MFDA releases implementation roadmap for new self-regulatory organization (SRO)
TORONTO, March 16, 2021 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") today announced the release of a Roadmap for the Design and Implementation of a New Modern SRO (Roadmap). The MFDA believes that the creation of a new, single national SRO for Canada's securities industry is the best solution to meet Canada's present and future regulatory needs. The Roadmap sets out a clear and pragmatic path to achieve this goal with design and implementation principles, suggested steps and estimated timelines. The Roadmap also reflects the value and importance of ensuring core stakeholder input and participation in the development of the new SRO.
The Roadmap is intended to support and assist the Canadian Securities Administrators (CSA) in its current SRO framework review pursuant to CSA Consultation Paper 25-402. Recognizing the CSA's recommendations as to the optimal regulatory model for Canada are pending, the Roadmap is flexible and adaptable to accommodate whatever SRO design features and elements the CSA ultimately determines are in the public interest.
"It is time for real change that benefits all stakeholders, and creating a new single SRO capable of regulating all advisory firms in Canada is the best solution," said MFDA President and CEO Mark Gordon. "The establishment of a new SRO provides the greatest opportunity for a successful implementation process that will be the least disruptive to industry participants and most expedient to achieve in a timely and cost effective manner. It is also most likely to result in a modern effective SRO with a positive and cohesive culture."
Chris Nicholls, Chair of the MFDA Board of Directors, said: "The public interest has been an overarching objective of the MFDA in its efforts to assist the CSA in their work to enhance securities industry self-regulation in Canada and has importantly informed the development of this Roadmap."
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 80,000 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.
SOURCE Mutual Fund Dealers Association of Canada
Ian Strulovitch, Director, Communications and Public Affairs and Senior Legal Counsel, (416) 943-7425, [email protected]
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