2023 Bill 96

	96


Second Session, 50th General Assembly 3 Charles III, 2024
BILL 96
AN ACT TO REPEAL THE FINANCIAL SERVICES APPEAL BOARD ACT AND TO AMEND VARIOUS ACTS OF THE PROVINCE TO ELIMINATE APPEALS TO THE FINANCIAL SERVICES APPEAL BOARD
Received and Read the First Time................................................................
Second Reading............................................................................................
Committee.....................................................................................................
Third Reading...............................................................................................
Royal Assent.................................................................................................
HONOURABLE ELVIS LOVELESS Minister of Digital Government and Service Newfoundland and Labrador
Ordered to be printed by the Honourable House of Assembly

EXPLANATORY NOTES

This Bill would repeal the Financial Services Appeal Board Act and amend the Insurance Adjusters, Agents and Brokers Act, the Insurance Companies Act, the Mortgage Brokers Act, the Mortgage Brokerages and Brokers Act, the Real Estate Trading Act, 2019 and the Securities Act to

· eliminate appeals to the Financial Services Appeal Board and establish a right of appeal to the deputy minister of the Department of Digital Government and Service Newfoundland and Labrador;

· replace references to "Trial Division" with the correct reference "Supreme Court"; and

· incorporate gender-neutral language.

A BILL

AN ACT TO REPEAL THE FINANCIAL SERVICES APPEAL BOARD ACT AND TO AMEND VARIOUS ACTS OF THE PROVINCE TO ELIMINATE APPEALS TO THE FINANCIAL SERVICES APPEAL BOARD

