Draft legislation raises questions

Ontario set to establish single financial services regulator
By Sheryl Smolkin
|CHRR, Guide to Pensions & Benefits|Last Updated: 06/27/2001

In early April, the Ontario Ministry of Finance released Establishing a Single Financial Services Regulator: Consultation Draft — draft legislation for the proposed merger of the Ontario Securities Commission (OSC) and the Financial Services Commission of Ontario (FSCO).

It is a move that is of particular interest to the pension industry. If the merger proceeds as planned, the newly created Ontario Financial Services Commission (the commission), will have rule-making powers that will directly impact the insurance and pension industries.

The commission will also oversee a new pension tribunal that will hear appeals from decisions of the superintendent of pensions.