Governance

FSRA is established as a self-funded Crown corporation with a Board of Directors consisting of members who are appointed by the Lieutenant Governor in Council on the recommendation of the Minister of Finance. The Authority is accountable, through the Minister, to the Ontario Legislature.

The Memorandum of Understanding (MOU) establishes the accountability relationship between the Minister of Finance (the “Minister”) and the Financial Services Regulatory Authority of Ontario (the “Authority”), through its Board of Directors (BOD) and Chair. The MOU clarifies roles and responsibilities of the Minister, Chair, the Authority and the BOD in areas such as administration, communications, operational and others. This MOU should be read together with the Financial Services Regulatory Authority of Ontario Act, 2016 (the “Act”) and the governing sector statutes.

Our Board

The Financial Services Regulatory Authority of Ontario Act, 2016 provides that the authority is to be composed of at least three and not more than eleven members. Appointments are made in accordance with the Agencies and Appointments Directive and the procedures of the Public Appointments Secretariat of the Government of Ontario. One member is designated as Chair by the Lieutenant Governor in Council on the recommendation of the Minister.

Our Chief Executive Officer

Under the Act, the Board appoints a Chief Executive Officer who shall, subject to the supervision and direction of the Board, be responsible for the management and administration of the Authority and exercise powers and duties conferred or assigned to the CEO under the Act and the Sector Statutes. Mark White was appointed FSRA's inaugural Chief Executive Officer, effective May 7th, 2018.