Lawrence Ritchie Appointed to FSRA Board of Directors
Bryan Davies, Chair, is pleased to announce that Lawrence E. Ritchie has been appointed to the Financial Services Regulatory Authority (FSRA) Board of Directors.
Mr. Ritchie is a partner at the law firm of Osler, Hoskin and Harcourt LLP. He chairs Osler’s cross-disciplinary Risk Management and Crisis Response national practice and co-chairs its Securities Regulatory Enforcement and Broker-Dealer litigation practice. One of the leading securities litigators in Canada, his practice involves dispute avoidance and resolution across a range of capital markets, the financial sector, and other regulated industries and activities, as well as advising clients on class actions, capital markets enforcement and regulatory investigations and related matters. He has served in a number of positions at the Ontario Securities Commission, including Vice-Chair and member of the Commission, member of the board of directors and executive management and adjudicative committees, and a secondment to the Canadian Securities Transition Office as its Executive Vice-President and Senior Policy Advisor He represented the OSC at national and international bodies and organizations and, in particular, on the Joint Forum of Canada’s Financial Regulators, the North American Securities Administrators Association, and at the International Organization of Securities Commissions. Mr. Ritchie was a member of the Expert Panel Review of the Mandates of the Financial Services Commission of Ontario, Financial Services Tribunal and the Deposit Insurance Corporation of Ontario.
The other FSRA board members are Bryan Davies (Chair), Kathy Bouey, Blair Cowper-Smith, Brigid Murphy, Richard Nesbitt and Judith Robertson. Detailed biographical information is available on the Governance section of the FSRA website.
“We are pleased to welcome Larry to the FSRA Board of Directors. His extensive financial services, governance and regulatory knowledge and expertise will help FSRA establish and deliver on its mandate as a modernized, adaptive financial services regulator.” said Davies.
FSRA is a new, independent regulatory agency created to improve consumer and pension plan beneficiary protections in Ontario. It was established on the recommendation of an independent expert advisory panel that reviewed the mandates of the Financial Services Commission of Ontario (FSCO), the Financial Services Tribunal (FST) and the Deposit Insurance Corporation of Ontario (DICO).
When operational, FSRA will be an innovative, flexible, self-funded regulator capable of responding to the dynamic pace of change in marketplace, industry and consumer expectations. It will regulate many sectors that are important to Ontario consumers and pension plan beneficiaries: property and casualty insurance; life and health insurance; credit unions and caisses populaires; loan and trust companies; mortgage brokers; health service providers (related to auto insurance), and pension plan administrators.
At this time FSRA is establishing its organization and developing a transition plan to assume regulatory functions currently under the auspices of other agencies.