Alberta Record

· Order in Council / ATB Financial Regulation Amendment · in-force

Atb financial regulation amendment ministerial guidelines

Amends the ATB Financial Regulation to include new self-directed registered accounts and grants the Minister of Treasury Board and Finance authority to issue guidelines for ATB regarding these specific financial products.

Moderate impactCentralization of powerInstitutional independenceThe public, directlyIndependent watchdogs

What changed

  • The ATB Financial Regulation (AR 187/97) is amended.
  • Section 4 of the Regulation is renumbered as section 4(1).
  • New self-directed registered first home savings accounts and other self-directed registered funds under Division G of Part I of the Income Tax Act (Canada) are added to section 4(1).
  • A new subsection 4(2) is added, granting the Minister authority to make guidelines for ATB regarding these self-directed registered accounts.

Why it matters

  • Expands the range of self-directed registered financial products ATB Financial is authorized to offer to the public.
  • Introduces a new mechanism for direct ministerial oversight and guidance over ATB's operations concerning specific financial products.
  • Shifts some operational discretion regarding the implementation and management of these new accounts from ATB Financial to the Minister.

Other governance concerns

  • Ministerial oversight of Crown corporation operations
  • Potential for political influence on financial product offerings and management

Primary sources (1)