Analysis

1. Short title

PART I
INSURANCE ADJUSTERS, AGENTS AND BROKERS ACT

2. S.2 Amdt.
Definitions

3. S.3 Amdt.
Non-application of Act

4. S.7 Amdt.
Transferring services

5. S.8 Amdt.
Students

6. S.14 Amdt.
Confusion of names

7. S.16 Amdt.
One year waiting period

8. S.17 Amdt.
Notification of suspension, etc.

9. S.21 Amdt.
Over-insurance

10. S.28 Amdt.
Prohibition

11. S.38 Amdt.
Fraternal or sororal societies, etc.

12. S.43 Amdt.
Investigations

13. S.43.01 Amdt.
Powers

14. S.43.02 Amdt.
Production order

15. S.43.1 Amdt.
Order for compliance

16. S.43.2 Amdt.
Property held in trust

17. S.45 Amdt.
Offence

PART II
INSURANCE COMPANIES ACT

18. S.2 Amdt.
Definitions

19. S.25 R&S
Appeal

PART III
MORTGAGE BROKERS ACT

20. S.2 Amdt.
Definitions

21. S.3 Amdt.
Registrar

22. S.4 Amdt.
Registration

23. S.5 Amdt.
Application

24. S.6 Amdt.
Suspension or cancellation of registration

25. S.6.1 Amdt.
Examination

26. S.7 Amdt.
Investigation

27. S.7.1 Amdt.
Powers of examiner or investigator

28. S.7.2 Amdt.
Production order

29. S.7.3 Amdt.
Protection order

30. S.12 Amdt.
False advertising

31. S.13 Amdt.
Regulations

32. S.16 Amdt.
Certificate as evidence

33. S.18 R&S
Appeal

PART IV
MORTGAGE BROKERAGES AND BROKERS ACT

34. S.2 Amdt.
Interpretation

35. S.30 R&S
Appeal

PART V
REAL ESTATE TRADING ACT, 2019

36. S.2 Amdt.
Interpretation

37. S.43 R&S
Appeal

PART VI
SECURITIES ACT

38. S.2 Amdt.
Interpretation

39. S.5 Amdt.
Financial Disclosure Advisory Board

40. S.7 Amdt.
Deputy Superintendent of Securities

41. S.10 R&S
Appeal

42. S.13 Amdt.
Financial examination order

43. S.14 Amdt.
Power of investigator or examiner

44. S.14.1 Amdt.
Production orders

45. S.15 Amdt.
Detention of things seized

46. S.16 Amdt.
Examination or seizure of documents where privilege claimed

47. S.19 Amdt.
Non-disclosure

48. S.20 Amdt.
Disclosure by superintendent

49. S.23 Amdt.
Compliance reviews

50. S.25 Amdt.
Self-regulatory organizations

51. S.25.1 Amdt.
Clearing agencies

52. S.25.2 Amdt.
Quotation and trade reporting system

53. S.25.5 Amdt.
Assignment of powers and duties

54. S.25.10 Amdt.
Auditor of registrant

55. S.26.1 Amdt.
Responsible person

56. S.26.2 Amdt.
Duty of care

57. S.27.1 Amdt.
Suspension or termination of registration

58. S.28 Amdt.
Surrender of registration

59. S.34 Amdt.
Notice of changes

60. S.36 Amdt.
Exemption of trades

61. S.37 Amdt.
Confirmation of trade

62. S.38 Amdt.
Order prohibiting calls to residences

63. S.39 Amdt.
Representations prohibited

64. S.44 Amdt.
Use of name of another registrant

65. S.45 Amdt.
Registration not to be advertised

66. S.48 Amdt.
Margin contracts

67. S.49 Amdt.
Declaration as to short position

68. S.50 Amdt.
Shares not to be voted

69. S.52 Amdt.
Agreements

70. S.54 Amdt.
Prospectus required

71. S.62 Amdt.
Receipt for prospectus

72. S.64 Amdt.
Short form prospectus

73. S.65 Amdt.
Orders to provide information

74. S.66 Amdt.
"Waiting period" defined

75. S.69 Amdt.
Defective preliminary prospectus

76. S.70 Amdt.
Material given on distribution

77. S.75 Amdt.
Exemption order

78. S.75.1 Amdt.
Considering issuer to be a reporting issuer

79. S.75.2 Amdt.
Considering a trade to be a distribution

80. S.84 Amdt.
Order relieving small reporting issuer

81. S.86 Amdt.
Mandatory solicitation of proxies

82. S.87 Amdt.
Information circular

83. S.88 Amdt.
Voting where proxies

84. S.93 Amdt.
Applications to superintendent

85. S.94 Amdt.
Application to Supreme Court

86. S.111 Amdt.
Interpretation

87. S.112 Amdt.
Loans of mutual funds in the province

88. S.116 Amdt.
Fees on investment

89. S.118 Amdt.
Filing by management companies

90. S.120 Amdt.
Trades by mutual fund insiders

91. S.121 Amdt.
Filing in other jurisdiction

92. S.124 R&S
Information containing more than one offence

93. S.125 Amdt.
Execution of warrant issued in another province

94. S.127 Amdt.
Cease trading orders and orders in the public interest

95. S.128.1 Amdt.
Applications to court

96. S.130 Amdt.
Civil liability - misrepresentation in prospectus

97. S.131 Amdt.
Civil liability -misrepresentation in circular

98. S.134 Amdt.
Liability where material fact or change undisclosed

99. S.135 Amdt.
Action by superintendent on behalf of issuer

100. S.136 Amdt.
Rescission of contract

101. S.138.15 Amdt.
Definitions

102. S.138.16 Amdt.
Delegation and acceptance of authority

103. S.138.20 Amdt.
Exercise of discretion - inter-jurisdictional reliance

104. S.142.1 Amdt.
Exemption

105. S.144 Amdt.
Superintendent’s direction

106. S.144.1 Amdt.
Superintendent may make rules

PART VII
TRANSITIONAL, CONSEQUENTIAL AMENDMENT AND REPEAL

107. Transitional

108. RSNL1990 cP-43 Amdt.

109. Repeal

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

Short title

1. This Act may be cited as the Elimination of the Financial Services Appeal Board Act.

PART I
INSURANCE ADJUSTERS, AGENTS AND BROKERS ACT

RSNL1990 cI-9
as amended

2. (1) Subparagraph 2(c)(ii) of the Insurance Adjusters, Agents and Brokers Act is amended by deleting the words "holds himself or herself out to a claimant or an insured as" and substituting the words "represents to a claimant or an insured to be".

(2) Subparagraph 2(c)(iii) of the Act is amended by deleting the words "holds himself or herself out as" and substituting the words "represents to be".

(3) Section 2 of the Act is amended by adding immediately after paragraph (f) the following:

(f.1) "appellant" means a person who submits an appeal under section 17;

(4) Section 2 of the Act is amended by adding immediately after paragraph (k) the following:

(k.1) "department" means the department presided over by the minister;

(k.2) "deputy minister" means the deputy minister of the department;

3. (1) Paragraph 3(a) of the Act is amended by deleting the words "his or her" and substituting the words "the barrister's or solicitor's".

(2) Paragraph 3(b) of the Act is amended by deleting the words "his or her" and substituting the words "the liquidator's or trustee in bankruptcy's".

(3) Paragraph 3(c) of the Act is amended by deleting the words "his or her" and substituting the words "the testamentary executor's, director's, trustee's or fiduciary's".

4. Section 7 of the Act is amended by deleting the words "his or her" wherever they appear and substituting the words "the adjuster's or representative's".

5. (1) Subsection 8(2) of the Act is amended by deleting the number "1" and substituting the word "one".

(2) Subsection 8(3) of the Act is amended by deleting the words "his or her" and substituting the words "the student's".

(3) Subsection 8(5) of the Act is amended by deleting the words "his or her" and substituting the words "the student's".

6. Subsection 14(2) of the Act is amended by

(a) deleting the words "himself, herself or itself" and substituting the words "the adjuster, adjustment company, representative, agent or broker"; and

(b) deleting the words "him, her or it" and substituting the words "the adjuster, adjustment company, representative, agent or broker".

7. Section 16 of the Act is amended by deleting the number "1" and substituting the word "one".

8. (1) Subsection 17(3) of the Act is repealed and the following substituted:

(3) A person may appeal a decision of the superintendent to refuse to issue a licence, to suspend, revoke or amend a licence, or to attach restrictions, limitations or conditions to a licence to the deputy minister within 30 days of the decision.

(2) Section 17 of the Act is amended by adding immediately after subsection (3) the following:

(4) An appeal referred to in subsection (3) shall

(a) be submitted to the deputy minister, in writing, in the form and manner set by the deputy minister;

(b) state the reasons for the appeal; and

(i) a copy of the decision being appealed,

(ii) all information that the appellant considers necessary for the appeal, and

(iii) any information requested by the deputy minister.

(5) The deputy minister shall begin a review of the decision within 30 days after the appeal has been received under subsection (4).

(6) The deputy minister may confirm, revoke or vary the decision that is the subject of the appeal.

(7) A decision of the deputy minister shall

(a) be in writing;

(b) state the reasons for the decision; and

(c) be provided to the appellant and the superintendent no later than 30 days after the deputy minister completes the review of the decision.

9. Section 21 of the Act is amended by deleting the words "his or her" and substituting the words "the".

10. (1) Subsection 28(1) of the Act is amended by

(a) deleting the words "himself or herself" and substituting the words "the representative";

(b) deleting the words "his or her" and substituting the words "the representative's";

(d) deleting the number "1st" and substituting the word "first".

(2) Subsection 28(2) of the Act is amended by deleting the number "1" and substituting the word "one".

(3) Subsection 28(3) of the Act is amended by deleting the words "his or her" and substituting the words "the agent's, broker's or representative's".

11. (1) Subsection 38(1) of the Act is amended by

(a) deleting the words "his or her" and substituting the words "the member's"; and

(b) deleting the words "him or her" and substituting the words "the member".

(2) Subsection 38(2) of the Act is amended by deleting the words "his or her" and substituting the words "the person's".

12. (1) Subsection 43(3) of the Act is amended by

(a) deleting the words "Trial Division" and substituting the words "Supreme Court"; and

(b) deleting the words "him or her" and substituting the words "the judge".

(2) Subsection 43(3.1) of the Act is amended by deleting the words "he or she" and substituting the words "the judge".

(3) Paragraph 43(3.2)(a) of the Act is amended by deleting the words "he or she" and substituting the words "the judge".

(4) Subsection 43(4) of the Act is amended by deleting the words "his or her" and substituting the word "the".

(5) Subsection 43(5) of the Act is amended by deleting the words "Trade Practices Act" and substituting the words "Consumer Protection and Business Practices Act".

13. Subsection 43.01(1) of the Act is amended by

(a) deleting the words "him or her" and substituting the words "the person";

(b) deleting the words "Trial Division" wherever they appear and substituting the words "Supreme Court"; and

14. (1) Subsection 43.02(1) of the Act is amended by deleting the words "Trial Division" and substituting the words "Supreme Court".

(2) Subsection 43.02(3) of the Act is amended by deleting the words "he or she" and substituting the words "the judge".

(3) Subsection 43.02(4) of the Act is amended by deleting the words "his or her" and substituting the words "the lawyer's".

15. Subsection 43.1(3) of the Act is amended by

(a) deleting the words "Trial Division" and substituting the words "Supreme Court"; and

(b) deleting the words "he or she" and substituting the words "the judge".

16. Subsection 43.2(4) of the Act is amended by deleting the words "Trial Division" and substituting the words "Supreme Court".

17. (1) Subsection 45(1) of the Act is amended by

(a) deleting the words "his or her" wherever they appear and substituting the words "the person's"; and

(b) deleting the words "or holds himself or herself out" wherever they appear.

(2) Subsection 45(6) of the Act is amended by deleting the words "his or her" and substituting the words "the insured's".

PART II
INSURANCE COMPANIES ACT

RSNL1990 cI-10
as amended

18. (1) Section 2 of the Insurance Companies Act is amended by adding immediately after paragraph (b.1) the following:

(b.2) "appellant" means a person who submits an appeal under section 25;

(2) Section 2 of the Act is amended by adding immediately after paragraph (k.2) the following:

(k.3) "department" means the department presided over by the minister;

(k.4) "deputy minister" means the deputy minister of the department;

19. Section 25 of the Act is repealed and the following substituted:

Appeal

25. (1) A person may appeal a decision to refuse to issue a licence or to suspend or cancel a licence under this Act to the deputy minister within 30 days of the decision.

(2) An appeal referred to in subsection (1) shall

(a) be submitted to the deputy minister, in writing, in the form and manner set by the deputy minister;

(b) state the reasons for the appeal; and

(i) a copy of the decision being appealed,

(ii) all information that the appellant considers necessary for the appeal, and

(iii) any information requested by the deputy minister.

