Canadian securities regulators announce review of framework for self-regulatory organizations

TORONTO and VANCOUVER, Dec. 12, 2019 /CNW/ - 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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For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at [email protected].

SOURCE Canadian Securities Administrators

Kristen Rose, Ontario Securities Commission, 416-593-2336; Brian Kladko, British Columbia Securities Commission, 604-899-6713; Sylvain Théberge, Autorité des marchés financiers, 514-940-2176; Steve 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 (Jay) Booth, 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