TD, CIBC, BMO and other skyscrapers in Toronto in spring

Ontario’s new financial services regulator has unveiled its framework for issuing guidance to industry stakeholders.

On Thursday, the Financial Services Regulatory Authority (FSRA) announced it would use four distinct categories for issuing guidance, effective immediately. They are:

  • Interpretation (includes legislation, regulations and rules)
  • Information (includes the FSRA’s views on topics, offered without new compliance obligations)
  • Approach (describes the process for supervisory action and application)
  • Decision (includes the determination and reasons for regulatory decisions of precedential value)

On its website, the FSRA said it would review its guidance (excluding decisions) every three to five years.

The FSRA assumed the regulatory duties of both the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO) in June. Guidance issued by the FSCO and the DICO continues to apply unless otherwise noted by the FSRA.