Union Currency Services Ltd.	708563
2003-06-16	1034134 Ontario Limited	1034134
2003-06-16	1341023 Ontario Inc.	1341023
2003-06-16	541640 Ontario Inc.	541640
2003-06-16	687925 Ontario Inc.	687925
2003-06-17	Ankor International Ltd.	978592
2003-06-17	Ardawan Realty Ltd.	561625
2003-06-17	Dargavel Investments Limited	432163
2003-06-17	Lisko Investments Ltd.	221700
2003-06-17	Lithotype Printing Inc.	1326271
2003-06-17	Lorcel Investments Limited	1053296
2003-06-17	Superfine Auto Inc.	1346885
2003-06-17	Tricot Investments Limited	287606
2003-06-17	931282 Ontario Ltd.	931282
2003-06-18	Avidem Holdings Limited	458742
2003-06-18	Euro/Canadian Accounting Ltd.	1427960
2003-06-18	Fls Miljo Canada Inc.	1118392
2003-06-18	Hostpro Acquisition Canada Inc.	1411125
2003-06-18	Ocean Crest Enterprises Ltd.	648794
2003-06-18	609062 Ontario Limited	609062
2003-06-19	Amazon International Group Inc.	1231323
2003-06-19	Bbdv Ontario Ltd.	1280084
2003-06-19	Boucher’s Building Suppliers Limited	792183
2003-06-19	Fiscom Consulting Inc.	1210751
2003-06-19	Fwb Management Inc.	1043356
2003-06-19	Kargold Trading International Inc.	1314271
2003-06-19	1068092 Ontario Inc.	1068092
2003-06-19	378462 Ontario Limited	378462
2003-06-19	72938 Ontario Limited	72938

 

B. G. Hawton
Director, Companies and Personal Property Security Branch
27/03

Erratum

Vide Ontario Gazette, Vol. 136-24 dated June 14, 2003.

Notice Is Hereby Given that the notice issued under Section 241 (4) of the Business Corporations Act set out in the issue of the Ontario Gazette with respect to the cancellation of the Certificate of Incorporation of Elburz Investments Inc. was issued in error and is null and void.

B. G. Hawton
Director, Companies and Personal Property Security Branch
27/03

Notice of Default in Complying with the Corporations Information Act

Notice Is Hereby Given under subsection 241 (3) of the Business Corporations Act that unless the corporations listed hereunder comply with the filing requirements under the Corporations Information Act within 90 days of this notice orders dissolving the corporation(s) will be issued. The effective date precedes the corporation listings.

Date	Name of Corporation	Ontario Corporation Number
2003-06-20	Batchawana Bay Wilderness Camps North Limited	1188080
2003-06-20	416 Motoring Ltd.	1540566
2003-06-20	1540253 Ontario Inc.	1540253
2003-06-20	1540421 Ontario Inc.	1540421
2003-06-20	1540770 Ontario Inc.	1540770
2003-06-20	1540774 Ontario Limited	1540774
2003-06-20	1540775 Ontario Limited	1540775
2003-06-20	1541271 Ontario Inc.	1541271
2003-06-20	2015609 Ontario Inc.	2015609
2003-06-23	Bentley Motors Limited	1308913
2003-06-23	Media Request Advertising & Promotion Inc.	1105396
2003-06-23	Pro Athletic Wear Manufacturing Ltd.	1139883
2003-06-23	Sportz Bearz Inc.	1139882

 

B. G. Hawton
Director, Companies and Personal Property Security Branch
27/03

Cancellation of Certificate of Incorporation (Business Corporations Act)

Notice Is Hereby Given that by orders under subsection 241 (4) of the Business Corporations Act, the certificates of incorporation set out hereunder have been cancelled and corporation(s) have been dissolved. The effective date of cancellation precedes the corporation listing.

Date	Name of Corporation	Ontario Corporation Number
2002-12-13	Belaire Brothers Corp.	1534527
2003-01-17	1541104 Ontario Limited	1541104
2003-01-29	1559523 Ontario Inc.	1559523
2003-02-06	All Pro Assessment Centre Inc.	1560397
2003-02-14	1562373 Ontario Ltd.	1562373
2003-02-21	New Concept Apparel Inc.	1563458
2003-02-21	Vukosavic Consulting Ltd.	1563446

 

B. G. Hawton
Director, Companies and Personal Property Security Branch
27/03

Notice of Default in Complying with the Corporations Tax Act

The Director has been notified by the Minister of Finance that the following corporations are in default in complying with the Corporations Tax Act.

