The New Self-Regulatory Organization of Canada (New SRO) officially launched Jan. 3, a move the New SRO says marks the completion of the Canadian Securities Administrators’ (CSA) plan to create a new, single, self-regulatory organization and integrated investor protection fund.
The new entity is the culmination of work to amalgamate the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA). The new protection fund, meanwhile, is made up of the MFDA Investor Protection Fund and the former Canadian Investor Protection Fund. It will continue as the Canadian Investor Protection Fund (CIPF) going forward.
The “New Self-Regulatory Organization of Canada” is the temporary legal name of the new self-regulatory organization (SRO) until a new permanent name is chosen and approved. The New SRO will be headed by CEO, Andrew Kriegler, appointed in June 2022, while the CIPF will be led by president and CEO, Toni Ferrari who assumed the role in January.
“The Investment Dealer Rules and Partially Consolidated Rules, the Mutual Fund Dealer Rules and the Universal Market Integrity Rules and the New SRO’s regulatory framework are now in effect,” they write. “During the transition phase, for their activities in Quebec, Quebec mutual fund dealers will not be subject to the rules of the New SRO, except for its operating rules, but will continue to be subject to the regulatory framework currently applicable in Quebec.”