Transition Updates

Currently, FSRA is focused on the following key priorities:

  • building the organizational foundations to enable a successful transition, seamless business continuity, and capacity for transformation and modernization.
  • implementing a transition plan to assume regulatory functions, working closely with the Ministry of Finance and existing agencies;
  • recruiting for the inaugural executive team; and
  • actively engaging and consulting with stakeholders in the financial services and pension sectors.

Proposed Fee Rule

On September 28, 2018 the Ontario Legislature proclaimed FSRA’s rule-making authority under the Financial Services Regulatory Authority of Ontario Act, 2016 (FSRA Act). This is a significant milestone that enables FSRA to make rules, including those governing fees and other charges required for FSRA to operate as an independent, self-funded agency that will operate on a cost recovery basis.

As part of the transition of FSCO’s and DICO’s regulatory mandate to FSRA, FSRA has developed an initial fee rule to obtain funding from the financial services sectors it regulates. The proposed fee rule is intended to enable FSRA to maintain continuity of FSCO and DICO operations and build enhanced capacity, resources and expertise to efficiently and effectively anticipate and respond to the dynamic pace of change in marketplace, industry and consumer expectations.

The proposed fee rules are based on foundational values and principles established by the FSRA Board: simple, consistent, fair, transparent, future-focused, efficient and effective.

Prior to formal statutory public consultations on the proposed fee rule FSRA established seven ad hoc, special purpose Fee Rule Industry Advisory Groups to provide regulated sector industry insight and views to the FSRA management and Board of Directors.

Dialogue and consultation will be at the core of FSRA's approach to its ambitious transformation and modernization plan. FSRA welcomes comments on this initial rule, and will continue to seek stakeholder input on its future directions.

October 5, 2018: FSRA Notice and Request for Comment on Proposed FSRA Rule

Progress Report

The April 2018 Progress Report provided an update on FSRA's current status and activities, a high-level overview of FSRA's proposed strategic framework and key areas of focus.