Notice Is Hereby Given under subsection 241 (1) of the Business Corporations Act, that unless the corporations listed hereunder comply with the requirements of the Corporations Tax Act within 90 days of this notice, orders will be made dissolving the defaulting corporations. All enquiries concerning this notice are to be directed to Corporations Tax Branch, Ministry of Finance, 33 King Street West, Oshawa, Ontario L1H 8H6.

Number	Name of Corporation	Ontario Corporation Number
1	Atex Canada Inc.	608804
2	Bathurst Manor Service Centre (1986) Ltd.	665740
3	C&C Cash & Carry Inc.	654132
4	Dorchester Communications Building Limited	635632
5	Fire Retrofit Services Group Inc.	1184168
6	Goldlil Investments Limited	682832
7	H. Tnv Sales Inc.	608624
8	Homelife/River Oaks Realty Inc.	650756
9	James V. Findlay Associates Inc.	683452
10	John Smirle & Associates Inc.	1117389
11	K.M.S. Electric Ltd.	619124
12	La Plante Lithographing Company Limited	60451
13	Lethbridge Adjusting Limited	629400
14	Mannaco Investments Inc.	622236
15	Marco Brambilla Productions Inc.	618980
16	Nectar Design Inc.	658820
17	P.D. Foley Engineering Ltd.	661472
18	Palm Beach Gardens General Partner Inc.	1118202
19	Palm Beach Gardens Investment Corporation	1118203
20	Rick Pav Investments Ltd.	616149
21	Sales Promo News Corp.	633788
22	Siteon Investments Ltd.	601893
23	Spectrum Dental Laboratories Inc.	635240
24	Wakehood X-Ray Clinic Inc.	623228
25	596672 Ontario Limited	596672
26	616876 Ontario Inc.	616876
27	618508 Ontario Limited	618508
28	625920 Ontario Inc.	625920
29	630079 Ontario Limited	630079
30	647108 Ontario Ltd.	647108
31	655201 Ontario Limited	655201
32	656412 Ontario Ltd.	656412
33	658012 Ontario Limited	658012
34	658800 Ontario Limited	658800
35	661464 Ontario Ltd.	661464
36	661514 Ontario Inc.	661524
37	666188 Ontario Limited	666188
38	674904 Ontario Limited	674904
39	679604 Ontario Limited	679604
40	889691 Ontario Limited	889691

 

B. G. Hawton
Director, Companies and Personal Property Security Branch
27/03

Ministry of Finance—Interest Rates

Notice
Change Of Interest Rates

1. Effective July 1, 2003, the rate of interest payable on tax underpayments, Electricity Act payments, and amounts payable with respect to small business development grants administered by the Ministry of Finance, will be 8%. The general rate of interest on overpayment of taxes and Electricity Act payments will be 3%. These rates apply to the following statutes:

   Commercial Concentration Tax Act
   Corporations Tax Act
   Electricity Act, 1998 (Parts V.1 & Vi)
   Employer Health Tax Act
   Fuel Tax Act*
   Gazoline Tax Act*
   Land Transfer Tax Act
   Mining Tax Act
   Provincial Land Tax Act
   Race Tracks Tax Act
   Retail Sales Tax Act
   Small Business Development Corporations Act
   Succession Duty Act
   Tobacco Tax Act

   Also effective July 1, 2003, the rate of interest will be 5% on amounts refunded or credited after an objection or appeal of Commercial Concentration Tax, Corporations Tax, Employer Health Tax, Gasoline Tax*, Fuel Tax*, Land Transfer Tax, Mining Tax, Retail Sales Tax, Tobacco Tax or Electricity Act payments. Under retroactive regulation changes that came into force in September 1999, the rate of interest on amounts refunded or credited after successful objections or appeals is increased by two points over the general rate on refunds, applicable to periods after 1998 for Commercial Concentration Tax, Gasoline Tax, Fuel Tax, Land Transfer Tax, Retail Sales Tax, and Tobacco Tax, and to taxation years ending after 1997 for Corporations Tax, Employer Health Tax, Mining Tax and Electricity Act payments.

   * The rates in this Notice do not apply to International Fuel Tax Agreement (Ifta) matters, as that agreement contains distinct provisions for setting interest rates.

2. The tables below show the respective rates of interest applicable to past periods of time in the five years ending June 30, 2003, and the new rates now in effect.

