FSRA has committed to ensure clarity for stakeholders and consumers around their legal requirements and expectations. This Guidance Framework standardizes the guidance we issue across regulated sectors.
Provide Your Feedback
FSRA supervises and regulates a number of financial services sectors in Ontario. Early in 2019, our stakeholders asked for greater clarity regarding the actions we require from them, while streamlining our processes.
Our new approach to standardizing guidance makes it easier to do business for those sectors in Ontario. It also makes us a more effective regulator. The public, new entrants and incumbents can better understand what is legally binding, what is FSRA’s interpretation or application of law and what information is designed to be helpful.
The new Framework establishes the following principles as the foundation for our approach to using guidance: accountability, effectiveness, efficiency, adaptability, collaboration, and transparency.
Applying these principles, FSRA will use four distinct categories of guidance depending on specific circumstances in the regulated sectors: Interpretation, Information, Approach, and Decision. The Framework establishes standard structures and styles to help stakeholders easily understand and differentiate between these categories.
FSRA is piloting launching the new Guidance Framework starting on October 17, 2019. We are seeking your feedback on the proposed Framework during the pilot phase. In the coming months, any guidance issued by FSRA will apply this Framework. As FSRA issues new guidance, please provide your feedback by selecting “Submit a comment or ask a question.” Please provide your feedback by January 31, 2020.
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