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O. Reg. 298/07: Credit Unions
filed July 3, 2007 under Credit Unions and Caisses Populaires Act, 1994, S.O. 1994, c. 11
Skip to contentontario regulation 298/07
made under the
Credit uNIONS AND cAISSES pOPULAIRES aCT, 1994
Made: June 27, 2007
Filed: July 3, 2007
Published on e-Laws: July 4, 2007
Printed in The Ontario Gazette: July 21, 2007
Amending O. Reg. 76/95
(Credit Unions)
1. Paragraph 9 of subsection 15 (2) of Ontario Regulation 76/95 is revoked and the following substituted:
9. Deposits in a league or Credit Union Central of British Columbia.
2. Subparagraph 2 iv of subsection 16 (1) of the Regulation is revoked and the following substituted:
iv. a league or Credit Union Central of British Columbia.
3. (1) Paragraphs 4, 5 and 6 of subsection 17 (1) of the Regulation are revoked and the following substituted:
4. Subject to subsection (3), bankers’ acceptances and discounted notes issued by a bank listed in Schedule I or II to the Bank Act (Canada), a league or Credit Union Central of British Columbia, but only if the credit union is authorized by a written investment policy to hold such assets and they mature in one year or less.
5. Deposits in Credit Union Central of Canada, the Caisse Centrale Desjardins, Credit Union Central of British Columbia or a league that mature in 100 days or less but only if the credit union is authorized by a written investment policy to hold such assets.
6. Debt obligations of Credit Union Central of Canada, the Caisse Centrale Desjardins, Credit Union Central of British Columbia or a league that mature in 100 days or less, but only if the credit union is authorized by a written investment policy to hold such assets.
(2) Clause 17 (4) (a) of the Regulation is revoked and the following substituted:
(a) if the credit union has a line of credit with a financial institution, Credit Union Central of Canada, the Caisse Centrale Desjardins or Credit Union Central of British Columbia or is a member of a liquidity pool;
4. (1) Paragraph 1 of subsection 18 (1) of the Regulation is revoked and the following substituted:
1. Subject to subsection (2), bonds, debentures or other debt obligations issued or guaranteed by the government of Canada or a province or territory of Canada that mature in more than 100 days but less than three years.
(2) Paragraphs 4, 5 and 6 of subsection 18 (1) of the Regulation are revoked and the following substituted:
4. Subject to subsection (2), bankers’ acceptances and discounted notes issued by a bank listed in Schedule I or II to the Bank Act (Canada), a league or Credit Union Central of British Columbia, but only if the credit union is authorized by a written investment policy to hold such assets and they mature in three years or less.
5. Deposits in Credit Union Central of Canada, the Caisse Centrale Desjardins, Credit Union Central of British Columbia or a league that mature in less than three years, but only if the credit union is authorized by a written investment policy to hold such assets.
6. Debt obligations of Credit Union Central of Canada, the Caisse Centrale Desjardins, Credit Union Central of British Columbia or a league that mature in less than three years, but only if the credit union is authorized by a written investment policy to hold such assets.
5. Section 19 of the Regulation is amended by adding the following subsections:
(13) Despite subsection (4) a liquidity pool may be administered by Credit Union Central of British Columbia if Credit Union Central of British Columbia satisfies the requirements of clauses (4) (a) and (b) and this section applies, with necessary modifications, with respect to such a liquidity pool, subject to subsection (14).
(14) For greater certainty, nothing in this section imposes any requirement on Credit Union Central of British Columbia but if a liquidity pool administered by Credit Union Central of British Columbia is not administered in accordance with this section the liquidity pool ceases to be a liquidity pool for the purposes of this Regulation.
6. Subsection 21 (2) of the Regulation is revoked and the following substituted:
(2) A credit union that is a member of a liquidity pool or that has a line of credit with a financial institution, Credit Union Central of Canada, the Caisse Centrale Desjardins or Credit Union Central of British Columbia shall maintain sufficient assets described in sections 17 and 18 so that the amount calculated using the formula (A – B) is at least 6 per cent of the amount calculated using the formula (C + D).