Interest Rates

Time Period	Payable on Underpayments & Small Business Development Grants %	Payable on Overpayments (where applicable) General Rate %	Payable on Overpayments (where applicable) Appeals Rate %
Jul. 1/98 — Sep. 30/98	10	5	7
Oct. 1/98 — Dec. 31/98	10	5	7
Jan. 1/99 — Mar. 31/99	10	5	7
Apr. 1/99 — Jun. 30/99	10	5	7
Jul. 1/99 — Sep. 30/99	10	5	7
Oct. 1/99 — Dec. 31/99	9	4	6
Jan. 1/00 — Mar. 31/00	9	4	6
Apr. 1/00 — Jun. 30/00	10	5	7
Jul. 1/00 — Sep. 30/00	10	5	7
Oct. 1/00 — Dec. 31/00	11	6	8
Jan. 1/01 — Mar. 31/01	11	6	8
Apr. 1/01 — Jun. 30/01	11	6	8
Jul. 1/01 — Sep. 30/01	10	5	7
Oct, 1/01 — Dec. 31/01	9	4	6
Jan. 1/02 — Mar. 31/02	8	3	5
Apr. 1/02 — Jun. 30/02	7	2	4
Jul. 1/02 — Sep. 30/02	7	2	4
Oct. 1/02 — Dec. 31.02	7	2	4
Jan. 1/03 — Mar. 31/03	8	3	5
Apr. 1/03 — Jun. 30/03	8	3	5
Jul. 1/03 —	8	3	5

 

Dated at Oshawa, this 3^rd day of June, 2003.

Ministry of Finance
Tax Revenue Division
Marion E. Crane
Assistant Deputy Minister
(6789) 27

Financial Services Commission of Ontario

Statement of Priorities
June 2003

Introduction

Section 11 of the Financial Services Commission of Ontario (FSCO) Act, 1997, requires FSCO to deliver to the Minister of Finance and publish by June 30^th of each year a statement setting out its proposed priorities for the year ahead. This is FSCO’s sixth Statement of Priorities.

It outlines proposed Strategic Priorities, identifies the key challenges facing FSCO, highlights initiatives and notes recent progress on significant FSCO projects. It also identifies how progress on selected priorities will be measured.

FSCO is comprised of three key parts: the Commission or Board; the Financial Services Tribunal (Tribunal); and the Superintendent and staff. FSCO regulates insurance, pension plans, loan and trust companies, credit unions/caisses populaires, mortgage brokers and co-operative corporations in Ontario.

Each year FSCO works together with stakeholders, including representatives from the regulated sectors and consumers, to identify projects that in their view should be included in our Statement of Priorities.

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Our Mandate To protect the public interest and enhance public confidence in the regulated sectors, FSCO provides regulatory services that protect consumers and support a healthy and competitive financial services industry.

Our Vision We are committed to being a vigilant, fair minded and forward looking regulatory agency with a constructive and responsive presence in Ontario’s financial services marketplace.

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Key Challenges

• Convergence and Harmonization

The effects of globalization, convergence and consolidation continue to have a profound impact on the financial services sector. Markets are searching for ways to take advantage of rapidly disappearing limitations on what, when, where and how business can take place worldwide. As the pressure for convergence increases, regulators are moving to harmonize operations and offer the financial sectors a more efficient and cost effective regulatory regime.

The challenge is to work together with other regulators and stakeholder groups to harmonize regulation across borders and across sectors. We will continue to work with the Ontario Securities Commission (OSC) on initiatives to coordinate our regulatory activities and on the proposed creation of a new regulatory structure.

• Market Conditions

While there exists an element of economic uncertainty, both the Canadian and Ontario financial outlooks remain strong. The regulated sectors are working toward finding innovative, long-term solutions to sometimes difficult market conditions. It is essential that FSCO have a thorough understanding of the realities putting pressure on their industries. These pressures include: rising costs; increased competition; changing demographics; the impact of technology; and the costs and complexities of regulatory structures. The challenge is to work together with the regulated sectors to respond effectively to current market realities.

• Regulatory Issues

The goal of maintaining healthy and dynamic markets while protecting consumers through relevant regulation is central to FSCO. This regulatory responsibility must take into consideration both the realities of an uncertain market and the demands of an effective consumer protection regime.

The challenge is to develop regulatory policy that adequately deals with the complex financial issues facing the regulated sectors while protecting the consumer.