(3) The deputy minister shall begin a review of the decision within 30 days after the appeal has been received under subsection (2).

(4) The deputy minister may confirm, revoke or vary the decision that is the subject of the appeal.

(5) A decision of the deputy minister shall

(a) be in writing;

(b) state the reasons for the decision; and

(c) be provided to the appellant and the superintendent no later than 30 days after the deputy minister completes the review of the decision.

PART III
MORTGAGE BROKERS ACT

RSNL1990 cM-18
as amended

20. (1) Section 2 of the Mortgage Brokers Act is amended by adding immediately before paragraph (a) the following:

(a.01) "appellant" means a person who submits an appeal under section 18;

(2) Section 2 of the Act is amended by adding immediately after paragraph (b) the following:

(b.1) "department" means the department presided over by the minister;

(b.2) "deputy minister" means the deputy minister of the department;

(b.3) "minister" means the minister appointed under the Executive Council Act to administer this Act;

(3) Paragraph 2(d) of the Act is amended by deleting the words "holds himself or herself out" and substituting the word "represents".

(4) Paragraph 2(e) of the Act is amended by deleting the words "his or her" and substituting the words "the person’s".

21. (1) Paragraph 3(2)(a) of the Act is amended by deleting the words "his or her" and substituting the words "the registrar's".

(2) Subsection 3(3) of the Act is amended by

(a) deleting the words "his or her" and substituting the words "the registrar’s"; and

(b) deleting the words "Public Inquiries Act" and substituting the words "Public Inquiries Act, 2006".

22. Section 4 of the Act is amended by deleting the words "he or she" and substituting the words "the person".

23. Subsection 5(4) of the Act is amended by deleting the words "his or her" and substituting the words "the mortgage broker's".

24. Section 6 of the Act is amended by deleting the words "he or she" wherever they appear and substituting the words "the registrar".

25. (1) Subsection 6.1(3) of the Act is amended by

(a) deleting the words "his or her"; and

(b) deleting the words "he or she" and substituting the words "the person conducting the examination".

(2) Subsection 6.1(4) of the Act is amended by deleting the words "he or she" and substituting the words "the person conducting the examination".

(3) Subsection 6.1(5) of the Act is amended by deleting the words "he or she" and substituting the words "the registrar".

26. Subsection 7(3) of the Act is amended by deleting the words "Trial Division" and substituting the words "Supreme Court".

27. Subsection 7.1(1) of the Act is amended by

(a) deleting the words "him or her" and substituting the words "the person";

(b) deleting the words "Trial Division" wherever they appear and substituting the words "Supreme Court"; and

28. (1) Subsection 7.2(1) of the Act is amended by deleting the words "Trial Division" and substituting the words "Supreme Court".

(2) Subsection 7.2(3) of the Act is amended by deleting the words "he or she" and substituting the words "the judge".

(3) Subsection 7.2(4) of the Act is amended by deleting the words "his or her" and substituting the words "the lawyer's".

29. (1) Subsection 7.3(1) of the Act is amended by

(a) deleting the words "his or her" and substituting the words "the person's"; and

(b) deleting the words "Trial Division" and substituting the words "Supreme Court".

(2) Subsection 7.3(3) of the Act is amended by deleting the words "Trial Division" and substituting the words "Supreme Court".

30. Section 12 of the Act is amended by deleting the words "he or she" and substituting the words "the registrar".

31. Paragraph 13(m) of the Act is amended by deleting the words "Public Inquiries Act" and substituting the word "Public Inquiries Act, 2006".

32. Section 16 of the Act is amended by

(a) deleting the number "1st" and substituting the word "first"; and

(b) deleting the words "his or her" and substituting the words "the registrar's".

33. Section 18 of the Act is repealed and the following substituted:

Appeal

18. (1) A person may appeal a decision or order of the registrar to the deputy minister within 30 days of the decision or order.

(2) An appeal referred to in subsection (1) shall

(a) be submitted to the deputy minister, in writing, in the form and manner set by the deputy minister;

(b) state the reasons for the appeal; and

(i) a copy of the decision or order being appealed,

(ii) all information that the appellant considers necessary for the appeal, and

(iii) any information requested by the deputy minister.

(3) The deputy minister shall begin a review of the decision or order within 30 days after the appeal has been received under subsection (2).

(4) The deputy minister may confirm, revoke or vary the decision or order that is the subject of the appeal.

(5) A decision of the deputy minister shall

(a) be in writing;

(b) state the reasons for the decision; and

(c) be provided to the appellant and the registrar no later than 30 days after the deputy minister completes the review of the decision or order.

