FSRA Issues a New Guidance Framework to Clarify Requirements in Regulated Sectors
TORONTO, OCTOBER 17, 2019 – The Financial Services Regulatory Authority (FSRA) has committed to ensure clarity for stakeholders and consumers around their legal requirements and expectations. We are delivering on this commitment today by issuing a new Guidance Framework to standardize the guidance we issue across regulated sectors.
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. Today, we are delivering on this request.
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.
Effective June 8, 2019, the Financial Services Regulatory Authority of Ontario (FSRA) has assumed the regulatory duties of the Financial Services Commission of Ontario and the Deposit Insurance Corporation of Ontario. Learn more about FSRA and our approach to achieving safety, fairness and choice in non-securities financial services at www.fsrao.ca.
For media inquiries:
Senior Communications Officer, Issues and Media
Financial Services Regulatory Authority
T: 416-590-7536 | C: 647-296-5479