Request for Comments: Proposed Cooperatives Rules and the Securities Exemption

On 4 September 2019, the Financial and Consumer Services Commission (Commission) approved publication in order to obtain comments on the Proposed Cooperatives Rules and the Securities Exemption.

 

 

REQUEST FOR COMMENTS

Notice and Request for Comment – Publication of the following proposed Financial and Consumer Services Commission Rules:

  • COOP‐001 General and  
  • COOP‐002 Fees (collectively the “Proposed Cooperatives Rules”) and
  • Local Rule 45‐501 Prospectus and Registration Exemptions (the Securities Exemption).

Introduction

On 4 September 2019, the Financial and Consumer Services Commission (Commission) approved publication in order to obtain comments on the Proposed Cooperatives Rules and the Securities
Exemption.   

Purpose of the Proposed Rules

The new Cooperatives Act, S.N.B. 2019, c. 24 (the new Act), received Royal Assent on 14 June 2019. The new Act is targeted to be proclaimed on 1 January 2020.  The purpose of Rule COOP‐001 General is to cover details on the application of the such items as prohibited names, required by‐law provisions, inactive members, equity requirements, meetings and voting including the use of technology, auditor requirements and dispute resolution.

The Rule COOP‐002 Fees provides the fees comparable to the ones for business corporations but are limited to certain items such as incorporations, revivals, annual reports and certificates. The purpose of the Securities Exemption is to provide a prospectus and registration exemption from requirements under the Securities Act for cooperatives and credit unions.  

Request for Comment

The Commission welcomes your comments on the Proposed Cooperatives Rules and the Securities Exemption.  

How to Provide your Comments

Comments are to be provided, in writing, by no later than 4 November 2019 to:

Corporate Secretary
Financial and Consumer Services Commission
85 Charlotte Street, Suite 300
Saint John, N.B.   E2L 2J2
Telephone:    506‐658‐3060  
Toll Free:   866‐933‐2222 (within NB only)
Fax:     506‐658‐3059
info@fcnb.ca

Download PDF

We cannot keep submissions confidential. A summary of the written comments received during the comment period may be published.

Questions?

If you have any questions on the Proposed Cooperatives Rules, please refer them to:

Étienne LeBoeuf
Director Financial Institutions
Financial and Consumer Services Commission
Tel: 506‐444‐2875
etienne.leboeuf@fcnb.ca

If you have any question questions on the Securities Exemption, please refer them to:

Kevin Hoyt
Vice‐President and Executive Director of Securities
Financial and Consumer Services Commission
Tel: 506‐643‐7691
Kevin.Hoyt@fcnb.ca 

About the Author

Financial and Consumer Services Commission

We are New Brunswick’s financial and consumer services regulator. New Brunswick's Financial and Consumer Services Commission (FCNB) is responsible for the administration and enforcement of provincial legislation that regulates the following sectors: securities, insurance, pensions, credit unions, trust and loan companies, co-operatives, and a wide range of other consumer legislation. We are an arm's length, self-funded, independent Crown Corporation established by the provincial government on 1 July 2013. We are funded by the regulatory fees and assessments paid by the regulated sectors.