PART IV
MORTGAGE BROKERAGES AND BROKERS ACT

SNL2023 cM-17.1

34. (1) Subsection 2(1) of the Mortgage Brokerages and Brokers Act is amended by adding immediately before paragraph (a) the following:

(a.01) "appellant" means a person who submits an appeal under section 30;

(2) Subsection 2(1) of the Act is amended by adding immediately after paragraph (c) the following:

(c.1) "deputy minister" means the deputy minister of the department;

35. Section 30 of the Act is repealed and the following substituted:

Appeal

30. (1) A person may appeal a decision or order of the superintendent or the deputy superintendent to the deputy minister within 30 days of the decision or order.

(2) An appeal referred to in subsection (1) shall

(a) be submitted to the deputy minister, in writing, in the form and manner set by the deputy minister;

(b) state the reasons for the appeal; and

(i) a copy of the decision or order being appealed,

(ii) all information that the appellant considers necessary for the appeal, and

(iii) any information requested by the deputy minister.

(3) The deputy minister shall begin a review of the decision or order within 30 days after the appeal has been received under subsection (2).

(4) The deputy minister may confirm, revoke or vary the decision or order that is the subject of the appeal.

(5) A decision of the deputy minister shall

(a) be in writing;

(b) state the reasons for the decision; and

(c) be provided to the appellant and the superintendent no later than 30 days after the deputy minister completes the review of the decision or order.

PART V
REAL ESTATE TRADING ACT, 2019

SNL2019 cR-2.1
as amended

36. (1) Subsection 2(1) of the Real Estate Trading Act, 2019 is amended by adding immediately after paragraph (a) the following:

(a.1) "appellant" means a person who submits an appeal under section 43;

(2) Subsection 2(1) of the Act is amended by adding immediately after paragraph (f) the following:

(f.1) "department" means the department presided over by the minister;

(f.2) "deputy minister" means the deputy minister of the department;

(3) Subsection 2(1) of the Act is amended by adding immediately after paragraph (o) the following:

(o.1) "minister" means the minister appointed under the Executive Council Act to administer this Act;

37. Section 43 of the Act is repealed and the following substituted:

Appeal

43. (1) A person may appeal a decision or order of the superintendent, the deputy superintendent or an inspector to the deputy minister within 30 days of the decision or order.

(2) An appeal referred to in subsection (1) shall

(a) be submitted to the deputy minister, in writing, in the form and manner set by the deputy minister;

(b) state the reasons for the appeal; and

(i) a copy of the decision or order being appealed,

(ii) all information that the appellant considers necessary for the appeal, and

(iii) any information requested by the deputy minister.

(3) The deputy minister shall begin a review of the decision or order within 30 days after the appeal has been received under subsection (2).

(4) The deputy minister may confirm, revoke or vary the decision or order that is the subject of the appeal.

(5) A decision of the deputy minister shall

(a) be in writing;

(b) state the reasons for the decision; and

(c) be provided to the appellant and the superintendent no later than 30 days after the deputy minister completes the review of the decision or order.

PART VI
SECURITIES ACT

RSNL1990 cS-13
as amended

38. (1) Paragraph 2(1)(a) of the Securities Act is amended by deleting the words "holding himself, herself, or the company out as" and substituting the words "representing to be".

(2) Subsection 2(1) of the Act is amended by adding immediately after paragraph (a.1) the following:

(a.2) "appellant" means a person who submits an appeal under section 10;

(3) Paragraph 2(1)(g) of the Act is amended by deleting the number "1" and substituting the word "one".

(4) Paragraph 2(1)(i) of the Act is amended by deleting the words "holding himself, herself or the company out as" and substituting the words "representing to be".

(5) Subsection 2(1) of the Act is amended by adding immediately after paragraph (j) the following:

(j.01) "department" means the department presided over by the minister;

(j.02) "deputy minister" means the deputy minister of the department;

(6) Paragraph 2(1)(r) of the Act is amended by deleting the words "his or her" and substituting the words "the natural person's".

(7) Paragraph 2(1)(cc) of the Act is amended by deleting the number "1" and substituting the word "one".

(8) Subparagraph 2(1)(hh)(ii) of the Act is amended by deleting the number "1" wherever it appears and substituting the word "one".

(9) Paragraph 2(1)(jj) of the Act is amended by deleting the number "1" and substituting the word "one".

(10) Paragraph 2(1)(kk) of the Act is amended by deleting the words "his or her nominee to attend and act for him or her and on his or her behalf" and substituting the words "the security holder's nominee to attend and act for and on behalf of the security holder".

(11) Paragraph 2(1)(qq) of the Act is amended by deleting the number "1" and substituting the word "one".

(12) Subsection 2(2) of the Act is amended by deleting the number "1" and substituting the word "one".

(13) Subparagraph 2(4)(a)(ii) of the Act is amended by deleting the number "1" and substituting the word "one".

(14) Subsection 2(5) of the Act is amended by deleting the words "him or her" and substituting the words "the person".

39. (1) Subsection 5(1) of the Act is amended by deleting the number "1" and substituting the word "one".

(2) Subsection 5(4) of the Act is amended by deleting the words "his or her".

40. Paragraph 7(a) of the Act is amended by deleting the words "his or her" and substituting the words "the superintendent's".

