News & Updates
Ontario's Financial Services Regulatory Authority publishes final Guidance on Principles-based Regulation
September 25, 2024
The Ontario Financial Services Regulatory Authority (FSRA) has published its final Guidance on Principles-based Regulation (PBR), outlining the following key points:
- FSRA’s framework principles: Focused on outcomes, innovation, consumer protection, risk management, transparency and collaboration.
- FSRA’s approach to PBR and supervision: FSRA will reference broad, high-level principles, based on statutory objectives to guide regulatory outcomes for entities of varying size, complexity and risk profiles.
- Implementation of the framework principles: While applying broader principles, FSRA will use prescriptive requirements where needed to ensure consumer and pension protection, aligning rules with the intended regulatory outcomes.
- Impact on regulated entities and individuals: FSRA’s enforcement will be progressive, measured and proportional, considering factors such as non-compliance severity, consumer risk, past behaviour and assuming good faith, while emphasizing deterrence where necessary.
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