2021- 001 Sound Business and Financial Practices Rule | Financial Services Regulatory Authority of Ontario

Sector: Credit Unions and Caisses Populaires

Current Rule: Sound Business and Financial Practices Rule – effective March 1, 2022

The Sound Business and Financial Practices Rule took effect on March 1, 2022. The rule introduces a principles-based approach to business and financial practices by setting outcomes. Note: The Sound Business and Financial Practices Rule replaces Deposit Insurance Corporation (DICO) By-law No. 5.

History of the Sound Business and Financial Practices Rule

The following is a timeline of the Sound Business and Financial Practices Rule process, and the related documents published as per legislative requirements under the FSRA Act.

February 9, 2022 – Minister approves the Sound Business and Financial Practices Rule

June 14, 2021 – FSRA releases its first proposed Sound Business and Financial Practices Rule for public consultation

On June 14, 2021, FSRA released its first proposed Sound Business and Financial Practices Rule for consultation.

FSRA consultation on proposed Sound Business and Financial Practices of Credit Unions and Caisses Populaires Rule
Proposed Sound Business and Financial practices of Credit Unions and Caisses Populaires Rule
Summary of stakeholders’ feedback and FSRA’s responses (Pre-FSRA board approved version)
Summary of stakeholders’ feedback and FSRA’s responses (Post-FSRA board approved version)
Sound Business and Financial Practices - Proposed Rule 2021- 001