Ontario's Red Tape Challenge: Financial services
Bill or Act:
Summary of Proposal:
Ontario is committed to developing modern, outcomes-focused and evidence-based regulations that help foster an innovative business environment while protecting environmental and health standards and enhancing worker safety. This includes identifying and fixing regulations that are unclear, outdated, redundant, or unnecessarily costly for business.
To this end, Ontario has launched the Red Tape Challenge - an online consultation tool designed to identify and eliminate duplication, shorten response times and make it easier for businesses to operate in Ontario.
Through this platform, the government is seeking input from businesses, industry associations and other stakeholders across the province to identify regulatory challenges and address them, ultimately helping our businesses and economy grow.
The Red Tape Challenge is focusing on 7 sectors over 2 years: auto parts manufacturing food processing, financial services, mining, chemical manufacturing, forestry and tourism.
Regulations for each sector will be posted for consultation for two months, and every four months a new sector will open for feedback.
A complete inventory of applicable regulations will be available online. Users can provide quick feedback or detailed recommendations.
The government will review all submissions, and publish Ontario's plan to address the issues identified through the Challenge six months after each consultation closes.
The Red Tape Challenge encourages a free and open conversation surrounding the regulations that apply to businesses in the province.
By ensuring our regulations are up to date and relevant, the government is creating the right climate to help Ontario businesses invest and grow, creating rewarding, high-paying jobs and a more prosperous economy.
Visit ontario.ca/redtapechallenge and tell us how to cut the red tape.
December 16, 2016
Comments Due Date:
January 31, 2017