The Principal Representative

 

The Principal Representative

Service providers must choose a Principal Representative to be their primary contact with the Financial Services Commission of Ontario (FSCO):

  • If the service provider is a corporation, the Principal Representative must be a director or officer of the corporation.
  • If the service provider is a partnership, the Principal Representative must be a partner.
  • If the service provider is a limited partnership, the Principal Representative must be a general partner or director or officer of a corporation that is a general partner.
  • If the service provider is a sole proprietorship, the Principal Representative must be an owner or the sole proprietor.

The Principal Representative must have the authority to:

  • Apply for a licence.
  • Ensure that the service provider's business systems, practices, and operations are carried out with integrity and honesty, and are in compliance with the law.
  • Ensure that a system of supervision is in place to ensure the service provider complies with the law.
  • Recommend and implement changes to the service provider's business systems, practices, and operations that are necessary to ensure compliance with the law.
  • Provide attestations to FSCO about the service provider and its level of compliance.
  • Communicate with FSCO on behalf of the service provider business on all other matters regarding licensing and compliance.

More Information

For more information on the role of the Principal Representative: