AMPed For Spring: FSRA Proposes Guidance On Administrative Monetary Penalties

On March 27, 2023, the Financial Services Regulatory Authority of Ontario (FSRA) released draft guidance (the Draft Guidance) for public consultation setting out FSRA's approach to imposing Administrative Monetary Penalties (AMPs). The Draft Guidance is intended to assist stakeholders in understanding how FSRA exercises discretion when imposing AMPs and determining AMP amounts in order to support transparency, fairness, consistency and better decision-making by persons/entities on whom AMPs are imposed.

As part of FSRA's enforcement mandate, it has the power to impose AMPs if it is satisfied that a person or entity has contravened or is not in compliance with certain statutory requirements. The two types of AMPs that FSRA may impose are general administrative penalties (General AMPs) and summary administrative penalties (Summary AMPs). General AMPs tend to be available for a broad range of contraventions and are subject to significant regulatory discretion, within