First
Previous
Review of the Trustee Licensing Regulatory Framework: The Results of the Consultation – Introduction
Message from the superintendent
In 2010, the Office of the Superintendent of Bankruptcy launched an online consultation regarding the Trustee Licensing Regulatory Framework in Canada, which had not undergone a substantive review since 2000. The purpose of the review was to ensure that the Licensing Regulatory Framework continues to:
- protect the public interest so that users of insolvency services are competently served by duly licensed professionals responding to the needs of the “professional services market”.
- ensure clear and transparent rules that enable trustees in bankruptcy and licensing candidates to make informed decisions.
- ensure that there are no unreasonable constraints in the licensing process that could impede recruitment of new trustees.
After several months of careful consideration of all comments and submissions received, as well as research on various policy implications, I have arrived at a number of decisions in relation to the issues that were under consideration.
The next phase of the exercise will be implementation of the decisions, which will take place in two phases:
- The first phase will include amendments to the Licensing Directive that are technical or straightforward, as well as policy statements and similar “process documents.”
- The second phase will involve numerous steps, including further consultation with major stakeholders on implementation of the changes. We expect that additional amendments to the Licensing Directive will be required, along with amendments to the Delegation Directive and Assessment Directive, and drafting policy statements and other miscellaneous documents.
I would like to take this opportunity to thank you for your comments and submissions, which have made this exercise possible. I have been able to come to decisions, which I am confident will ensure provision of services that meet the expectations of Canadians and the protection of the integrity of the insolvency system.
We welcome your comments on the implementation of the decisions. You can submit comments via email to: osb-licensing-review_revue-licences-bsf@ic.gc.ca.
Once again, thank you for your interest in this important exercise.
Yours sincerely,
James Callon
Superintendent of Bankruptcy
Introduction
In May 2010, the Office of the Superintendent of Bankruptcy (OSB) issued a consultation paper to stakeholders with the objective of updating the OSB's licensing regulatory framework to ensure that it is reflective of the current environment, that the licensing process is complete and transparent, and that the public interest is respected.
Stakeholders were asked for their views on a series of topics. In excess of 100 comments and submissions were received and reviewed by the OSB. The following document provides highlights of the results of the consultation, an analysis of the various options and an outline of decisions made by the OSB on each of the issues.
The topics have been grouped in this paper under the following headings:
Comments
Comments regarding implementation of the OSB's decisions can be sent any time before September 30, 2011, to osb-licensing-review_revue-licences-bsf@ic.gc.ca.
Next Steps
Considering the challenges inherent in bringing about some of the changes, the OSB intends to introduce changes to the Licensing Directive and related documents in two separate phases.
The first phase will include amendments to the Licensing Directive that are technical or straightforward, as well as policy statements and similar "process documents."
The second phase will require further consultation with major stakeholders on implementing the changes and may include additional amendments to the Licensing Directive and possible amendments to the Delegation Directive and Assessment Directive, drafting standards and a Disclosure Form for Multi-Professional Services, and establishing the requirements and format for an annual report.
Thank You
The OSB wishes to thank all stakeholders for having taken the time to comment on the various issues brought forward in the consultation paper. Whether the comments were made through a formal submission or directly in the forum of a discussion, they contributed to modernizing the licensing process with the ultimate goal of having a system that is credible, fair and rigorous. Moreover, the OSB is looking forward to working with stakeholders in implementing the changes.
