When FSRA assumed the regulatory duties of FSCO and DICO, it inherited all guidance issued by these legacy regulators. FSRA developed a three-year plan to transition over 500 pieces of inherited active guidance, in accordance with FSRA’s Guidance Framework.
The Guidance Framework was launched in October 2019 to standardize the guidance FSRA issues across its regulated sectors. The framework describes FSRA’s principles, processes and practices for the use of guidance, so that it is easier for stakeholders to understand and do business in the sectors.
Learn more about the Guidance Framework.
Review Process for Inherited Guidance from FSCO and DICO
FSRA’s review of inherited guidance in 2019 reduced its total active guidance by 40 per cent. It will continue to assess each piece of inherited guidance to determine if the content is:
- Up-to-date and relevant to current market conditions
- Applicable but must be updated to meet emerging needs in the market
- Similar in scope to other guidance and can be combined
- Replaced by newly issued FSRA guidance
- More suitable as general industry information on the sector page
Based on the assessment, where applicable FSRA will adapt each piece of inherited guidance to the Guidance Framework, migrate the content to the appropriate sector page as general industry information, or deactivate the guidance.
Activating Inherited Guidance Under FSRA
Inherited guidance that is relevant to current market conditions in the regulated sectors and protects the public interest can be found in the All Active Guidance table. The guidance will be transitioned to conform with FSRA’s Guidance Framework and visual identity standards. It will be issued a new guidance number and continue to be in force for the industry.
Deactivating Inherited Guidance from FSCO and DICO
All deactivated inherited guidance will remain accessible for reference in the All Inactive Guidance table. Inherited guidance may be deactivated for any of the following reasons:
- Replaced by new guidance
- To be combined with new or existing guidance
- Expired or not applicable to current market conditions
Transition Timeline for Inherited Guidance
FSRA has developed a three-year plan to transition over 500 pieces of active guidance inherited from FSCO and DICO, in accordance with FSRA’s Guidance Framework. A transition timeline has been created for 50 per cent of the guidance. The remaining 50 per cent will undergo further evaluation and potential consultation to establish a transition timeline. In accordance with the Guidance Framework, inherited guidance that require public consultation will be posted on the Active and Past Consultations page.
Following the completion of Q3 2020 (ending December 31, 2020), FSRA’s All Active and Inactive Guidance lists reflect the following changes:
- Updates to 4 pieces of guidance to align with the Guidance Framework
- Deactivation of 120 pieces of guidance due to expiry or replacement as general web content
- Launch of 3 new pieces of FSRA guidance