Meeting Summary - January 24, 2020

Ad Hoc Technical Advisory Committee
Asset Transfer

Meeting Minutes

Date: Friday, January 24, 2020
Time: 9.30 a.m. to 12:30 p.m.
Location: Financial Services Regulatory Authority of Ontario
                 
This summary sets out key points discussed at the January 24, 2020 meeting. 

Factors determining depth of FSRA’s review

The committee discussed various factors that FSRA might look at to gauge the depth and focus of its review of each asset transfer application.

Enhanced certifications

The committee provided input on draft certifications for sections 80.4 & 81. FSRA’s preliminary thinking was that the certifications would be optional and if completed and filed with the asset transfer application, FSRA’s review could be more focussed and would be processed more quickly. It was noted that the certifications are intended to highlight key facts about the transaction and that they contain some items that are legislatively required and others that are not. Further, it was recognized by committee members that the certifications would be good tools for the applicant to use in its due diligence work during the early stages of the process and/or ahead of the submission of the application to the CEO for consent. It was also suggested that applicants could discuss in advance with FSRA any unusual or non-conforming part of an application.

Guidance & working groups

It was noted that the guidance we will develop will be aimed at helping applicants understand the regulatory process and to indicate how the review process can be expedited. It would also indicate that our approach would be principles-based and outcomes-focused and would describe how FSRA may apply its discretion. FSRA will develop a draft guidance to facilitate discussions and comments from the committee. The committee discussed the creation of two working groups to review the draft guidance for the two primary asset transfer regimes under sections 80 & 81 and 80.4. Committee members can volunteer to participate in either group. 

Attendance Record

Available in French upon request.