FSRA Establishes Ad Hoc Fee Rule Industry Advisory Groups

3 août 2018

Translation pending

FSRA is committed to an open, transparent and collaborative approach that involves stakeholders and ensures broad input and perspectives to inform its direction.

The legislative framework in the FSRA Act, when proclaimed, will provide FSRA with specific rule-making authorities under the regulated sector statutes and the FSRA Act, including the authority to make rules governing fees and other charges. FSRA is now working on a fee rule which will form the source of its funding.

Formal public fee rule consultations, as stipulated in the Financial Services Regulatory Authority of Ontario Act, 2016 (FSRA Act), are planned for Fall 2018, pending proclamation of the Act. After the 90-day formal public consultation, FSRA will review the comments received and incorporate changes as it determines is appropriate. Any material changes would require an additional 90-day consultation period. After the 90-day FSRA public consultation is complete, the Board may recommend the fee rule to the Minister for approval, with the Minister approving or rejecting the proposed rule within a 90-day Ministerial review period.

The FSRA Fee Rule Industry Advisory Groups (IAG) are special purpose, ad hoc groups being established specifically to provide regulated sector industry insight and views to the FSRA management and Board of Directors related to the development of funding model options for FSRA, prior to the formal, statutorily required 90-day consultations on a new fee rule. While FSRA may, in part based on its learnings from this stakeholder engagement, develop other industry advisory committees and mechanisms to ensure stakeholder input and engagement, it is not expected that the Fee Rule IAGs will be used for other purposes.

FSRA is seeking assistance from industry associations to ensure appropriate outreach and representation that reflects a breadth of perspectives from organizations in the sectors that FSRA will regulate.

The letters of invitation and Terms of Reference for each sector are listed below. To participate or comment to a specific IAG, contact one of the associations noted in the relevant sector materials below:

FSRA will welcome all submissions during the 90-day formal public consultation, pending proclamation of the FSRA Act.

For general inquiries or questions, please contact info@fsrao.ca.