IIAC TO FORM WORKING GROUP TO RESPOND TO UPCOMING IIROC AND CSA PROPOSALS ON THE SELF-REGULATORY FRAMEWORK
The IIAC is forming a working group to develop an industry response in anticipation of planned proposals from IIROC and the CSA to examine the self-regulatory framework for the Canadian securities industry.
In December 2019, the CSA announced it would review the self-regulatory organizations, IIROC and the MFDA, including the underlying policy justification for the current structure, as well as the strengths and weaknesses of the self-regulatory system. The CSA consultation paper is expected to be released July/August 2020. IIROC has stated its proposal will likely be released June 2020.
The industry will have an opportunity to offer recommendations on organizational structure, governance arrangements, operating procedures, and certain rules under the theme SRO consolidation of the self-regulatory system. The intent of the recommendations is to better align evolving client and business demands to achieve a more integrated financial services within the regulatory framework, and to improve regulatory efficiency.
The IIAC will convene working group discussions before the IIROC and CSA proposals are released to identify the key principles for an effective SRO system.
If you are interested in joining this working group, please contact Adrian Walrath.