The Ontario government has announced that effective as of June 8, 2019, the new Financial Services Regulatory Authority of Ontario has assumed jurisdiction over those sectors previously regulated by the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO).
In making this announcement, Finance Minister Vic Fedeli said “The Financial Services Regulatory Authority (FSRA) of Ontario is a modern and innovative regulator with rule-making authority that promotes strong financial services and pensions sectors while protecting the public interest. Its mandate is to be open —open to new ideas, open to business, and open to consumer needs. FSRA has the flexibility to cut red tape, bring products to market quicker and be more responsive to the needs of businesses.” A full copy of the announcement is available here.
FSRA is in the process of reviewing existing regulatory publications which currently reside on the FSCO and DICO websites. A statement has been added to the FSCO webpage which says that “FSRA is actively reviewing all FSCO regulatory direction, including but not limited to forms, guidelines and FAQ. Until FSRA issues new regulatory direction, all existing regulatory direction remains in force.”
Watch for further updates coming on FSRA’s website, which can be accessed here.
