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Ad Hoc Technical Advisory Committee
Asset Transfer
Meeting Summary
Date: Friday, March 6, 2020
Time: 9.30 a.m. to 12:30 p.m.
Location: Financial Services Regulatory Authority of Ontario
Draft Plan Administrator and Actuarial Certifications
FSRA revised draft certifications based on input received from the previous meeting and the working group sessions since then. The certifications are focused on facilitating an expedited regulatory review by FSRA, providing a tool to applicants to help in the due diligence process, highlighting the key and pertinent information of the application and ensuring plan beneficiaries are well informed. The committee reviewed the updated drafts and provided additional suggestions as well as indicated that the certifications are useful tools.
Draft Refreshed Guidance for Asset Transfer Transactions
FSRA presented draft guidance to the committee for their feedback. The draft was developed based off FSCO’s asset transfer policies and FAQs with the aim to be both principles-based and outcomes-focused as well as with plan beneficiaries protection and pension plan stability in mind. Included in the guidance are information on the new CEO discretion and an expedited review process that FSRA is proposing to adopt to reduce regulatory burden and improve efficiency. The aforementioned certifications form part of the expedited review process. The committee suggested that the guidance include information for a transfer involving multi-jurisdictional plans as well as build in additional content from FSCO FAQs.
Measures of Success
FSRA presented its metrics to evaluate and track the effectiveness of the new regulatory framework. The committee suggested that tracking the plan type and size, and transaction type would be helpful and that a phase-in approach to measure success over a two year period be incorporated.
Next Steps
FSRA will revise the cerifications and guidance based on the feedback received. The final meeting is scheduled for April 17, 2020, followed by the release of the final draft guidance for public consultation in June.
Note: The timing of future committee work and public consultation may be impacted by COVID-19. Please check our website for updates.
Attendance Record
| Invited/Attended |
Company Name |
Attendance Status (A)ttended; (R)egrets; (S)ubstitute; (TC)Teleconference |
|---|---|---|
|
Caroline Blouin |
FSRA- EVP and TAC Chair |
A |
|
Alex McKinnon |
United Steelworkers |
TC |
|
Anthony Guindon |
Koskie |
R |
|
Ben Ukonga |
Mercer |
A |
|
Danelle Parkinson |
Ontario Pension Board |
A |
|
Dani Goraichy |
OPTrust |
TC |
|
Dean Newell |
Actuarial Solutions |
A |
|
Evan Howard |
CAAT |
R |
|
Geoffrey Melbourne |
Willis Towers |
R |
|
Greg Winfield |
McCarthy Tetrault |
A |
|
Ingrid Chingcuanco |
OMERs |
A |
|
Jasenka Brcic |
Eckler |
A |
|
Jeff Sommers |
Blakes |
A |
|
Lisa Mills |
BMKP |
TC |
|
Mitch Frazer |
Torys |
A |
|
Rachel Arbour |
HOOPP |
A |
|
Susan Philpott |
Goldblatt |
TC |
|
Andrew Bucci |
MoF |
A |
|
Cole Matthews |
MoF |
A |
|
Ben Jagnarine |
FSRA |
A |
|
David Bartucci |
FSRA |
A |
|
Jessica Rose |
FSRA |
A |
|
Julina Lam Lyn |
FSRA |
A |
|
Mark Eagles |
FSRA |
A |
|
Reesha Hosein |
FSRA |
A |