41. Section 10 of the Act is repealed and the following substituted:

Appeal

10. (1) A person or company directly affected by a decision of the superintendent, other than a decision under section 75, may appeal a decision of the superintendent, other than a decision under section 75, to the deputy minister within 30 days of the decision.

(2) An appeal referred to in subsection (1) shall

(a) be submitted to the deputy minister, in writing, in the form and manner set by the deputy minister;

(b) state the reasons for the appeal; and

(i) a copy of the decision being appealed,

(ii) all information that the appellant considers necessary for the appeal, and

(iii) any information requested by the deputy minister.

(3) The deputy minister shall begin a review of the decision within 30 days after the appeal has been received under subsection (2).

(4) The deputy minister may confirm, revoke or vary the decision that is the subject of the appeal.

(5) A decision of the deputy minister shall

(a) be in writing;

(b) state the reasons for the decision; and

(c) be provided to the appellant and the superintendent no later than 30 days after the deputy minister completes the review of the decision.

42. Subsection 13(1) of the Act is amended by deleting the words "he or she" and substituting the words "the superintendent".

43. (1) Subsection 14(1) of the Act is amended by

(a) deleting the words "him or her" and substituting the words "the person"; and

(b) deleting the words "his, her or its" and substituting the words "the person's or company's".

(2) Subsection 14(3) of the Act is amended by

(a) deleting the words "him or her" and substituting the words "the person"; and

(b) deleting the words "his or her" and substituting the words "the lawyer's".

(3) Subsection 14(4) of the Act is amended by deleting the words "him or her" and substituting the words "the judge".

44. (1) Subsection 14.1(3) of the Act is amended by deleting the words "he or she" and substituting the words "the judge".

(2) Subsection 14.1(4) of the Act is amended by deleting the words "his or her" and substituting the words "the lawyer's".

45. Section 15 of the Act is amended by deleting the words "he or she" wherever they appear and substituting the words "the judge".

46. (1) Subsection 16(2) of the Act is amended by deleting the words "him or her" and substituting the words "the lawyer".

(2) Subsection 16(7) of the Act is amended by deleting the words "he or she" and substituting the words "the judge".

47. Subsection 19(1) of the Act is amended by deleting the words "his, her or its" and substituting the words "the person's or company's".

48. Subsection 20(1) of the Act is amended by deleting the words "he or she" and substituting the words "the superintendent".

49. Subsection 23(2) of the Act is amended by deleting the words "his or her" and substituting the words "the person's".

50. Subsection 25(4) of the Act is amended by deleting the words "he or she" and substituting the words "the superintendent".

51. Subsection 25.1(3) of the Act is amended by deleting the words "he or she" and substituting the words "the superintendent".

52. Subsection 25.2(3) of the Act is amended by deleting the words "he or she" and substituting the words "the superintendent".

53. Subsection 25.5(1) of the Act is amended by deleting the words "he or she" and substituting the words "the superintendent".

54. Subsection 25.10(6) of the Act is amended by deleting the words "he or she" and substituting the words "the superintendent".

55. Section 26.1 of the Act is amended by deleting the words "his, her or its" and substituting the words "the person's or company's".

56. (1) Subsection 26.2(1) of the Act is amended by deleting the words "his, her or the company's" and substituting the words "the registrant's".

(2) Subsection 26.2(3) of the Act is amended by deleting the words "his, her or its" and substituting the words "the investment fund manager's".

57. Subsection 27.1(1) of the Act is amended by deleting the words "he or she" and substituting the words "the superintendent".

58. Subsection 28(1) of the Act is amended by deleting the words "his, her or its" and substituting the words "the registrant's".

59. (1) Subsection 34(3) of the Act is amended by

(a) deleting the word "purpose" and substituting the words "purpose of"; and

(b) deleting the words "his or her" wherever they appear and substituting the words "the registered individual's".

(2) Subsection 34(4) of the Act is amended by deleting the words "he or she" and substituting the words "the superintendent".

60. (1) Subparagraph 36(1)(n)(iii) of the Act is amended by deleting the words "he or she" and substituting the words "the superintendent".

(2) Subparagraph 36(1)(o)(ii) of the Act is amended by deleting the number "1" and substituting the word "one".

(3) Subparagraph 36(1)(u)(i) of the Act is amended by deleting the number "1st" and substituting the word "first".

(4) Clause 36(1)(u)(ii)(A) of the Act is amended by

(a) deleting the words "his or her" and substituting the words "the purchaser's"; and

(b) deleting the words "him or her" and substituting the words "the purchaser".

(5) Clause 36(1)(u)(ii)(C) of the Act is amended by deleting the words "brother, sister" and substituting the words "sibling".

(6) Paragraph 36(2)(d) of the Act is amended by deleting the number "1" and substituting the word "one".

(7) Paragraph 36(2)(l) of the Act is amended by deleting the number "1" and substituting the word "one".

