Canadian Lawyer InHouse

June/July 2020

Legal news and trends for Canadian in-house counsel and c-suite executives

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www.canadianlawyermag.com/inhouse 29 THE FSRA REGULATES THE FOLLOWING SECTORS: Like every business, FSRA is impacted by disruption, so as trends change, frameworks must change. "As a regulator, we want to be ahead of the curve, not behind it," says Solway. "We want to anticipate consumer preferences changing and how technology can serve those changes and make sure the framework is evolving. It will consumer lens through a function identified as the office of the consumer. Solway and his team spent a significant part of the first few months of operation working on governance and the facilitation of a better integration between market conduct investigation and enforcement functions, as well as developing key principles. never evolve as quickly as technology is advancing, but we can try to shorten the bridge." Solway is responsible for ensuring that FSRA's regulatory framework and policy objectives are enforced to protect the public. Together with his team, he has identified specific priorities relating to each of the regulated sectors and developed a legal services menu to support other departments within the organization. How the legal team interacts internally is critical at a regulator, so Solway and his team spend a lot of time running client workshops, developing principles and seeking other ways to develop collaborative relationships within the FSRA. "We're starting to look at whether we can incorporate things like an agile approach to legal services to make sure we're able to address client issues as they come up more quickly and effectively," says Solway. "Not every problem requires a 20-page legal opinion. Sometimes, we just have to move quickly to identify an issue and give general advice and identify big risk areas because things are moving too quickly." "As a regulator, we want to be ahead of the curve, not behind it. We want to anticipate consumer preferences changing and how technology can serve those changes and make sure the framework is evolving." Property and casualty insurance Life and health insurance Credit unions and caisses populaires Loan and trust companies Mortgage brokers Health services providers (related to auto insurance) Pension plan administrators Financial planners and advisors

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