Message Alert

Financial and Consumer Affairs Authority has closed its offices as a preventative COVID-19 measure. Read our COVID-19 alert to see what changes have been made in response to the crisis.

Financial and Consumer Affairs Authority of Saskatchewan

FCAA is Saskatchewan’s financial and consumer marketplace regulator.

COVID-19 alert

  • COVID-19 Alert

    Financial and Consumer Affairs Authority (FCAA) has closed its offices as a preventative COVID-19 measure. Staff are working remotely and can be contacted via phone and email. Visit our telephone directory for staff contact information. Please avoid sending mail if possible as our capacity to process mail will be temporarily reduced.

     

    Licensing/Registration Fees

    Licensees/Businesses/Pension Plans should pay fees by credit card when possible as the processing of payments by cheque will be impacted due to our office closure. We have temporarily removed the previous $2,500 maximum credit card payment limit; all amounts payable for a licence or registrations as well as any other fees are now accepted by credit card.

    Securities registrants should continue to make their payments through SEDAR and NRD as per usual and payments will be processed in the usual manner. If payment is made via cheque, processing times will be impacted.

     

    Pensions

    Freeze on transfer or payments out of Defined Benefit plans - The Pension Benefits Regulations, 1993 were amended such that administrators must obtain the prior written consent of the Superintendent of Pensions (the Superintendent) to transfer monies or make payments out of defined benefit plans, with very few exceptions, if, in the Superintendent’s opinion, the transfer or payment would impair the solvency of the pension fund.

     

    Deadline Extensions - Extensions have been granted for certain filing and disclosure deadlines for pension plans registered in Saskatchewan. The extensions are automatic. There is no action required by the plan administrator or service provider for them to take effect. Read the Deadline Extension memo for a complete list of extensions.

     

    Suspension of Contributions in a Defined Contribution Pension Plan - Employers and plan members are required to make contributions in accordance with The Pension Benefits Act, 1992 (the Act) and the plan text that governs their pension plan. Read the Suspension of Contributions in a DC Plan memo for more details.

     

    Consumer Protection

    The Government of Saskatchewan has made the decision to slowly and methodically phase-in allowable services as part of the response to managing the spread of COVID-19. This means difficult decisions have to be made as conditions on social isolation are responsibly lifted to manage pressure on community services, while continuing to prevent the transmission of COVID-19.
     
    Door to door sales are not permitted at this time. Sales of products and services must be restricted to online only, or sales calls must be arranged in advance with consent of the consumer. Future updates to the Re-Open Saskatchewan Plan will identify the timelines under which unannouced door to door sales may resume.
     
     

    Securities (updated June 30, 2020)

    In-person hearings continue to be on hold - The Financial and Consumer Affairs Authority (FCAA) continues to take all necessary precautions to protect the health and safety of its employees and the public as we respond to challenges due to COVID-19. We continue to monitor information available concerning the public health risks posed by COVID-19. In order to protect our employees and the public, the FCAA has decided to extend its decision to not hold in-person hearings pursuant to The Securities Act, 1988, until at least July 31, 2020. 

    Matters which were originally scheduled to be heard prior to July 31, 2020, and that have not yet been adjourned sine die, are hereby adjourned sine die. Counsel and/or self-represented litigants may make arrangements with the Registrar to reschedule such matters once regular operations resume. In the event parties wish to proceed prior to July 31, 2020, that party may apply to the Hearing Panel for leave to proceed by way of an electronic or written hearing.  

    The Registrar will continue to receive Statements of Allegations, Motions or other filings by email at registrarfcaa@ gov.sk.ca in accordance with Saskatchewan Policy Statement 12-602, Procedure for Hearings and Reviews.

    For further information, the Registrar can be contacted by email at registrarfcaa@gov.sk.ca or by phone at (306) 787-5646. The co-operation and understanding of all involved during this difficult and challenging time continues to be appreciated.

     

    Continuous Disclosure Obligations and Considerations for Issuers - The Canadian Securities Administrators has published a presentation outlining considerations for discussing the effects of the current COVID-19 pandemic when applying existing disclosure requirements. Read the COVID-19 Continuous Disclosure Obligations and Considerations for Issuers document for details.

    Financial and Consumer Affairs Authority

    Suite 601, 1919 Saskatchewan Drive

    Regina, Saskatchewan S4P 4H2

    Tel: (306)787-5645

    Fax: (306)787-5899

    Email: fcaa@gov.sk.ca

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