Administrative Monetary Penalties (OSFI) Regulations (the “Regulations”), on the other hand, aims to assign particular violations done by federal financial institutions edicts in such a way that the Superintendent would be able to impose a penalty. It became effective on April 1, 2002, replacing the “Filing Penalties Regulations”. The Regulations seek out only those infringements that would be put through little or no analysis or judgment in identifying a violation. Through this, it would be guaranteed that the Regulations are being applied equitably and consistently.
With regards to the tardy and flawed filing contraventions that are presently handled in the Filing Penalties Regulations, the Regulations allocate breaches of specified legislative conditions or devices issued under these stipulations. The classifications of contraventions are "minor," "serious" or "very serious" violation. Very serious offenses are those that may have a relevant impact on the unassailability and safety of institutions. Those that may have a lesser effect on institutions' current security and soundness are generally categorized as serious.
The OSFI Act grants for a permission of appeal to the Federal Court of Canada for penalties under serious and very serious contraventions. All of the delayed and incorrect filing violations are classified as minor. ("Regulatory Impact Analysis Statement ", 2005) Lastly, due diligence is somewhat important in any organization or institution. Due diligence is defined as the point of judgment, concern, discretion, determination, and activity that a person would rationally be expected to do under certain situations.
In application to occupational health and safety, due diligence denotes that employers should take sensible precautions, under particular conditions, to avoid accidents and injuries in the workplaces. Additionally, it is also applicable in circumstances that are not dealt with elsewhere in the occupational health and safety and protection legislation. To put this into action, an employer or owner must instigate a plan that would identify possible place of work hazards and perform the appropriate remedial action to avert accidents and injuries coming up from these hazards. ("OH&S Legislation in Canada ", 1999)
Current Issues on the Enforcement of Environmental Laws in Canada Although Canadian Government has well-designed policies and accurate staffing, it seems that environmental problems still persist. In one executive summary posted by Sierra Club Canada, environmental assessment (EA) has become a skeptical, irrational and very unrestricted federal policy in Canada. Instead of becoming a logical and democratic sieve to ensure that ecological and economic recklessness does not devastate Canada's natural riches, it has become a routine exercise that is neither lucrative nor conservation-minded.
A number of evidences of the government's lack of enthusiasm to advocate the law on EA and implement it equally are identified. These are increasing legal actions, conflict of interest, mislaid assessments and scientific reprimands. There was complaint due to non compliance that was passed to the NAFTA's Commission for Environmental Cooperation. Because of that, the government is currently being sued by the Sierra Club of Canada because of falling short in assessing the fiscal and environmental effects of the sales of nuclear reactor in China.
An amount of 1. 5 billion US$ was not included in the CANDU sale from EA. This was calculated by the government. It marked the history of the poor system. Voisey's Bay Nickel Company is one of the followers of the process that is commonly ignored in Ottawa. Actually, the company had already shelled out 20 million US$ on its statement about the results of their nickel mine worth 5 million US$. The million dollar nickel mine supplies the Asian market. Why then that a company this big follows this kind of process? (Nikiforuk, 1997)