The 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.
FCAA is Saskatchewan’s financial and consumer marketplace regulator.
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.
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.
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.
Saskatchewan continues to progress through Phase 4 of the Re-Open Saskatchewan plan. Additional activities and businesses are being reopened in a measured, careful manner as part of the plan to re-open the provincial economy.
Effective July 21, 2020 Door-to-door Canvassing and Sales activities are permitted subject to the operating guidelines outlined in the Re-Open Saskatchewan plan. Physical distancing is to be maintained when visiting a residence and between volunteers/staff. Guidelines include frequent hand hygiene and no sharing of common materials including pens, pencils and promotional materials. Saskatchewan residents are encouraged to familiarize themselves with the guidelines and follow recommendations to ensure the province can continue to re-open in a safe manner without a significant increase in the transmission of COVID-19. For full guidelines on new and existing permissible activities, find the most up-to-date version of the Re-Open Saskatchewan plan at www.saskatchewan.ca/re-open.
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 not hold in-person hearings pursuant to The Securities Act, 1988, until otherwise published.
Matters which were originally scheduled to be heard by way of an in-person hearing prior to August 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 for an in-person hearing once regular operations resume or, in the event a party wishes to proceed with a matter sooner, that party may apply to the Hearing Panel for leave to proceed by way of an alternative method, including a virtual hearing.
Guidelines for Hearings during a Pandemic
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.