7. (1) The French version of paragraph 3 of subsection 32 (1) of the Regulation is revoked and the following substituted:
3. L'organisme appelé Credit Union Central of Canada.
(2) Subsection 32 (1) of the Regulation is amended by adding the following paragraph:
4.1 Credit Union Central of British Columbia.
8. Section 33 of the Regulation is amended by adding the following subsection:
(2) A credit union that is acting as agent for Credit Union Central of British Columbia in respect of the provision of a service may,
(a) enter into an agreement with Credit Union Central of British Columbia concerning the provision of the service; or
(b) refer a person to Credit Union Central of British Columbia.
9. (1) Paragraph 1 of subsection 49 (2) of the Regulation is revoked and the following substituted:
1. A general security agreement and assignment of book debts given to a league or Credit Union Central of British Columbia by a member of a liquidity pool to secure its obligations as a member of the pool.
(2) The French version of paragraph 2 of subsection 49 (2) of the Regulation is revoked and the following substituted:
2. Une sûreté grevant les éléments d'actif d'un fonds commun de liquidités, consentie par une fédération pour garantir une obligation envers la Banque du Canada, l'organisme appelé Credit Union Central of Canada ou la Caisse centrale Desjardins, ou pour garantir une marge de crédit visée au paragraphe 19 (5).
10. (1) Paragraph 3 of section 54 of the Regulation is revoked and the following substituted:
3. A deposit made by the credit union with a financial institution or Credit Union Central of British Columbia.
(2) Paragraph 10 of section 54 of the Regulation is revoked and the following substituted:
10. An investment in a debt obligation issued by a league or Credit Union Central of British Columbia.
(3) Paragraph 14 of section 54 of the Regulation is revoked and the following substituted:
14. An investment in shares of a league or Credit Union Central of British Columbia.
11. Paragraph 3 of subsection 60 (3) of the Regulation is revoked and the following substituted:
3. A league or Credit Union Central of British Columbia.
12. (1) Paragraphs 1, 2 and 3 of subsection 66 (1) of the Regulation are revoked and the following substituted:
1. Debt obligations that are fully guaranteed by,
i. a financial institution other than the credit union,
ii. a stabilization authority, or
iii. Credit Union Central of British Columbia.
2. Debt obligations that are fully secured by deposits with a financial institution or Credit Union Central of British Columbia.
3. Debt obligations that are fully secured by other debt obligations that are fully guaranteed by,
i. a financial institution other than the credit union, or
ii. Credit Union Central of British Columbia.
(2) Paragraph 10 of subsection 66 (1) of the Regulation is revoked and the following substituted:
10. Debt obligations of a league or Credit Union Central of British Columbia.
(3) Paragraph 17 of subsection 66 (1) of the Regulation is revoked and the following substituted:
17. Shares of a league or Credit Union Central of British Columbia.
13. Paragraphs 1, 2, 3 and 4 of section 67 of the Regulation are revoked and the following substituted:
1. Loans that consist of deposits made by the credit union with a financial institution or Credit Union Central of British Columbia.
2. Loans that are fully secured by a deposit with a financial institution or Credit Union Central of British Columbia.
3. Loans that are fully secured by debt obligations that are guaranteed by,
i. a financial institution other than the credit union holding the loan, or
ii. Credit Union Central of British Columbia.
4. Loans that are fully secured by a guarantee of,
i. a financial institution other than the credit union holding the loan, or
ii. Credit Union Central of British Columbia.
14. (1) The French version of paragraph 1 of section 72 of the Regulation is revoked and the following substituted:
1. L'organisme appelé Credit Union Central of Canada.
(2) Section 72 of the Regulation is amended by adding the following paragraph:
2.1 Credit Union Central of British Columbia.
15. This Regulation comes into force on the day it is filed.