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The Mutual Fund Dealers Association of Canada (MFDA) and the Investment Industry Regulatory Organization 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's 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."
