Short Title
This Act may be cited as the Canadian Securities Regulation Regime Transition Office Act.
Interpretation
The following definitions apply in this Act.
Advisory Committee means the advisory committee of participating provinces and territories established under section 5. (comité consultatif)
Minister means the Minister of Finance. (ministre)
participating province or territory means any province or territory that informs the Minister of its willingness to participate in the establishment of a Canadian securities regulation regime and a Canadian regulatory authority. (province ou territoire participant)
Transition Office means the Canadian Securities Regulation Regime Transition Office established under section 3. (Bureau de transition)
Establishment
The Canadian Securities Regulation Regime Transition Office is established.
The Transition Office is not an agent of Her Majesty nor is it an entity governed by the Financial Administration Act, and its president, officers, employees, agents and mandataries, advisers and experts and the members of the Advisory Committee are not part of the federal public administration.
The Governor in Council shall, on the recommendation of the Minister, appoint a president, or two co-presidents acting jointly, of the Transition Office, to hold office during pleasure.
The president is the chief executive officer of the Transition Office and has control and supervision over the work, officers and employees of that office.
In the event of the absence or incapacity of the president or a vacancy in that office, the Minister may designate a person to act as president, which person may not act for a period exceeding 90 days without the Governor in Council’s approval.
In the event of the absence or incapacity of a co-president or a vacancy in that office, the Minister may designate a person to act as co-president, which person may not act for a period exceeding 90 days without the Governor in Council’s approval. The other co-president may act alone until another co-president is designated or appointed.
An advisory committee of participating provinces and territories is established within the Transition Office and consists of not more than 13 members.
The Governor in Council shall appoint, on the recommendation of the Minister, a member for each participating province and territory, from persons nominated by that province or territory, to hold office during pleasure.
The Advisory Committee’s role is to provide the president with advice on matters related to the Transition Office’s purpose.
The Transition Office may employ any officers and employees and engage the services of any agents and mandataries, advisers and experts that it considers necessary to carry out its purpose.
The Governor in Council, on the recommendation of the Minister, shall determine the remuneration and allowances to be paid to the president and members of the Advisory Committee and any other conditions of their employment.
The Transition Office shall determine the remuneration and allowances to be paid to its officers, employees, agents and mandataries, advisers and experts and any other conditions of their employment or engagement, as the case may be.
The president and the members of the Advisory Committee shall not accept or hold any office or employment, or carry on any activity, that, in the Minister’s opinion, is inconsistent with the performance of their duties.
The officers and employees of the Transition Office shall not accept or hold any office or employment, or carry on any activity, that, in the president’s opinion, is inconsistent with the performance of their duties.
No criminal or civil proceedings lie against the president, a member of the Advisory Committee or an officer or employee of the Transition Office for anything done or omitted to be done by that person in good faith under this Act.
Purpose and Powers
The purpose of the Transition Office is to assist in the establishment of a Canadian securities regulation regime and a Canadian regulatory authority.
In carrying out its purpose, the Transition Office shall
develop a transition plan with respect to administrative and organizational matters, including those relating to human, financial, material and informational resources;
consult with stakeholders, including Canadian capital market participants; and
undertake any other activity that the Minister may direct.
The Transition Office shall provide the Minister and each participating province and territory with a copy of the transition plan no later than one year after the day on which section 3 comes into force.
In order to carry out its purpose, the Transition Office has the capacity and the rights, powers and privileges of a natural person and, in particular, it may
initiate, finance and administer programs and activities;
expend any money it receives for its activities, subject to any terms and conditions on which it is provided;
enter into contracts; and
with the Minister’s approval, enter into any agreement with the government of a province or territory that the president considers necessary or advisable.
The Transition Office shall inform the Minister regularly of its activities and its progress in carrying out its purpose.
Financial Provisions
The Minister may make direct payments, in an aggregate amount not exceeding $96,100,000, or any other amount that may be specified in an appropriation Act, to the Transition Office for its use.
Any amount payable under this section may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister, at the times and in the manner, and on any terms and conditions, that the Minister considers appropriate.
The accounts and financial transactions of the Transition Office shall be audited annually by the Auditor General of Canada, and a report of the audit shall be made to the Transition Office and the Minister.
Annual Report
The president shall, within four months after the end of each fiscal year, submit a report of all of the Transition Office’s activities for that fiscal year, including its financial statements and the report referred to in section 15, to the Minister.
The Minister shall cause a copy of the report to be tabled in each House of Parliament on any of the first 15 days on which that House is sitting after the Minister receives the report.
After the report is tabled in Parliament, the Transition Office shall make it available to the public.
Dissolution
The Governor in Council may, by order, on the recommendation of the Minister, dissolve the Transition Office.
The order shall be published in the Canada Gazette before the date of dissolution referred to in the order.
[Repealed]
On the Transition Office’s dissolution, any of its property that remains after the payment of its debts and liabilities, or after the making of adequate provision for the payment of its debts and liabilities, shall be transferred to Her Majesty in right of Canada or to any body that the Governor in Council may specify.