Bill S-21 · 37th Parliament · Jean Chrétien
The Financial Advisors Association of Canada Act
An Act to amalgamate the Canadian Association of Insurance and Financial Advisors and The Canadian Association of Financial Planners under the name The Financial Advisors Association of Canada
Senate bill. Became law.
- IntroducedJune 2, 2003
- Debated in principleJune 8, 2003
- Studied by a committeeDone
- Passed its first chamberNov. 3, 2003
- Passed the second chamberNov. 6, 2003
- Became lawNov. 7, 2003
Where members stand
Votes and debate for this bill have not been read yet.
How it changed on the way
22% of the text as introduced was changed or removed by the time it became law (1,850 words introduced, 1,856 passed).
minor changeintent mostly kept
The bill passed with only small wording changes to two objects of the new corporation. The core amalgamation and structure remained intact.
- Changed 'regulating' standards to 'promoting' standards.
Before: “by establishing best practices, regulating standards of practice, and encouraging basic and continuing education;”
After: “by establishing best practices, promoting standards of practice, and encouraging basic and continuing education;”
- Changed 'enforce' ethical behaviour to 'encourage' ethical behaviour.
Before: “(f) to promote and enforce ethical behav- iour by its members;”
After: “(f) to promote and encourage ethical be- haviour by its members;”
How precisely it is written
mostly preciseChallenging the law: HardDisputing a charge: Hard
The bill uses exact names, dates, numbered lists of powers, and defined terms to create one specific corporation. A few objects and powers use open-ended phrasing that could invite argument about scope.
Open to argument
“in such manner as the Corporation may decide”
Leaves spending decisions to internal judgment rather than fixed criteria.
Clear-cut
“This Act shall come into force or be deemed to have come into force on the 12th day of June, 2003.”
Sets a single, objective commencement date.“The Corporation shall not issue any share capital.”
Clear prohibition with no exceptions stated.
Discretion. No powers are delegated to ministers, officials or regulations; all authority rests with the corporation's own board and by-laws.
Challenging the law itself. The Act creates a private corporation and imposes no duties on the public, so Charter challenges on vagueness or overbreadth are unlikely to arise.
Disputing a charge under it. Breaches would involve internal corporate rules or the explicit non-share-capital and dissolution clauses, which are stated in black-and-white terms.
Read by a language model from the royal assent text; every quoted phrase appears in the bill. A reading of the drafting, not legal advice.
Did it work?
The evidence has not been searched yet.
Who lobbied on it
No lobbying registration naming this bill is loaded.
Stages and dates from LEGISinfo.