In several of the statues administered by the Financial Services Commission of Ontario, certain matters may require a hearing before the Superintendent of Financial Services. Such a hearing can occur only in specific limited circumstances which are set out in the relevant statute.
While the majority of hearings for regulatory action taken by the Superintendent are before the Financial Services Tribunal, there are provisions within the Credit Unions and Caisses Populaires Act, 1994 and the Loan and Trust Corporations Act which provide for the possibility of a hearing before the Superintendent or his or her delegate.
As an example, the Superintendent may hold a hearing under section 101 of the Credit Unions and Caisses Populaires Act, 1994 to consider the fitness of a credit union director to hold office. In addition, section 65 of the Loan and Trust Corporations Act provides for a hearing before the Superintendent if the Superintendent proposes to refuse consent to the transfer of voting shares in certain circumstances.
- Rules for Hearings before the Superintendent of Financial Services
- Forms for Hearings before the Superintendent
Financial Services Commission of Ontario