Order in Council 1941/2016
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 section 6 of the Pooled Registered Pension Plans Act (Canada) (the “federal Act”) provides that the federal Minister of Finance, with the approval of the Governor in Council, may enter into an agreement with two or more designated provinces respecting any matter relating to pooled registered pension plans that are subject to the legislation of at least one designated province that is a party to the agreement;
And whereas the Ontario Pooled Registered Pension Plans Act, 2015 (the “Act”), which incorporates section 6 of the federal Act by reference with modifications, similarly permits the Ontario Minister of Finance (the “Minister”), with the approval of the Lieutenant Governor in Council, to enter into an agreement with two or more designated jurisdictions respecting any matter relating to pooled registered pension plans that are subject to the legislation of at least one designated jurisdiction that is a party to the agreement;
And whereas section 2 of the Act provides that a “designated jurisdiction” means any jurisdiction in Canada, including Canada itself, that is prescribed as a jurisdiction in which there is in force legislation substantially similar to the Act;
And whereas Canada, British Columbia, Nova Scotia, Québec and Saskatchewan are prescribed as designated jurisdictions for the purposes of the Act;
And whereas in Québec, pooled registered pension plans are referred to as “voluntary retirement savings plans”, governed by the Voluntary Retirement Savings Plans Act (Québec) (the “VRSP Act”);
And whereas pursuant to section 109 of the VRSP Act, the Autorité des marchés financiers (the “AMF”) is responsible for the administration of certain parts of the VRSP Act;
And whereas Québec has indicated that, pursuant to section 127 of the VRSP Act, in order to enter into an agreement respecting voluntary retirement savings plans with another jurisdiction in Canada, the AMF is required to be a party to the agreement;
And whereas in addition to the legislative authority set out in section 6 of the federal Act, as incorporated by reference in the Act, Ontario may enter into agreements with provincial regulators as an incident of the Crown’s powers as a natural person;
And whereas Canada, British Columbia, Nova Scotia, Québec, the AMF, and Saskatchewan (the “parties”) entered into an agreement entitled “Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans” (the “PRPP Agreement”), effective June 15, 2016;
And whereas the parties wish to make amendments to the PRPP Agreement through an amending agreement entitled “2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans” (the “2017 Amending Agreement”);
And whereas the PRPP Agreement contemplates additional jurisdictions entering into to the PRPP Agreement, subject to the unanimous consent of the parties;
And whereas it is anticipated that the parties will consent to the province of Ontario entering into the PRPP Agreement, as it will be amended by the 2017 Amending Agreement;
And whereas it is desirable for Ontario to become a party to the PRPP Agreement, as it will be amended by the 2017 Amending Agreement;
Therefore:
- Approval is hereby granted to the Ontario Minister of Finance to enter into, on behalf of Ontario, the PRPP Agreement as it will be amended by the 2017 Amending Agreement, with Canada, British Columbia, Nova Scotia, Québec, the AMF and Saskatchewan, substantially in the form of the attached draft.
- This order is effective on the day the order is made.
Approved and Ordered: December 14, 2016