• Technology

Changes in technology continue to influence the financial services sector. The sectors regulated by FSCO are making use of advances in electronic communication to better serve their customers. FSCO has a responsibility to maintain our technological expertise in order to provide our stakeholders with reliable and secure electronic service delivery.

The challenge is to enhance the ability of FSCO staff to meet the demands of the regulated sectors for electronic service delivery and that FSCO is in a position to address these demands.

• The Consumer

The profile of the financial services consumer has changed with the growing influence of technology and the availability of increasingly sophisticated information. Many consumers have assumed a greater role in the decision making process for their financial services. This shift in responsibility provides a strong incentive for consumers to understand both the markets as well as the role of the regulator. Public confidence in aspects of the financial markets has been shaken in recent years; today’s consumer expects the regulator to maintain the integrity of the system.

What this Means to FSCO

In order to meet the challenges listed above, clear priorities must be set. As well, initiatives need to be identified to complete these priorities.

FSCO has identified the following priorities for the coming year. As each is significant for FSCO, they are not ranked in any particular order:

1. Promote a coordinated national approach to regulatory issues.
2. Apply risk-based approaches when designing operational policies and procedures.
3. Amend operational policies and procedures and propose amendments to legislation and regulations to keep up with changes in the marketplace.
4. Make effective use of technology in delivering services. FSCO believes that each of the four key priorities for 2003-2004, and the initiatives associated with them, will have a positive impact on consumers. By pursuing these priorities and initiatives, we are confident that we will meet the needs of well informed financial services consumers.

Our Strategic Priorities

1. Promote a coordinated national approach to regulatory issues

   We will undertake the following key initiatives toward achieving this outcome:

   • Play a significant role in the following Joint Forum of Financial Market Regulators’ (Joint Forum), Canadian Association of Pension Supervisory Authorities’ (Capsa) and Canadian Council of Insurance Regulators’ (Ccir) initiatives:

     Joint Forum –

     • ►work toward the further harmonization of the securities and insurance regulatory frameworks for mutual funds and individual variable insurance contracts (IVICs), particularly as they relate to point of sale disclosure requirements;
     • ►work toward the implementation of harmonized national guidelines for capital accumulation plans (CAPs) across the pension, insurance and securities sectors;
     • ►conduct consultations on the Principles and Practices for the Sale of Products and Services in the Financial Sector document, which discusses the Joint Forum’s project to develop a common set of principles and practices for the sale of products and services by all financial intermediaries operating in more than one sector;
     • ►work with the industry to further enhance the operation of the Financial Services OmbudsNetwork (Fson);

     Capsa –

     • ►continue work on regulatory principles for a model pension law;
     • ►work toward the continued development of a revised reciprocal agreement for multi-jurisdictional pension plans;
     • ►work toward the implementation of harmonized guidelines for governance of pension plans;
     • ►conduct consultations on recommended changes to the rules governing the investment of pension funds;

     CCIR –

     • ►increase inter-provincial harmonization in the regulation of agents and brokers;
     • ►assess whether changes are required in the law to protect the confidentiality of information related to critical self assessment audits conducted by insurance companies;
     • ►develop the harmonized minimum capital test for property and casualty insurance companies in Ontario; and
     • implement national harmonized classes of insurance and definitions.
   • Work toward the harmonization of “Prudent Portfolio” initiatives with the Office of the Superintendent of Financial Institutions (Osfi) and other provinces.
   • Work with Osfi on discounting requirements and instructions to financial services institutions.
   • Work with the Ministry of Finance to respond to plans by the credit union system to become more efficient on a national basis.

   We will measure success in achieving this outcome by the following:

   • There will be progress in the coordination and streamlining of regulatory processes across jurisdictions and across sectors.
2. Apply risk-based approaches when designing operational policies and procedures

   We will undertake the following key initiatives toward achieving this outcome:

   • Develop a risk-based approach to pension fund investment monitoring.
   • Develop Dynamic Capital Adequacy Testing (Dcat) requirements and oversee the implementation of Appointed Actuary requirements by Ontario incorporated companies.
   • Continue the risk-based approach to licensing, market conduct, monitoring and enforcement in the regulation of insurance companies, credit unions/caisses populaires, and intermediaries.
   • Enhance monitoring and evaluation of the Designated Assessment Centres (Dac) System.
   • Increase enforcement addressing abuse in the automobile insurance system.
   • We will measure success in achieving this outcome by the following:
   • There will be a more effective and timely response to high risk situations in the regulated sectors.

