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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FSRA presented draft guidance to the committee for their feedback.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 The final meeting is scheduled for April 17, 2020, followed by the release of the final draft guidance for public consultation in June.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