REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (the “Act”), in particular sections 18, 19;
AND REGARDING Metrozen Capital Inc.
TO:Metrozen Capital Inc.
On January 4, 2016, the Superintendent of Financial Services (“Superintendent”) issued an Interim Suspension Order against Metrozen Capital Inc. (“Metrozen”) pursuant to subsection 19 (3) of the Act.
On the same day, the Superintendent issued a Notice of Proposal to Revoke Licence against Metrozen pursuant to subsection 19(2) of the Act.
The Interim Order took effect immediately and remains in effect until the expiry of the period for requesting a hearing in respect of the Superintendent’s Notice of Proposal.
On January 19, 2016, Metrozen filed a Request for Hearing with the Registrar of the Financial Services Tribunal (“Tribunal”) in respect of the Superintendent’s Notice of Proposal.
Pursuant to subsections 18(6) and 19(4) of the Act, as Metrozen has requested a hearing before the Tribunal, the Superintendent may extend the Interim Order until the proposal is finally determined.
For the reasons set out in the Interim Suspension Order, the Superintendent continues to be of the opinion that the interests of the public may be adversely affected by any delay in the imposition of a revocation order against Metrozen.
IT IS ORDERED THAT pursuant to subsection 18(6) and 19(4) of the Act, the Interim Suspension Order dated January 4, 2016 against Metrozen Capital Inc. is extended until the proposal in the Notice of Proposal dated January 4, 2016 is finally determined.
AND TAKE NOTICE THAT pursuant to subsections 48(4) and 49(1) and (2) of the Act, every person who fails to comply with an order made under this Act is guilty of an offence and every individual convicted of an offence under the Act is liable to a fine of not more than $100,000.00 or imprisonment for a term of not more than a year or both a fine and imprisonment. Every corporation convicted of an offence under the Act is liable to a fine of not more than $200,000.00.
Pursuant to subsection 48(5) of the Act, every director or officer of a corporation that commits an offence under this Act who directed, authorized, assented to, acquiesced in or participated in the commission of the offence, or who failed to take reasonable care to prevent the corporation from committing the offence, is guilty of an offence, whether or not the corporation is prosecuted or convicted.
Subsection 48(6) provides that every partner of a partnership and every individual who is a member of the directing body of an entity, other than a person or partnership, who directed, authorized, assented to, acquiesced in or participated in the commission of an act or omission by the partnership or entity which, if committed by a person, would be an offence under the Act, is guilty of an offence.
Si vous désirez recevoir cet ordre en français, veuillez envoyer votre demande immédiatement à: Adjointe, audiences, Greffe, Commission des services financiers de l’Ontario, 5160 rue Yonge, boîte 85, Toronto ON M2N 6L9.
DATED at Toronto, Ontario, January 19, 2016.
Original signed by
Executive Director, Licencing and Market Conduct Division
By delegated authority from the
Superintendent of Financial Services
© Queen's Printer for Ontario, 2016