Ad Hoc Technical Advisory Committee
Asset Transfer
Meeting Minutes
Date: Friday, December 6, 2019
Time: 9.30 a.m. to 12:30 p.m.
Location: Financial Services Regulatory Authority of Ontario
This summary sets out the key points discussed at the December 6, 2019 meeting.
Streamlined/simplified notice
The committee discussed that a streamlined notice would contain key and relevant information. The committee also discussed that Bill 132 provides FSRA with a “tool” to vary or waive the notice requirements under section 80.4 and 81.0.1 transactions. There is a general consensus amongst committee members that if a certain requirement is omitted in the notice, then the expectation is that the applicant provide information about the omitted items and an explanation for the omission. The committee also discussed the benefits of engaging with FSRA about the applicant’s notice approach at the early stages of the process.
Certfication approach
The committee discussed an enhanced certification approach and the desire to have guidance from FSRA as to what is generally expected. Following its risk-based and outcomes-focused principles, FSRA’s application review time could be reduced based on the enhanced certification provided to FSRA and a detailed review of the application would only be conducted as needed. The committee discussed the desire to have the CEO’s consent given via a letter instead of through a Notice of Intended Decision (NOID) and suggested that the notice of application to members should suggest to them that they communicate any complaints or objections at that time. In any event it was recognized that members would always have a right to request a Financial Services Tribunal hearing regardless of whether a NOID is used.
Working groups
The committee discussed the creation of four working groups to inform the discussions for meeting #3. These includes: 1) Risk-informed review & certification; 2) guidance and best practices; 3) Notice; and 4) “Blue sky”. Committee members can volunteer to one or more working groups.
Attendance Record
|
Invited/Attended |
Company Name |
Attendance Status |
|---|---|---|
|
Caroline Blouin |
FSRA- EVP and TAC Chair |
A |
|
Alex McKinnon |
United Steelworkers |
R |
|
Anthony Guindon |
Koskie |
A |
|
Ben Ukonga |
Mercer |
A |
|
Danelle Parkinson |
Ontario Pension Board |
A |
|
Dani Goraichy |
OPTrust |
A |
|
Dean Newell |
Actuarial Solutions |
A |
|
Evan Howard |
CAAT |
A |
|
Geoffrey Melbourne |
Willis Towers |
A |
|
Greg Winfield |
McCarthy Tetrault |
A |
|
Ingrid Chingcuanco |
OMERs |
A |
|
Jasenka Brcic |
Eckler |
A |
|
Jeff Sommers |
Blakes |
A |
|
Lisa Mills |
BMKP |
A |
|
Mitch Frazer |
Torys |
TC |
|
Rachel Arbour |
HOOPP |
A |
|
Susan Philpott |
Goldblatt |
A |
|
Andrew Bucci |
MoF |
A |
|
Cole Matthews |
MoF |
A |
|
Andrew Fung |
FSRA |
A |
|
Ben Jagnarine |
FSRA |
A |
|
Jessica Rose |
FSRA |
A |
|
Julina Lam Lyn |
FSRA |
A |
|
Mark Eagles |
FSRA |
A |
|
Reesha Hosein |
FSRA |
A |
Available in French upon request