TORONTO, August 3, 2021 /CNW/ – The Mutual Fund Dealers Association of Canada (MFDA) and the Investment Industry Regulatory Association of Canada (IIROC) applaud the decision of the Canadian Securities Administrators (CSA) to create a new single enhanced self-regulatory organization (SRO). The CSA’s decision represents meaningful and impactful change that will foster an innovative and competitive industry, deliver value for investors and is fully supported by both the MFDA and IIROC.
“The CSA’s decision to establish a new SRO with an enhanced governance and accountability framework and a clear public interest focus will result in strengthened public confidence while maintaining the advantages of the self-regulatory model,” said Mark Gordon, MFDA President and CEO. “The CSA’s decision will benefit all stakeholders by enhancing investor protection and creating significant efficiencies for industry participants.”
With the CSA’s vision for Canada’s future self-regulatory framework now set out, both organizations look forward to working together with the CSA, the Integrated Working Committee, the Investor Protection Funds and other relevant stakeholders on the new SRO implementation process while continuing to deliver on their overarching public interest mandates to protect Canadian investors.
“The CSA has led a thoughtful and deliberate consultation for a new SRO framework that is important to Canadians and their financial futures,” said Andrew J. Kriegler, IIROC’s President and CEO. “We enthusiastically support the CSA’s decision and look forward to working with our MFDA partners to create a new, enhanced pan-Canadian SRO to better protect investors, increase access to advice, and support innovation.”
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 82,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA’s complaint and enforcement processes, as well as links to ‘Check an Advisor’ and other Investor Tools, visit the For Investors page on the MFDA website.
IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada’s debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 175 Canadian investment dealer firms of varying sizes and business models, and their more than 30,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces. For more information, visit www.iiroc.ca.
Director, Communications & Public Affairs and Senior Legal Counsel
Mutual Fund Dealers Association of Canada
Director, Public Affairs and Member Education Services
Investment Industry Regulatory Organization of Canada