Regulations
Co-operatives operating in Ontario are primarily governed by the Co-operative Corporations Act (commonly referred to as the 'Act'). The Financial Services Corporation of Ontario (FSCO), is an agency of the Ministry of Finance and is the body primarily responsible for regulating the co-operative sector.
Credit Unions in Ontario are regulated under the Credit Unions and Caisses Populaires Act, 1994. Credit Unions are also regulated by FSCO. The Deposit Insurance Corporation of Ontario (DICO) provides deposit insurance for financial co-operatives.
The Ontario Co-operative Association (On Co-op) has a Regulations and Legislation Committee that consists of co-operative sector representatives and various types of professionals (lawyers, accountants, co-operative developers) that work with co-ops. This committee is responsible to identifying potential changes to the legislation and regulations that govern co-ops, and to advocate for these changes with the provincial government. Members of this committee meet regularly with representatives of our regulating body, the Financial Services Commission of Ontario (FSCO) and with representatives of the Ministry of Finance. These meetings are used to discuss operational and regulatory issues for co-operatives, discuss proposed changes to the Co-operative Corporations Act and to maintain a good working relationship with the government bodies that are responsible for regulating co-operatives.
