Following a handful of changes to its proposed fee rule, the Financial Services Regulatory Authority of Ontario (FSRA) is seeking feedback on proposals that would reduce fees driven by the new financial advisor titling regime.
Among other things, the regulator revised its fee rule to reflect the Ontario Securities Commission’s (OSC) oversight of the new industry self-regulatory organization, the Canadian Investment Regulatory Organization (CIRO).
Specifically, FSRA is proposing to exempt SROs that are already overseen by the OSC from the variable fee charged to credentialing bodies. Further, FSRA would modify the variable fees charged to other credentialing bodies so advisors and planners who hold credentials from the SRO are not included in that fee calculation.
“The proposed updated fee structure for the financial professionals sector mitigates duplication and regulatory burden for SRO [credentialing bodies] and their credential holders,” FSRA said in a notice outlining the proposed changes.
“FSRA, the OSC, and [CIRO] are working together to ensure that [CIRO’s] participation as a credentialing body under the title protection framework would not result in regulatory duplication,” it added in a release.
The fee rule was first issued for consultation in late November 2022 for a 90-day comment period.
“Overall, FSRA’s first consultation on the proposed 2022 fee rule confirmed that stakeholders strongly support the implementation of an updated fee structure that aligns with FSRA’s [vision and principles],” the regulator said.
The revised proposal is now out for consultation until June 2.