I-13.2.2 - Deposit Institutions and Deposit Protection Act

Full text
45.5. A monetary administrative penalty of $2,500 may be imposed on an authorized deposit institution
(1)  that fails to perform its obligations under an undertaking given to the Authority under section 28.1, 28.46, 28.86 or 30.7;
(2)  that, in contravention of section 28.11, fails to adopt a complaint processing policy or that, in contravention of section 28.29, fails to adopt an investment policy approved by its board of directors or whose ethics committee, in contravention of section 28.48, fails to adopt rules of ethics;
(3)  that, in contravention of section 28.11, fails to keep the complaints register prescribed by that section;
(4)  if, in contravention of section 28.38, neither a director nor a committee has reported to the board of directors on the responsibility conferred on the director or committee of seeing that sound commercial practices and sound and prudent management practices are adhered to and situations contrary to such practices are detected; or
(5)  that, without the Authority’s authorization under section 28.46, has not, in contravention of section 28.44, established an audit committee or an ethics committee or has established one whose composition contravenes section 28.45.
2018, c. 232018, c. 23, s. 385.