Order in Council 1092/2017

On the recommendation of the undersigned, the Lieutenant Governor of Ontario, by and with the advice and concurrence of the Executive Council of Ontario, orders that:

Whereas pursuant to subsection 13(1) of the Financial Services Regulatory Authority of Ontario Act, 2016 (the “Act”), the Lieutenant Governor in Council may, by order, authorize the Minister of Finance to purchase securities of, or make loans to the Financial Services Regulatory Authority of Ontario (the “Authority”) in the amounts, at the times and on the terms determined by the Minister, subject to the maximum principal amount specified by the Lieutenant Governor in Council that may be purchased or advanced or that may be outstanding at any time and whereas Ontario considers it desirable to make a loan to the Authority;

Therefore,

1. Pursuant to subsection 13(1) of the Act, the Minister of Finance, is hereby authorized, on behalf of Ontario, to make a loan to the Authority in the amounts, at the times and on the terms as the Minister of Finance may determine provided that the maximum principal amount advanced does not exceed Twenty Million Dollars ($20,000,000).
2. Pursuant to subsection 13(3) of the Act, each of the Deputy Minister of Finance and the Chief Executive Officer, Ontario Financing Authority (each an “authorized officer”) is hereby delegated authority, on behalf of Ontario, to execute any ancillary agreements or documents considered necessary or desirable by such authorized officer in connection with and subject to the terms of the loan agreement authorized under paragraph 1.

Now therefore this Order shall be in effect on the day section 13 of the Act comes into force.