FSRA Consultation Launched on Approach to Supervision
TORONTO, Aug. 6, 2020 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) is consulting on proposed guidance that outlines its approach for supervising mortgage brokerages and administrators that are engaged in syndicated mortgage investments (SMIs).
FSRA currently regulates all SMIs in Ontario. FSRA is preparing to transfer regulatory oversight of non-qualified SMIs being sold to less sophisticated investors to the Ontario Securities Commission (OSC). The transfer will provide SMI investors with protections that are consistent with other securities sold to the public.
FSRA's proposed guidance will apply to mortgage brokerages and administrators that are engaged in SMIs remaining under FSRA oversight after the transfer. FSRA's supervision approach will focus regulatory resources on the highest risk activities. We invite you to submit feedback via the FSRA website until September 21, 2020.
FSRA, the OSC and the Ministry of Finance continue to work collaboratively to facilitate the transfer of regulatory oversight of certain SMIs from FSRA to the OSC. For more information, please visit the websites of the Ministry of Finance, FSRA and the OSC.
FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at www.fsrao.ca
SOURCE Financial Services Regulatory Authority of Ontario
For further information: FOR MEDIA INQUIRIES: Malon Edwards, Senior Communications Officer, Financial Services Regulatory Authority, C: 647-296-5479, Email: [email protected]