(8) Subsection 36(8) of the Act is amended by deleting the words "his or her" and substituting the words "the lawyer's or accountant's".

61. Paragraph 37(3)(c) of the Act is amended by deleting the number "1st" and substituting the word "first".

62. Subsection 38(4) of the Act is amended by deleting the words "his, her" and substituting the words "the person's".

63. Subsection 39(1) of the Act is amended by deleting the words "he or she" and substituting the words "the person".

64. Section 44 of the Act is amended by deleting the words "he or she" and substituting the words "the registrant".

65. Section 45 of the Act is amended by deleting the words "himself, herself" and substituting the words "the person".

66. (1) Subsection 48(1) of the Act is amended by

(a) deleting the words "he or she" wherever they appear and substituting the words "the person";

(b) deleting the words "his or her firm" and substituting the words "the person's firm"; and

(2) Subsection 48(2) of the Act is amended by deleting the words "his or her" and substituting the words "the dealer's".

67. Section 49 of the Act is amended by

(a) deleting the words "him or her" and substituting the words "the person or company";

(b) deleting the words "his or her" wherever they appear and substituting the words "the person’s or company’s"; and

68. (1) Paragraph 50(1)(a) of the Act is amended by deleting the words "his or her" and substituting the words "the registrant's".

(2) Paragraph 50(1)(b) of the Act is amended by deleting the words "his or her" and substituting the words "the custodian's".

(3) Subsection 50(5) of the Act is amended by deleting the words "his or her" wherever they appear and substituting the words "the beneficial owner's".

69. Subparagraph 52(1)(b)(x) of the Act is amended by deleting the number "1" and substituting the word "one".

70. (1) Subsection 54(1) of the Act is amended by deleting the words "his or her" and substituting the words "the person's or company's".

(2) Paragraph 54(3)(d) of the Act is amended by deleting the number "1" wherever it appears and substituting the word "one".

(3) Subparagraph 54(3)(f)(i) of the Act is amended by deleting the words "his or her" and substituting the word "their".

(4) Clause 54(3)(f)(ii)(A) of the Act is amended by

(a) deleting the words "his or her" and substituting the words "the investor's"; and

(b) deleting the words "him or her" and substituting the words "the investor".

(5) Clause 54(3)(f)(ii)(B) of the Act is amended by deleting the words "brother, sister" and substituting the words "sibling".

(6) Subsections 54(5), (6), (7), (8), (9) and (10) of the Act are amended by deleting the number "1st" wherever it appears and substituting the word "first".

71. (1) Subsection 62(1) of the Act is amended by deleting the words "he or she" and substituting the words "the superintendent".

(2) Subsection 62(2) of the Act is amended by deleting the words "he or she" and substituting the words "the superintendent”.

72. (1) Subsection 64(2) of the Act is amended by deleting the number "1" and substituting the word "one".

(2) Subsection 64(4) of the Act is amended by deleting the words "him or her" and substituting the words "the superintendent".

73. Section 65 of the Act is amended by deleting the words "he or she" wherever they appear and substituting the words "the superintendent".

74. (1) Subsection 66(1) of the Act is amended by deleting the words "him or her" and substituting the words "the superintendent".

(2) Paragraph 66(2)(c) of the Act is amended by deleting the words "him or her" and substituting the words "the prospective purchaser".

75. Section 69 of the Act is amended by deleting the words "he or she" and substituting the words "the superintendent".

76. Section 70 of the Act is amended by deleting the words "his or her" and substituting the words "the person's or company's".

77. Subsection 75(1) of the Act is amended by deleting the words "he or she" and substituting the words "the superintendent".

78. Paragraph 75.1(1)(b) of the Act is amended by

(a) deleting the words "his or her" and substituting the words "the superintendent's"; and

(b) deleting the words "he or she" and substituting the words "the superintendent".

79. Subsection 75.2(2) of the Act is amended by deleting the words "his or her" and substituting the words "the superintendent's".

80. Section 84 of the Act is amended by deleting the words "he or she" and substituting the words "the superintendent".

81. Section 86 of the Act is amended by deleting the words "his or her" and substituting the words "the security holder's".

82. (1) Paragraph 87(1)(a) of the Act is amended by deleting the words "his or her" and substituting the words "the security holder's".

(2) Paragraph 87(2)(a) of the Act is amended by deleting the number "1" wherever it appears and substituting the word "one".

(3) Paragraph 87(2)(c) of the Act is amended by deleting the words "he, she" and substituting the words "the person".

83. Section 88 of the Act is amended by deleting the words "his or her" and substituting the words "the person's or company's".

84. Subsection 93(1) of the Act is amended by deleting the words "he or she" and substituting the words "the superintendent".

85. Subsection 94(2) of the Act is amended by deleting the words "he or she" and substituting the words "the superintendent".

86. (1) Paragraph 111(b) of the Act is amended by deleting the words "he, she or it" and substituting the words "the person or company".

