Bill 75 2010

An Act to amend the Financial Administration Act to provide for the disclosure of information by prospective providers of financial advice or management services to the Minister of Finance

Note: This Act amends the Financial Administration Act.  For the legislative history of the Act, see the Table of Consolidated Public Statutes – Detailed Legislative History at www.e-Laws.gov.on.ca.

Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

   1.  Part II.1 of the Financial Administration Act is amended by adding the following section:

Disclosure of information, financial advisors, etc.

   16.7  (1)  This section applies if the Minister considers entering into an agreement with a person or entity for the provision of financial advice or financial management services to the Minister.

Same

   (2)  Before entering into an agreement for the provision of the advice or services, the Minister shall request that the person or entity disclose information regarding,

  (a)  whether the person or entity has reason to believe that he, she or it may be the subject of an investigation by police or a regulatory authority;

  (b)  whether the person or entity has reason to believe that his, her or its chief executive officer may be the subject of an investigation by police or a regulatory authority;

   (c)  whether the investigation relates to a matter that is relevant to the integrity or suitability of the person or entity to provide the financial advice or services; and

  (d)  if the investigation relates to integrity or suitability, details of the investigation.

Commencement

   2.  This Act comes into force on the day it receives Royal Assent.

Short title

   3.  The short title of this Act is the Financial Administration Amendment Act (Disclosure re Investigations), 2010.

EXPLANATORY NOTE

The Bill sets out a proposed amendment to the Financial Administration Act.  The proposed amendment applies if the Minister of Finance considers entering into an agreement with a person or entity to provide financial advice or management services to the Minister.  The Minister is required to request certain information from the person or entity concerning investigations by police or regulatory authorities that may be relevant to the advisor's integrity or suitability to provide the advice or services.