Compliance Officers Regulations

made under Section 90 of the

Mortgage Regulation Act

S.N.S. 2012, c. 11

N.S. Reg. 123/2020 (effective November 1, 2021)

Table of Contents

Please note: this table of contents is provided for convenience of reference and does not form part of the regulations.
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Citation

Definitions

Prescribed criteria for designation as compliance officer

Information submitted to Registrar

Citation

1 These regulations may be cited as the Compliance Officers Regulations.

Definitions

2 In these regulations,

“Act” means the Mortgage Regulation Act;

“compliance officer” means a compliance officer required by the Act to be designated to fulfill the duties set out in subsection 25(2) or 35(2) of the Act;

“designated” means designated in accordance with subsection 25(1) or 35(1) of the Act.

Prescribed criteria for designation as compliance officer

3 All of the following are the criteria an individual is required to satisfy to be designated as a compliance officer:

(a) the individual is

(i) at least 19 years old, and

(ii) a resident of Canada;

(b) the individual is engaged with the activities of the licensee to the extent that the individual is capable of carrying out their duties and responsibilities under the Act and its regulations;

(i) for a licensee that is a corporation, the individual is a director or officer of the corporation,

(ii) for a licensee that is a partnership other than a limited partnership, the individual is a partner,

(iii) for a licensee that is a limited partnership, the individual is a general partner or is a director or officer of a corporation that is a general partner, or

(iv) for a licensee that is a sole proprietorship, the individual is the sole proprietor;

(d) criminal record checks are conducted on the individual no earlier than 3 months before the date of the designation and every 2 years while the designation is in force and the checks

(i) disclose no evidence of any conviction for fraud or theft, and

(ii) generally do not raise any issues concerning the appropriateness of the designation.

Information submitted to Registrar

4 Before being designated as a compliance officer, and every 2 years while the designation is in force, an individual must submit all of the following to the Registrar:

(a) the results of the criminal record checks referred to in clause [3](1)(d);

(b) confirmation in writing, in a form satisfactory to the Registrar, that the individual has read and understands the Act and its regulations and agrees to carry out their duties and responsibilities under the Act and its regulations.

The current consolidation of the Compliance Officers Regulations made under the Mortgage Regulation Act includes all of the following regulations:

N.S. Regulation	In force date*	How in force	Royal Gazette Part II Issue
123/2020	Nov 1, 2021	date specified (date that Act comes into force on proclamation)	Oct 9, 2020

The following regulations are not yet in force and are not included in the current consolidation:

*See subsection 3(6) of the Regulations Act for rules about in force dates of regulations.

Note: Only regulations that are specifically repealed and replaced appear in this table. It may not reflect the entire history of regulations on this subject matter.

ad. = added am. = amended	fc. = fee change ra. = reassigned		rep. = repealed rs. = repealed and substituted
Provision affected		How affected
..........................................................

Compliance Officers Regulations	N.S. Reg. 123/2020
Mortgage Regulation Act
Note: The information in these tables does not form part of the regulations and is compiled by the Office of the Registrar of Regulations for reference only.

	Note	Effective date