News Release
Canadian securities regulators announce review of framework for self-regulatory organizations
Dec 12, 2019
Toronto and Vancouver – The Canadian Securities Administrators (CSA) today announced that it will undertake a review of the regulatory framework for the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).
“The regulatory framework for these self-regulatory organizations has been in place for several years, and the industry has evolved significantly during this time,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “In response to requests formulated by market participants, we believe it is appropriate to revisit the current structure and seek comment from stakeholders.”
The CSA expects to publish a consultation paper by mid-2020. As part of the consultation, the CSA will re-examine the initial policy reasons for the current regulatory framework, as well as its benefits, strengths and challenges. Additionally, the CSA will consult with industry stakeholders and consider the evolution of the financial services industry and the impact of innovation on the current framework.
IIROC is recognized by all 13 provincial and territorial jurisdictions, and the MFDA is recognized by eight provinces. The current regulatory framework requires that registered investment dealers be members of IIROC and registered mutual fund dealers be members of the MFDA in the provinces that recognize the MFDA.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
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Kristen Rose
Ontario Securities Commission
416-593-2336
media_inquiries@osc.gov.on.ca
Brian Kladko
British Columbia Securities Commission
mediainquiries@bcsc.bc.ca
Sylvain Théberge
Autorité des marchés financiers
sylvain.theberge@lautorite.qc.ca
Steven Dowling
Government of Prince Edward Island
Superintendent of Securities
902-368-4550
Tom Hall
Office of the Superintendent of Securities,
Northwest Territories
867-767-9305
Jeff Mason
Nunavut Securities Office
867-975-6591
Rhonda Horte
Office of the Yukon Superintendent of Securities
867-667-5466
Hilary McMeekin
Alberta Securities Commission
403-592-8186
Jason Booth
The Manitoba Securities Commission
204-945-1660
Sara Wilson
Financial and Consumer Services Commission, New Brunswick
506-643-7045
Shannon McMillan
Financial and Consumer Affairs Authority of Saskatchewan
306-798-4160
David Harrison
Nova Scotia Securities Commission
902-424-8586
Renée Dyer
Office of the Superintendent of Securities
Newfoundland and Labrador
709-729-4909