Financial Services Regulatory Authority of Ontario issues order against Xylem Company Canada for failure to submit annual filings
October 01, 2024
In August 2024, the Financial Services Regulatory Authority of Ontario (FSRA) issued an Order against Xylem Canada Company for failure to submit outstanding regulatory filings for its two pension plans in 2022 and 2023. FSRA had previously issued a Notice of Intended Decision (NOID) in June 2024.
Xylem failed to file regulatory filings for its pension plans that were due in 2022, including the annual information returns, actuarial valuation report, financial statements and investment information summaries. In September 2023, FSRA issued two summary administrative penalty orders totalling $175,000 against Xylem for failing to comply with regulatory filing requirements. Xylem paid the penalties and filed the overdue annual information returns. However, the remaining filings are still outstanding. Further, Xylem failed to file the financial statement and investment information summary for the pension plans that were due in 2023.
In January 2024, Xylem was asked to submit the outstanding required filings by late February. Xylem neither completed the filings nor responded to the request. Although 60-day extensions were granted for some filings, Xylem did not submit them by the new deadlines.
To see FSRA’s NOID, click here: https://teao.fsrao.ca:7179/api/enforcement/downloadDocument?Id=3113&lang=en
To see FSRA’s order, click here: https://www.fsrao.ca/announcements/fsra-issues-order-against-xylem-canada-company
