On March 6, 2020 the Financial Services Regulatory Authority of Ontario (FSRA) published a press release reminding FSRA regulated entities about their business continuity plans in light of the COVID – 19 disruption. FSRA suggested that entities regulated by FSRA should self-assess what core functions should be prioritized during this period of disruption. FSRA also suggested that registrants contact FSRA with any any questions, comments or concerns you may have on how to respond appropriately to these circumstances. FSRA should also be informed if registrants experience, or expect to experience, disruption to any of its critical functionality.
FSRA also provided guidance to credit unions and Ontario incorporated insurers who are required to hold annual general meetings (AGMs) in the near future. “In person AGMs will result in large public meetings contrary to current public health advice. These meetings are an important avenue for member/shareholder engagement and should be conducted virtually to respect this public health advice.”
For more information, please call Barbara Hendrickson at BAX Securities Law (416) 601 -1004.
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