Category: Ontario
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OSFI & FSRA Announcement re Committee to Review DC Plans
The Office of the Superintendent of Financial Institutions and the Ontario Financial Services Regulatory Authority announced that they are establishing a committee to review the approach of both regulators to supervising defined contribution plans . . .
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Ontario FSRA Consultation re Statement of Priorities
The Ontario Financial Services Regulatory Authority published its Statement of Priorities for 2021-22 for comment . . .
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McHayle v. Ontario (CEO of FSRA), 2020 ONFST 10 – Electronic Hearing is Reasonable
A matter involving McHayle, OPTrust, OPSEU and the Ontario government was scheduled to proceed before the Financial Services Tribunal by way of electronic hearing. McHayle, the applicant, opposed the electronic hearing, arguing that there could be technological issues or a power failure, and it would hinder the ability to cross-examine and assess credibility . . .
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Ontario Bill 213 Includes PBA Amendments
Ontario introduced Bill 213, Better for People, Smarter for Business Act, 2020, for first reading on October 6, 2020. Bill 213 includes amendments to the Pension Benefits Act (PBA) expanding the Financial Services Regulatory Authority's (FSRA) powers to waive PBA notice requirements and make its own rules regarding notice requirements . . .
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Ontario Financial Services Tribunal Notice re Public Consultations
The Ontario Financial Services Tribunal published two draft practice directions for consultation. The directions, which are in response to COVID-19, relate to in-person and electronic hearings before the Tribunal . . .
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Ontario FSRA Consultation re Service Standards
The Ontario Financial Services Regulatory Authority has launched a consultation regarding its proposed service standards. Comments are due by October 23, 2020 . . .
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Ontario Amends Regulation re Funding Relief
In response to COVID-19, Ontario filed Regulation 520/20, amending the General Regulation to provide temporary funding relief effective September 21, 2020 . . .
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Ontario FSRA Consultation re Pension Asset Transfers
The Financial Services Regulatory Authority published its new Supervisory Approach to Asset Transfers under the Pension Benefits Act for consultation . . .
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Battiston v. Microsoft Canada Inc., 2020 ONSC 4286 – Entitlement to Unvested Stock Awards During Notice Period
After 23 years of employment with Microsoft, Battison was dismissed without cause. In addition to his base salary, each year Battiston received certain benefits, including stock awards. Battison commenced an action against Microsoft, arguing that, among other things, he was entitled to the vesting of any granted but unvested stock awards . . .
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Ontario Extends Infectious Disease Emergency Leave
Ontario filed Regulation 492/20 extending the Infectious Disease Emergency Leave until January 2, 2021 . . .
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