This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Harper Government Announces First Steps Towards World-Class Tanker Safety System

March 2013


World-Class Tanker Safety System: Amendments to the Canada Shipping Act, 2001 (Safeguarding Canada's Seas and Skies Act)

Among the measures to create a World-Class Tanker Safety System, the Government of Canada has proposed amendments to the Canada Shipping Act, 2001 to strengthen ship-source oil spill preparedness and response, introduce new requirements for oil handling facilities, and establish new offences for the contravention of pollution prevention provisions in Canada's waters, including administrative monetary penalties (AMP).

The proposed amendments will:

  • strengthen the current requirements for pollution prevention and response at oil handling facilities, requiring operators to be proactive in the prevention of spills, and also to have the capacity to effectively respond to a spill, if required. Currently, oil handling facilities are required to have emergency response plans in place. However, they are not obliged to submit these plans to Transport Canada. These amendments will make it mandatory for operators to provide these plans to Transport Canada to ensure they meet the regulations;
  • increase Transport Canada's oversight and enforcement capacity by equipping marine safety inspectors with tools to effectively ensure compliance, introducing new offences for contraventions of the Act and extending the Administrative Monetary Penalty provisions to the Pollution Prevention and Response portion of the Act (Part 8). By doing so, Marine Safety inspectors have the ability to impose administrative monetary penalties to oil handling facilities not in compliance with regulations; and
  • enhance response to oil spill incidents by removing legal barriers that could otherwise block agents of Canadian response organizations from participating in clean-up operations. Right now, Canadian oil spill response organizations have civil and criminal immunity in the Act when they respond to spills from ships. We will expand this immunity for when they respond to spills from oil handling facilities and provide immunity to foreign response organizations.

Administrative Monetary Penalties Regulations

Administrative monetary penalties are civil fines designed to ensure compliance with legislation as well as regulations and can address a range of compliance issues: some relatively minor and some more severe. An administrative monetary penalty takes away the financial incentives of rule breaking and thereby removes the financial benefit, advantage, or gain a person or corporation can achieve by committing a violation. It helps ensure future compliance by discouraging others from violating legal requirements.

5 of 9

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs