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ARTICLE · 23 NOVEMBER 2016

FSRA, Ontario's New Pensions Regulator, Takes Shape

Osler, Hoskin & Harcourt LLP
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On November 16th, the Ontario government introduced draft framework legislation to establish a new financial services and pensions regulator, the Financial Services Regulatory Authority Act, 2016...

CanadaEmployment and HR
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
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On November 16th, the Ontario government introduced draft framework legislation to establish a new financial services and pensions regulator, the Financial Services Regulatory Authority Act, 2016, as part of the omnibus bill (Bill 70) that followed the recent Fall Economic Statement. The hope is that the new regulator will bring more effective, coordinated and active regulation to both pensions and financial services in Ontario. Stakeholders, including pension plan administrators and sponsors, should pay close attention to how the new regulator takes shape.

What is FSRA?

As discussed in our previous post, the new agency, the Financial Services Regulatory Authority (FSRA), is intended to have broad regulatory authority across multiple financial sectors and to modernize the current regulators, the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO). The draft legislation provides that FSRA will have the authority

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