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ARTICLE · 07 APRIL 2022

FSRA Initiates Consultation On Guidance For Principles-Based Regulation

Goodmans LLP
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On March 16, 2022, the Financial Services Regulatory Authority of Ontario (FSRA) initiated a consultation on its proposed Principles-Based Regulation Approach Guidance (the "Proposed PBR Guidance")...

CanadaFinance and Banking
Francesca Guolo
Francesca Guolo
Monique McAlister
Monique McAlister
John Alton
John Alton
Brian Sweigman
Brian Sweigman
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Overview

On March 16, 2022, the Financial Services Regulatory Authority of Ontario (FSRA) initiated a consultation on its proposed Principles-Based Regulation Approach Guidance (the "Proposed PBR Guidance") for financial services institutions in Ontario. FSRA was launched in 2019 to oversee the non-securities operations of Ontario insurance companies, pension plans, credit unions, mortgage brokers, and other mortgage/loan agencies. The Proposed PBR Guidance sets out the pillars FSRA proposes will guide its regulation of these financial services institutions with a principles-based and outcomes-focused approach. Stakeholders and the broader public are invited to provide feedback on the Proposed PBR Guidance until April 29, 2022.

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