Building a Foundation for Regulatory Effectiveness
FSRA’s Focus on Burden Reduction in Year 1 Yields Measureable Results
Since its launch, the Financial Services Regulatory Authority of Ontario (FSRA) has taken significant steps towards regulatory transformation that will reduce regulatory burden and protect the public interest.
Progress achieved to date includes:
- Reviewing over 1,000 pieces of inherited regulatory guidance and maintaining only those that are relevant and necessary, resulting in a 51% overall reduction;
- Streamlining data collection and filings by eliminating requirements for unused/underutilized data and filings; and
- Developing a new service standard framework that will help ensure the consistent delivery of timely and predictable regulatory activities.
Download the full report:
Burden Reduction Progress Update (March 2020)
In our first year of operations we have two priorities across all sectors: burden reduction and regulatory effectiveness.
To reduce burden FSRA will conduct, in conjunction with our stakeholders, a thorough examination of existing guidance documents, data and filing requirements and service standards to ensure that they are relevant, provide value, and support our legislative objects.
Regulatory effectiveness is about ensuring that we achieve our legislative objectives and protect the public interest through industry and regulatory expertise, enhanced collaboration and transparency, efficient processes and use of technology and enabling innovation.
More information about our priorities can be found in the Corporate Reporting page.
In addition to cross-sector priorities, in each sector we have, based on discussions with stakeholders, identified sector-specific opportunities for FSRA to reduce burden and improve regulatory effectiveness. These priorities will be achieved by working with industry and other stakeholders.
Within the credit union sector these are the sector priorities:
- Integrate conduct and prudential supervision
- Support modernization of regulatory framework
- Adopt industry code of conduct
- Ensure appropriate resolution and Deposit Insurance Reserve Fund (DIRF) framework
FSRA will be launching a stakeholder engagement process in support of their priorities. More information will be provided shortly.