The Financial Services Regulatory Authority of Ontario (FSRA) continues to promote high standards of business conduct and protect credit union members’ interests.
FSRA is holding a 45-day consultation on its Proposed Market Conduct Framework Approach and Interpretation Guidance.
The proposed Interpretation and Approach Guidance aims to:
- Protect members and depositors.
- Improve standards and best practices; and
- Enhance confidence in the sector.
The proposed Interpretation and Approach Guidance interprets the existing Standards of Sounds Business and Financial Practices (By-law No. 5) and section 102 of the Credit Unions and Caisses Populaires Act, 2020, onceproclaimed to come into force. It clarifies that credit unions must have a framework in place that meets minimum market conduct standards. It also sets out FSRA’s supervisory approach.
The Canadian Credit Union Association (CCUA) has created a Market Conduct Code (MCC) to standardize conduct and protect member interests. The CCUA MCC meets the FSRA requirements. Credit unions that adopt the CCUA model will complete an annual self-assessment of, and attestation to, compliance with the MCC and report on the results to their boards.
FSRA invites the public and sector stakeholders to share feedback from June 28, 2021 to August 12, 2021.
Review the proposed Approach and Interpretation Guidance and provide your comments by selecting “Submit a comment or ask a question.”
Before we begin, please make sure you do not include any personal or private financial information. If your inquiry does require this information be shared with us, please call us at 1-800-668-0128 or email us at email@example.com for instructions.
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