R-17.0.1 - Voluntary Retirement Savings Plans Act

Updated to 16 April 2014

This document has official status.

chapter R-17.0.1

Voluntary Retirement Savings Plans Act

CHAPTER III ADMINISTRATION OF THE PLAN

DIVISION I ADMINISTRATOR

§ 1 . — Obligations

14. A legal person must hold an authorization granted by the Autorité des marchés financiers to act as administrator of a voluntary retirement savings plan.

Only the following legal persons may act as administrator of a voluntary retirement savings plan:

(1)  insurers holding a life insurance class licence issued under the Act respecting insurance (chapter A-32) in conformity with the Regulation under the Act respecting insurance (chapter A-32, r. 1);

(2)  trust companies holding a licence issued under the Act respecting trust companies and savings companies (chapter S-29.01); and

(3)  investment fund managers registered in accordance with Title V of the Securities Act (chapter V-1.1).

2013, c. 26, s. 14.

§ 2 . — Authorization

28. A legal person referred to in section 14 applying for authorization must forward the application to the Autorité des marchés financiers in the form it prescribes.

The application must be accompanied by the fees determined by regulation and the following documents:

(1)  a five-year business plan dealing with the proposed development of activities related to the voluntary retirement savings plan and showing how the legal person intends to comply with the conditions and obligations applicable under this subdivision;

(2)  a document attesting that the amount by which the assets of the legal person exceed the liabilities is at least equal to the amount determined by regulation, or an irrevocable letter of credit or a suretyship, which letter or suretyship is in an amount determined by regulation and is issued by a financial institution licensed as an insurer, trust company or deposit institution under an Act of Canada or of a Canadian province or territory;

(3)  a certificate confirming that the legal person holds liability insurance in accordance with the requirements determined by regulation; and

(4)  any other document determined by regulation.

2013, c. 26, s. 28.

29. The Autorité des marchés financiers grants an authorization to legal persons who

(1)  provide all the documents and information required under this Act and pay the fees due; and

(2)  in the opinion of the Autorité des marchés financiers, are able to comply with the conditions and obligations applicable under this subdivision.

2013, c. 26, s. 29.

31. In order to maintain its authorization, an administrator must at all times,

(1)  maintain its liability insurance in accordance with the requirements determined by regulation;

(2)  maintain its operational capability and the expertise required to properly administer a voluntary retirement savings plan;

(3)  in respect of its activities as insurer, trust company or investment fund manager, comply with the Acts and the regulations and any orders, written instructions or undertakings made under any Act governing those activities; and

(4)  have a satisfactory financial situation.

2013, c. 26, s. 31.

39. An administrator’s authorization is revoked of right the moment the administrator no longer holds an insurer’s licence under the Act respecting insurance (chapter A-32), no longer holds a trust company licence under the Act respecting trust companies and savings companies (chapter S-29.01), or is no longer registered as an investment fund manager in accordance with Title V of the Securities Act (chapter V-1.1).

2013, c. 26, s. 39.

40. Any decision by the Autorité des marchés financiers with respect to an authorization under this Act is published in its bulletin.

2013, c. 26, s. 40.

§ 3 . — Register of authorized administrators

41. The Autorité des marchés financiers keeps a register of administrators authorized under this Act, in which the name of the administrators, the address of their head office and main place of business and all other useful information must be recorded.

The register is public and the Autorité des marchés financiers must make it accessible to the public.

2013, c. 26, s. 41.

CHAPTER X FUNCTIONS AND POWERS OF THE AUTORITÉ DES MARCHÉS FINANCIERS

107. The functions and powers conferred on the Autorité des marchés financiers under the Acts it administers in compliance with section 7 of the Act respecting the Autorité des marchés financiers (chapter A-33.2), with respect to insurers, trust companies and investment fund managers, apply to administrators who have obtained authorization under this Act, with the necessary modifications.

Furthermore, sections 329 to 336 of the Act respecting trust companies and savings companies (chapter S-29.01) apply to any administrator referred to in subparagraph 1 of the second paragraph of section 14.

2013, c. 26, s. 107.

108. The Autorité des marchés financiers may prescribe the forms required for the purpose of exercising its functions and powers under this Act.

2013, c. 26, s. 108.

109. The Autorité des marchés financiers is responsible for the administration of sections 14, 28 to 44, 107, 108, 114, 115, subparagraph 6 of the first paragraph of section 117 in respect of information provided to the Autorité des marchés financiers, subparagraph 8 of the first paragraph of section 117 and sections 122, 139 and 143.

2013, c. 26, s. 109.

CHAPTER XIII REGULATIONS

114. The Autorité des marchés financiers may, by regulation,

(1)  for the purposes of section 28, determine

(a)  the fees that must accompany the application for authorization to act as administrator of a voluntary retirement savings plan;

(b)  the amounts referred to in subparagraph 2 of the second paragraph of that section;

(c)  the requirements for the liability insurance a plan administrator must hold; and

(d)  the other documents that must accompany the application for authorization to act as administrator; and

(2)  for the purposes of section 31, determine the requirements for the maintenance by a plan administrator of its liability insurance.

2013, c. 26, s. 114.

115. A regulation of the Autorité des marchés financiers under subparagraphs b to d of paragraph 1 or paragraph 2 of section 114 must be submitted for approval to the Minister of Finance and the Economy, who may approve it with or without amendment.

However, a regulation of the Autorité des marchés financiers under subparagraph a of paragraph 1 of section 114 must be submitted for approval to the Government, which may approve it with or without amendment.

A draft of a regulation referred to in the first paragraph may not be submitted for approval and the regulation may not be made before 30 days have elapsed since the publication of the draft in the bulletin of the Autorité des marchés financiers. The regulation comes into force on the date of its publication in the Gazette officielle du Québec or on any later date specified in the regulation. Sections 4 to 8, 11 and 17 to 19 of the Regulations Act (chapter R-18.1) do not apply to the regulation.

The Minister may make a regulation referred to in the first paragraph if the Autorité des marchés financiers fails to make such a regulation within the time determined by the Minister.

The Government may make a regulation referred to in the second paragraph if the Autorité des marchés financiers fails to make such a regulation within the time determined by the Government.

2013, c. 26, s. 115.

CHAPTER XVII TRANSITIONAL AND FINAL PROVISIONS

143. The first regulation made by the Autorité des marchés financiers under subparagraph a of paragraph 1 of section 114 may come into force on the date of its publication in the Gazette officielle du Québec or on any later date specified in it. Sections 4 to 8, 11 and 17 to 19 of the Regulations Act (chapter R-18.1) do not apply to that regulation.

The first regulation made by the Autorité des marchés financiers under subparagraphs b to d of paragraph 1 or paragraph 2 of section 114 may come into force despite not being published in the bulletin of the Autorité des marchés financiers.

2013, c. 26, s. 143.

146. (Omitted).

2013, c. 26, s. 146.