Instructions for completing the Application for an extra-provincial registration for a Credit Union or Caisse Populaire

Purpose

 

Under the Credit Unions and Caisses Populaires Act, 1994 as amended (“the Act”), an extra-provincial credit union other than Central 1 or Fédération des caisses populaires du Québec that participates in syndicated loans in Ontario under the Act must be registered.  This form is to be used by an extra-provincial credit union seeking to be registered under the Act.

 

The Superintendent of Financial Services will use the information in this application form to determine whether an applicant extra-provincial credit union should be registered. This application’s purpose is to collect this information.  The applicant will be required to submit documents to support certain pieces of information about the credit union and its intended participation in syndicated loans in Ontario. 

 

To ensure a timely and efficient review of your application, please ensure to provide complete and correct information as well as the required supporting documents.

 

Eligibility criteria for registration:

 

The following minimum criteria applies to obtain a registration.

 

  • The applicant must be an entity that is incorporated in a province or territory of Canada other than Ontario and must be registered as a credit union under legislation that is comparable to the Act.

Please be aware that a federal credit union incorporated under the Bank Act need not register.

 

Before you begin the application you will need:

 

  • Identify the Authorized representative and contact information for the person.
  • A short summary of the proposed participation in syndicated loans in Ontario.
  • A copy of the incorporation instruments, including amending instruments of the corporation certified as to authenticity by the Corporate Secretary.
  • A copy of its registration as a credit union certified as to authenticity by the Corporate Secretary.
  • A list of the directors and officers of the corporation.
  • The required application fee.
  • A copy of the resolution of the board of directors authorizing this application certified by the Corporate Secretary.

Process

 

The application must be completed and submitted to the Financial Services Commission of Ontario (FSCO). FSCO will send to the applicant an email acknowledgement upon receipt of the application. FSCO will advise the applicant if any additional documents and clarification is required to process the application.  

 

The public official at FSCO who can answer questions about the collection of personal information is: Manager, Licensing Approvals, Licensing and Market Conduct Division, 5160 Yonge Street, 16th floor, Toronto ON M2N 6L9, email: contactcentre@fsco.gov.on.ca, telephone (416) 250-7250.

 

Completing and submitting the application form

 

  • An incomplete application may result in delays in processing the application.
  • This application form must be legible. Please complete by using the fillable pdf form capabilities, print and sign the application.
  • Please include copies and not originals of any documents when supporting documents or information is required. 
  • The application form and supporting documents may be sent to FSCO by mail to the Licensing Branch at 5160 Yonge Street, 16th floor, Toronto ON M2N 6L9, or a scanned copy by email to contactcentre@fsco.gov.on.ca.
  • The application fee must be submitted by cheque or money order, payable to Minister of Finance and sent by mail or courier to FSCO at the same address as the application.

Extra-provincial credit union register information

 

FSCO is required to maintain a register for extra-provincial credit unions. 

 

Consistent with FSCO’s role in protecting the public interest FSCO collaborates with other organizations, including other regulators, fraud prevention organizations and law enforcement agencies.  Please be advised that extra-provincial credit union registration information (for e.g. legal business name, legal business address) may be shared with organizations that collect and use this information, only as reasonably necessary, to enable them to detect, suppress and prevent fraud, and for law enforcement purposes.

 

Fees

 

In order to obtain an extra-provincial credit union registration, an initial non-refundable registration fee of $500 must be paid at the time of application.

 

For more information on fees see FSCO’s website at www.fsco.gov.on.ca, under Credit Unions and Caisses populaires – click on “About Credit Unions & Caisses Populaires” in the navigation bar on the left, and then click on “Schedule of Required Fees.”

 

Detailed instructions

 

The application has six parts:

 

Part A -  Attestation, consent and notification
Part B -  Contact Information
Part C -  Business information
Part D – Suitability for registration
Part E -  Directors/Officers
Part F -  Application checklist

PART A – Attestation, consent and notification

A corporate signing director/officer of the applicant must sign this application. The person signing must declare that the statements, declarations and answers provided, including attachments, are true and complete.

 

The person signing the application is providing consent on behalf of the applicant for the collection and validation of the information in this application and to share and disclose any of the information to other licensing/registry authorities, regulatory bodies or law enforcement agencies for any purpose related to law enforcement.

PART B – Contact Information

This part collects key pieces of information about the credit union that will be included in the registry for identification and administrative purposes.  Item 1, 2 and 4 are information fields that may be shared with the public.

 

1. Legal name of corporation

 

State the full legal name of the credit union as specified in its incorporating or amended instruments.


 
2. Principal place of business

 

Provide the address, telephone number and fax number for the principal place of business. Specifically the address where the credit union carries out its activities and/or maintain its records. A business address cannot be a post office box number and must permit service by registered mail.

 

3. Authorized representative

 

Provide the name, address, telephone number, fax number and email address of the person that is designated as the authorized representative. This person will be addressed as the principal contact.

 

4. Complaints Officer

 

Provide the name, address, telephone number, fax number and email address of the person that is designated for the complaints officer.

PART C – Business information

This part collects relevant information about the business such as information for the prescribed eligibility requirements and the existence of a consumer complaint handling process. This part also identifies the requirements to keep key pieces of information related to its registration, once registered,  up to date. 

 

1. Jurisdiction of incorporation

 

Indicate the jurisdiction of incorporation, provide the date of incorporation and the date of registration to commence and carry on business as a credit union.  Indicate if there are any restrictions and/or conditions on its registration to operate as a credit union by its primary provincial regulatory authority. 

 

2. Complaints handling process

 

Confirm the credit union has an established complaints handling process for resolving complaints from the public.

 

3. Requirement to maintain registration information with FSCO

 

Confirm the credit union is aware of the requirement to maintain key pieces of information related to its registration with FSCO.  The key pieces of information are identified in this section.

PART D – Suitability for registration

This part collects information to assess the suitability for registration as the Superintendent considers all relevant information.

 

1. Licensing history

 

Provide details as to whether the credit union, a subsidiary or a related business had a licence, registration refused, revoked, suspended or cancelled under any legislation which required registration or licensing to deal with the public for the delivery of financial services and products in any province, territory, state or country, or held such a licence or registration and have been the subject of a disciplinary proceeding resulting in a penalty being imposed such as suspension, termination, reprimand, surrender, etc..

 

2. Convictions/Charges

 

Provide details as to whether the business, a subsidiary or a related business ever pleaded guilty or been found guilty of an offence under any law of any province, state, territory or country or if is currently subject of any charges.

PART E – Directors/Officers

This part collects information about the names and roles of Directors/Officers of the corporation.  The list must include the Chief Executive Officer.

PART F - Application checklist

This part provides an application checklist as a tool to ensure that your application package is complete.