O. Reg. 173/00: ASSESSMENT OF EXPENSES AND EXPENDITURES - CREDIT UNIONS SECTOR

 

ONTARIO REGULATION 173/00

made under the

Financial Services Commission of Ontario Act, 1997

Made: March 10, 2000
Filed: March 10, 2000

ASSESSMENT OF EXPENSES AND EXPENDITURES — CREDIT UNIONS SECTOR

1. In this Regulation,

“assets” means, with respect to a credit union, the amount shown as the credit union’s total assets in the last Member Institution Return filed with the Deposit Insurance Corporation of Ontario by the credit union before September 1, 1999;

“credit union” means a credit union or caisse populaire to which the Credit Unions and Caisses Populaires Act, 1994 applies;

“credit unions sector” means the entities referred to in clause (b) of the definition of “regulated sector” in section 1 of the Financial Services Commission of Ontario Act, 1997;

“league” means a league to which the Credit Unions and Caisses Populaires Act, 1994 applies.

2. A credit union’s or league’s share of an assessment of the credit unions sector under section 25 of the Financial Services Commission of Ontario Act, 1997 for the period from September 1, 1999 to February 29, 2000 shall be determined in accordance with the following rules:

1. Subject to paragraph 2, a credit union’s share of the assessment is,

i. $175, if the credit union’s assets are less than $500,000,

ii. $250, if the credit union’s assets are $500,000 or more, but less than $1 million,

iii. $500, if the credit union’s assets are $1 million or more, but less than $5 million,

iv. $750, if the credit union’s assets are $5 million or more, but less than $10 million,

v. $1,500, if the credit union’s assets are $10 million or more, but less than $25 million,

vi. $2,500, if the credit union’s assets are $25 million or more, but less than $50 million,

vii. $5,000, if the credit union’s assets are $50 million or more, but less than $100 million, or

viii. $7,500, if the credit union’s assets are $100 million or more.

2. If a credit union’s assets are $10 million or more, the credit union’s share of the assessment determined under paragraph 1 shall be increased by the amount determined in accordance with the following formula:

where,

A = the amount by which the credit union’s share of the assessment determined under paragraph 1 shall be increased,

B = the total of the shares determined under paragraph 1 for the credit union and all other credit unions,

C = the credit union’s assets,

D = the total of the assets of the credit union and all other credit unions that have assets of $10 million or more.

3. A league’s share of the assessment is zero.