16.5 If the pensionable service of a contributor in a calendar year includes a period that relates to earnings in respect of which a past earnings election has been made or is a period in respect of which the contributor has made an election under clauses 6(b)(ii)(G) and (H) of the Act, as adapted by subsection 12.2(2), the amount of pay received by the contributor in respect of that period, for the purpose of calculating the average annual pay referred to in paragraph 15(1)(a) of the Act, is the amount that would be calculated as the updated pensionable earnings of a participant under subsection 37(2) of the Reserve Force Pension Plan R ...[+++]egulations for the calendar year if

(4) Any regulated product seized pursuant to this section and ordered by the Commodity Board to be sold, may be sold through an agency, and the agency may charge and collect out of the proceeds of sale the costs of processing, packing, storing and marketing, after having deducted any expenses of the Commodity Board arising out of, or relating to, the seizure and sale of such regulated product, and the balance, if any, may be paid to the person from whom the regulated product was seized.

Entrusting the custody of assets to the operator of a securities settlement system as designated for the purposes of Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems or entrusting the provision of similar services to third-country securities settlement systems should not be considered to be a delegation of custody functions.

Securities Settlement Systems may also act in an Intermediary capacity, i.e. as Investor-Securities Settlement Systems, in relation to securities kept in final custody in another Securities Settlement System, named Issuer-Securities Settlement System (option 3 above).

If departments such as agriculture, health, environment and trade appreciated their respective interdependence and demanded more synchronization among each other, Canada could enjoy a regulatory system with the following attractive characteristics: an efficient predictable regulatory system; accountability to the public and to the industry it regulates, to draw upon Canada's competitive position in agriculture and harmonize both within and internationally with approaches to regulation; transparency to the public and the industry; encouragement of innovative development and continuous improvement; avoidance of the creation of trade ba ...[+++]rriers and support of trade liberalization; and support for objectives of environmental sustainability.

The Directive also includes rules for payment systems which are not based on netting but on gross settlement systems (where each payment order is settled individually on a real time basis as it arises during the day): The proposed Directive would also exempt payment systems from national rules giving retroactive effect to the insolvency of a participant in a payment system, such as the zero-hour rule. Such retroactive effect allows the liquidator of an insolvent institution to challenge payment ...[+++]orders which have already been introduced into the payment system, thus leading to the unwinding of the settlement operation. This unwinding is highly disruptive and can lead to systemic risk. The same is true for revocation of payment orders. Revocation of a large payment order in a payment system during the settlement process, could lead to systemic risk. The Directive would therefore bar revocation of payment orders after the moment contractually fixed by the payment system participants. The insolvency of a participant in a payment system, insofar as it concerned its dealings with the payment system, would be governed by the insolvency law of the country where the payment system was located, according to the proposed Directive. This would avoid conflicts of law and the ensuing legal uncertainty and thus facilitate cross-border participation in payment systems. Collateral security is pledged by the participants in a payment system in order to secure its exposures against the other participants. When collateral security is provided in a cross-border arrangement, its realisation in case of default of the pledging participant can be hindered by conflicts of law which may either weaken the collateral security or even render it unenforceable. In order to ensure collateral security can be realised immediately and in priority over all other creditors (so as not to jeopardise the liquidity of the other participants in the system, i.e. to avoid systemic risk) in the case of a defaul ...