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TORONTO, CANADA- 11TH APRIL 2014: The TD, CIBC, BMO and other Skyscrapers during the day with the CN Tower in the background

FSRA unveils plans for issuing guidance

Ontario’s new financial services regulator has unveiled its framework for issuing guidance to industry stakeholders.

On Thursday, the Financial Services Regulatory Authority (FSRA) announced it would use four distinct categories for issuing guidance, effective immediately. They are:

  • Interpretation (includes legislation, regulations, and rules)
  • Information (includes the FSRA’s views on topics, offered without new compliance obligations)
  • Approach (describes the process for supervisory action and application)
  • Decision (includes the determination and reasons for regulatory decisions of precedential value)

On its website, the FSRA said it would review its guidance (excluding decisions) every three to five years.

The FSRA assumed the regulatory duties of both the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO) in June. Guidance issued by the FSCO and the DICO continues to apply unless otherwise noted by the FSRA.

Source: Investment Executive