BULLETIN #0904-P

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Ian Strulovitch

Director, Communications & Public Affairs and Senior Legal Counsel

(416) 943-7425

istrulovitch@mfda.ca

BULLETIN #0904-P

May 12, 2022

CSA Announcement of boards for new SRO and IPF and publication of draft documents for comment

On May 12, 2022, the Canadian Securities Administrators (CSA) issued a news release announcing the proposed board members of the new self-regulatory organization (SRO) and investor protection funds (IPF). The appointments are scheduled to take effect on January 1, 2023, concurrent with the establishment of the New SRO.

The news release also announces the publication of two important CSA Staff Notices and Requests for Comment:

CSA Staff Notice and Request for Comment 25-304 Application for Recognition of New Self-Regulatory Organization

The MFDA and the Investment Industry Regulatory Organization of Canada (IIROC) have submitted a joint application to the CSA to recognize a new SRO resulting from the amalgamation of the MFDA and IIROC. This follows the decision of the CSA to establish a new single enhanced SRO as set out CSA Position Paper 25-404 – New Self-Regulatory Organization Framework (CSA Position Paper) and is intended to establish a new SRO that reflects the recommendations set out in the CSA Position Paper.

CSA Staff Notice Request for Comment 25-304 – Application for Recognition of New Self-Regulatory Organization sets out the Application for Recognition along with a number of important organizational documents as set out below:

In addition to the materials in the CSA Notice, the SROs have jointly published two FAQs to assist in answering questions you may have while reviewing the materials.

The joint application for recognition represents an exciting milestone on the path towards establishing a new investor- and public interest-focused SRO for Canada. The MFDA continues to work collaboratively with the CSA and IIROC towards the December 31, 2022 closing date.

Next Steps

The CSA is seeking comments on all aspects of the New SRO and New IPF Applications and related documents. We encourage Members to engage in this process. Comments should be sent to the CSA on or before June 27, 2022.

Further information sessions regarding the New SRO will be held in the coming months. In the meantime, if you have any questions please contact Ian Strulovitch at 416-943-7425 or istrulovitch@mfda.ca.

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