3. Amend operational policies and procedures and propose amendments to legislation and regulations to keep up with changes in the marketplace

   We will undertake the following key initiatives toward achieving this outcome:

   • Work with stakeholders on the development of a database for the Standard Invoice and build an infrastructure to monitor the effectiveness of automobile insurance reforms.
   • Make improvements to the DAC System by updating and developing new DAC guidelines and implementing a self-audit program.
   • Undertake a review of the automobile insurance risk classification system and underwriting rules.
   • Establish a regulatory process for paralegals and monitor the implementation of a regulatory scheme.
   • Update both the Automobile Statistical Plan and the Ontario Statutory Accident Benefits Statistical Plan.
   • Update the Dispute Resolution Practice Code, forms and relevant procedures to address marketplace pressures and legislative/regulatory changes.
   • Continue to work with the Ministry and stakeholders to develop a regulatory regime for viatical settlements.
   • Continue to work with the Ministry of Finance and the sector in both identifying and recommending changes to the Mortgage Brokers Act.
   • Add resources and design enhanced operational policies and procedures to address backlogs in pension plan reviews.
   • Continue to work with the co-operative sector in both identifying and recommending changes to update the current legislation.
   • Work with the Ministry of Finance and stakeholders to consider removal of occupational restrictions for insurance agents and ownership restrictions for insurance agents.
   • Work with the Ministry of Finance to consider the incorporation of Life Licence Qualification Program (Llqp) requirements in regulation.
   • Work with the Deposit Insurance Corporation of Ontario (Dico) to enhance the governance of credit unions. This includes ensuring clarity of roles and responsibilities so that the credit union is operated in the best interests of it members and an effective system to resolve disputes within credit unions is in place.
   • Work with Dico, its members, industry associations and the Ministry of Finance to consider Dico’s responsibilities with respect to solvency of member institutions.

   We will measure success in achieving this outcome by the following:

   • The sectors will see advances in proposals to change legislation and regulations as well as actual amendments to FSCO operational policies and procedures.
4. Make effective use of technology in delivering services

   We will undertake the following key initiatives toward achieving this outcome:

   • Improve stakeholder access to information through the continued redesign of FSCO’s web site.
   • Implement a link from the FSCO public web site to key fields of the pension plans database.
   • Phase out the printed paper version of the FSCO Pension Bulletin and provide stakeholders with electronic, on-line access to its contents on FSCO’s redesigned web site.
   • Convert the existing DAC reporting system to a web-based system.
   • Introduce E-filing for Dispute Resolution forms.
   • Develop Phase III of the Internet Application System (Ias), which will allow for E-licensing of other FSCO regulated intermediaries.
   • Move the Automated Rates and Classification Technical Information Communication System (Arctics) from a pilot project to full production for use by all automobile insurance companies to submit electronic filings.

   We will measure success in achieving this outcome by the following:

   • Customer service to FSCO stakeholders will be improved through the increased availability of electronic services.

FSCO Funding

Under Section 25 of the FSCO Act, 1997, the Lieutenant Governor-in- Council may assess all entities that form part of a regulated sector with respect to all expenses and expenditures that the Ministry of Finance, the Commission and the Tribunal have incurred. The Minister of Finance is also authorized to establish fees with respect to these regulated sectors for services provided by FSCO.

Currently, FSCO collects fees from two regulated sectors: pensions and mortgage brokers. In addition, assessments are made with respect to three of the sectors regulated by FSCO: insurance; credits unions/caisses populaires; and loan and trust.

In determining the administration of the funding system, FSCO has established that it will:

• be fair;
• reflect the use of FSCO resources;
• enable reasonable predictability of regulatory costs;
• be simple to administer; and
• be flexible and easily modified.

FSCO has also made a commitment to the following principles in carrying out its funding system:

• revenues will not exceed forecasted expenditures for each sector;
• disruption will be minimized and changes will take into account the effect of fees on the marketplace; and
• FSCO will be accountable to its stakeholders for the efficiency and quality of the services delivered.

