The Financial Services Regulatory Authority of Ontario (FSRA) says that since its launch last June, it has taken significant steps in a transformation that will reduce regulatory burden and protect the public interest.
In a progress report released March 6, FSRA says it has reviewed over 1,000 pieces of inherited regulatory guidance and maintained only those that are relevant and necessary. This resulted in a 51% overall reduction.
The regulator also said it made progress by streamlining data collection and filings by eliminating requirements for unused/underutilized data and filings. It also developed a new service standard framework that will help ensure the consistent delivery of timely and predictable regulatory activities.
New guidance framework
FSRA also introduced a new guidance framework to streamline processes and provide greater clarity on what is required of regulated entities. “This framework reduces the types of guidance to four distinct categories, making it easier to conduct business. Remaining inherited guidance will, over time, be reviewed and updated within this framework,” said the regulator.
"Our goal was to ensure we built a foundation for regulatory effectiveness and achieve a 25 per cent reduction of inherited guidance by fall 2020. With the help of our stakeholders, we have already well surpassed that target," said CEO Mark White. "This is just the start. We will continue to build a principles-based and outcomes-focused regulator and assist businesses in offering reliable and innovative financial products and services that meet the needs of
To learn more, read the full report here.
