FSCO + OSC = OFSC

The planned merger to create a single financial services regulator has serious implications for pension plans.
By Sheryl Smolkin
|CHRR, Guide to Pensions & Benefits|Last Updated: 03/15/2001

In its 2000 budget, the Ontario government announced the merger of the Ontario Securities Commission (OSC) and the Financial Services Commission of Ontario (FSCO) into a single financial services regulator.

The government intends to introduce legislation before the end of the year to create the Ontario Financial Services Commission (OFSC), a Crown corporation with self-funding and rule-making authority responsible for regulating financial services in the province.

In September, a Discussion Paper outlining the proposed regulatory framework was released for comments. It is interesting to evaluate the government’s goals for the planned merger and the proposed rule-making authority, as they specifically relate to pension plans.