(2) Paragraph 111(c) of the Act is amended by deleting the words "him or her" wherever they appear and substituting the words "the person or company or group of persons or companies".

87. Paragraph 112(2)(b) of the Act is amended by deleting the number "1" and substituting the word "one".

88. Subsection 116(2) of the Act is amended by deleting the words "he or she" wherever they appear and substituting the words "the superintendent".

89. (1) Paragraph 118(1)(d) of the Act is amended by deleting the number "1" and substituting the word "one".

(2) Subsection 118(2) of the Act is amended by deleting the words "he or she" wherever they appear and substituting the words "the superintendent".

90. Section 120 of the Act is amended by deleting the words "his, her or its" wherever they appear and substituting the words "the person's or company's".

91. Paragraph 121(2)(b) of the Act is amended by deleting the words "his or her" and substituting the words "the superintendent's".

92. Section 124 of the Act is repealed and the following substituted:

Information containing more than one offence

124. An information in respect of a contravention of this Act may be for one or more offences, and no information, summons, warrant, conviction or other proceeding in a prosecution is objectionable or insufficient because of the fact that it relates to 2 or more offences.

93. Subsection 125(2) of the Act is amended by deleting the words "his or her" and substituting the words "the peace officer's".

94. (1) Subsection 127(1) of the Act is amended by deleting the words "his or her" and substituting the words "the superintendent's".

(2) Paragraph 127(1)(d) of the Act is amended by deleting the words "his, her or its" and substituting the words "the market participant's".

(3) Subsection 127(8) of the Act is amended by deleting the words "he or she" and substituting the words "the superintendent".

95. Paragraph 128.1(3)(b) of the Act is amended by deleting the words "his, her or its" and substituting the words "the person's or company's".

96. (1) Subsection 130(3) of the Act is amended by deleting the words "his, her or its" wherever they appear and substituting the words "the person's or company's".

(2) Subsection 130(6) of the Act is amended by deleting the words "him, her or the company" and substituting the words "the underwriter".

97. (1) Subsection 131(5) of the Act is amended by deleting the words "his, her or its" wherever they appear and substituting the words "the person's or company's".

(2) Subsection 131(6) of the Act is amended by deleting the words "his, her or its" and substituting the words "the person's or company's".

98. (1) Subsection 134(3) of the Act is amended by deleting the words "his, her or its" wherever they appear and substituting the words "the person's or company's".

(2) Subsection 134(5) of the Act is amended by deleting the number "1" and substituting the word "one".

(3) Subsection 134(6) of the Act is amended by deleting the words "he or she" wherever they appear and substituting the words "the plaintiff".

99. (1) Subsection 135(3) of the Act is amended by deleting the words "he or she" and substituting the words "the trial judge".

(2) Subsection 135(4) of the Act is amended by deleting the words "he or she" and substituting the words "the trial judge".

100. (1) Subsection 136(1) of the Act is amended by deleting the words "he, she" and substituting the words "the person".

(2) Subsection 136(2) of the Act is amended by deleting the words "he or she" and substituting the words "the registered dealer".

101. Paragraph 138.15(1)(a) of the Act is amended by deleting the words "him or her" and substituting the words "the superintendent".

102. Subsection 138.16(2) of the Act is amended by deleting the words "him or her" wherever they appear and substituting the words "the superintendent".

103. Subsection 138.20(1) of the Act is amended by deleting the words "he or she is".

104. Section 142.1 of the Act is amended by deleting the words "he or she" and substituting the words "the superintendent".

105. (1) Subsection 144(1) of the Act is amended by

(a) deleting the words "his or her" and substituting the words "the superintendent's"; and

(b) deleting the words "he or she" and substituting the words "the superintendent".

(2) Subsection 144(2) of the Act is amended by deleting the words "his or her" and substituting the words "the superintendent's".

106. Paragraph 144.1(1)(e) of the Act is amended by deleting the words "it will exercise his or her" and substituting the words "the superintendent will exercise the superintendent's".

PART VII
TRANSITIONAL, CONSEQUENTIAL AMENDMENT AND REPEAL

Transitional

107. Where an appeal under the Insurance Adjusters, Agents and Brokers Act, Insurance Companies Act, Mortgage Brokers Act, Real Estate Trading Act, 2019 or Securities Act has been submitted to the Financial Services Appeal Board before the coming into force of this Act but has not been concluded before the coming into force of this Act, the appeal shall be concluded in accordance with the Insurance Adjusters, Agents and Brokers Act, Insurance Companies Act, Mortgage Brokers Act, Real Estate Trading Act, 2019 or Securities Act, as the case may be.

RSNL1990 cP-43 Amdt.

108. Schedule C of the Public Service Commission Act is amended by deleting the statutory reference "Financial Services Appeal Board Act, section 3".

Repeal

109. The Financial Services Appeal Board Act is repealed.