FSRA Releases Final Guidance to Protect Investors of Co-Operative Corporation High-Risk Offerings

TORONTO, December 14, 2020 - The Financial Services Regulatory Authority of Ontario (FSRA) is issuing final Interpretation and Approach Guidance for certain co-operative corporations that propose to issue securities. The Guidance sets out enhanced disclosure requirements, and FSRA’s review and approval processes, for high-risk offerings. It comes into effect on Dec. 14, 2020.

The consultation period for FSRA’s proposed Guidance commenced on October 5 and ended on November 18. We would like to thank everyone who provided feedback.

FSRA generally received support from stakeholders with respect to the proposed Guidance. Stakeholders inquired about certain aspects of the Guidance and the offering statement regime in general. The final Guidance and written comments received, together with FSRA’s responses, are now posted on FSRA’s website.

FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at