The Financial Services Regulatory Authority (FSRA) announced that it is continuing to carry out its work, but has activated its “business continuity plan pandemic playbook” and is monitoring the COVID-19 outbreak closely.

“We are ensuring that all members of the FSRA team are aware of the most recent federal, provincial and local Public Health direction. We are committed to ensuring we have a safe workplace and safe public interactions,” says the regulator.

Self-assess what core functions should be prioritized

FSRA also says it is aware that many FSRA regulated entities have activated their business continuity plans in response to the outbreak and added that entities regulated by FSRA are expected to “self-assess what core functions should be prioritized during this period of disruption.” FSRA says it is available to respond to any questions, comments or concerns that the entities it regulates may have on how to respond appropriately to the current circumstances and it advises that FSRA should be informed in case of “disruption to any of your critical functionality.”

FSRA’s employees have begun working remotely, but they continue to be available by email and phone and for conference calls and video conferences. FSRA’s call centre currently continues to operate but may be experiencing high volumes and reduced functionality. Because of this, the regulator asks for its stakeholders to delay non-essential matters.

Examinations will be postponed

No meetings with external stakeholders will be held at FSRA’s offices and the on-site component of all examinations not currently under way will be postponed until further notice, except in exceptional circumstances. Online public consultations will continue but associated timelines may later be reviewed. 

FSRA adds that it is reviewing upcoming licensing, filing and other similar requirements across the regulated sectors as the Covid-19 disruption continues to evolve. “Regulated entities that anticipate being unable to fulfil these requirements on a timely basis due to Covid-19 should discuss their concerns with their FSRA contact at their earliest convenience,” says FSRA.

Virtual AGMs

Certain credit unions and Ontario incorporated insurers are required to hold AGMs in the near future. FSRA has advised that these AGMs should be conducted virtually to respect this public health advice, which is not to hold large public meetings. The regulator has provided guidance on this matter here.