2019-001: Assessments and Fees

FSRA Rule 2019-001 – Assessments and Fees is intended to ensure that FSRA is a self-funded agency that operates on a cost recovery basis and to enable FSRA to carry out its legislated mandate.

Based on extensive research, collaboration and engagement with stakeholders, the proposed fee rule is intended to enable FSRA to maintain continuity of FSCO and DICO operations during the transition, and to be a forward-looking, flexible, self-funded regulator capable of responding to the dynamic pace of change in marketplace, industry and public expectations.

As per the Financial Services Regulatory Authority of Ontario Act, 2016, an initial proposed fee rule 2019-001 was posted on October 5, 2018 for a 90-day public consultation. Based on input received, FSRA posted a revised rule on February 4, 2019 for further consultation.

The FSRA Board has approved the rule and delivered it to the Minister of Finance on March 8, 2019.

As per the legislation, the Minister may approve or reject the Fee Rule, or return it for further consideration. If the Minister approves the Fee Rule, the Fee Rule will come into force on the later of: (a) the 15th day following the Minister’s approval; and (b) the date on which FSRA assumes regulatory authority over the financial services sectors that it will regulate (the latter date being the Regulatory Effective Date). If the Minister does not take any action with respect to the Fee Rule by June 6, 2019, the Fee Rule will come into force on the later of: (a) June 21, 2019; and (b) the Regulatory Effective Date.

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

Type: Rule
Number: 2019-001
Date: 2019-03-08
Comments Due: 2019-02-25
Sector: All sectors
Status: With Minister for review