Statement of Priorities – 2002
Report on Key Initiatives

The Regulatory Framework

• FSCO worked with the Ministry of Finance and industry stakeholders on the implementation of changes to the automobile insurance system. An Implementation Steering Committee and individual working groups were established to deal with the following:
  • ►the update of automobile insurance forms;
  • ►the framework for administering a filing process for paralegals;
  • ►pre-approved framework guidelines for whiplash associated disorders;
  • changes to DAC processes and guidelines; and
  • ►communication and training issues.
• FSCO established the role of the appointed actuary in insurance companies through changes to the Insurance Act.
• FSCO established a role for the Motor Vehicle Accident Claims Fund (Mvacf) in delivering Statutory Accident Benefits (Sabs) payable by an insurer in respect of which a wind up order has been made through changes to the Insurance Act and the Mvacf Act.
• FSCO expanded the risk-based approach to pension supervision through the initiation of the Investment Monitoring Project.
• FSCO conducted a pilot of the DACs self-audit.

A National Approach to Regulatory Issues

• The Joint Forum released for consultation a statement of Principles and Practices for the Sale of Products and Services in the Financial Sector.
• The Joint Forum developed proposals to harmonize and update the regulation of mutual funds and IVICs, and released the Point of Sale Disclosure Consultation Paper on February 13, 2003.
• The Joint Forum and its constituent groups approved revised principles for investment disclosure in CAPs. Proposed guidelines to implement the principles were developed with the assistance of an industry task force for a consultation targeted for April 2003.
• The Joint Forum worked with the industries in the financial services sector to launch the Financial Services OmbudsNetwork (Fson) – a national, one-step service to assist financial services consumers with complaints. In support of Fson, FSCO modified its Insurance Ombudsman services process.
• Capsa approved revised principles and guidelines for pension plan governance. An implementation tool was developed with the assistance of an industry task force for approval by Capsa.
• Capsa continued to develop proposed principles for a model pension law in preparation for a consultation targeted for 2003.
• Capsa developed recommendations for changes to the federal investment regulations for a consultation targeted for 2003.
• Ccir and the Canadian Insurance Services Regulatory Organizations (Cisro) implemented the Llqp on a mandatory basis across Canada in January 2003.
• Ccir conducted a national survey on E-commerce.
• Ccir agreed on national harmonized classes of insurance and definitions. Ontario intends to implement the new classes and definitions in 2003.

Effective Use of Technology

• FSCO developed and pilot-tested Arctics, a web-based electronic filing system for automobile insurance filings.
• FSCO introduced Phase Ii of the Ias. Phase II enables insurance company staff to initiate the licensing process for prospective new agents, or to transfer or terminate an agent’s sponsorship, via the Internet.
• FSCO introduced the development of E-filing for Dispute Resolution Services (Drs).
• The Automobile Insurance Division (Aid) and the Licensing and Compliance Division (L&C) at FSCO, were each awarded Silver Certificates at the Public Service Quality Fair in Toronto. The awards recognized Arctics for Aid and Phase Ii of Ias for L&C.

The Financial Services Tribunal

The Financial Services Tribunal (Tribunal) is an independent, adjudicative body composed of nine to 15 members (12 members, as at March 31, 2003), including the Chair and two Vice-Chairs of the Commission. The Tribunal has exclusive jurisdiction to exercise the powers conferred under the FSCO Act, 1997 and other Acts that confer powers on or assign duties to the Tribunal. It also has exclusive jurisdiction to determine all questions of fact or law that arise in any proceeding before it. As well, the Tribunal has authority to make rules for the practice and procedure to be observed in a proceeding before it, and to order a party to a proceeding before it to pay the costs of another party or the Tribunal’s costs of the proceeding.

For the year ahead the Tribunal has identified the following priorities:

• complete the review of the Tribunal’s Rules of Practice and Procedure;
• continue to review and revise forms, practice directions for applications and reconsideration of financial hardship matters;
• review and develop forms and practice directions to respond to needs/issues arising in other types of Tribunal hearings (other pension, insurance, mortgage broker, credit union/cassie populaire, as required);
• develop a code of conduct and finalize guidelines regarding conflict of interest affecting Tribunal members;
• review and update the Tribunal hearing manual;
• continue developing Tribunal performance service standards; and
• create and maintain an index of all Tribunal decisions by subject, issues, relevant sections of respective Acts.

Conclusion

This statement has outlined FSCO’s proposed Strategic Priorities for the coming year. We look forward to working with our many stakeholders to achieve our objectives and thereby sustain a fair, efficient and effective financial services marketplace where consumers are protected and competition thrives.

Bryan P. Davies
Chief Executive Officer,
Financial Services Commission of Ontario and
Superintendent of Financial Services

Martha Milczynski
Chair,
Financial Services Commission of Ontario and
Chair, Financial Services Tribunal
(6800) 27