In a vote held on September 29, 2022, members of the Mutual Fund Dealers Association of Canada (MFDA) and the Investment Industry Regulatory Organization of Canada (IIROC) voted and passed a special resolution approving the amalgamation of the two self-regulatory organizations into one body.
This new self-regulatory organization will come into being on January 1, 2023 and, at least for now, be known as the "New Self-Regulatory Organization of Canada" (the New SRO). This is apparently a temporary moniker. Hopefully Canada's financial services dealers will come up with a more creative permanent name in the near future before people get too attached to the temporary one!
This Member vote passed with more than the required two-thirds of the required votes and the New SRO is being touted as a "significant and positive change which will benefit both investors and the investment industry" that will "provide Canada with a single enhanced SRO that will have a clear public interest mandate, will increase efficiencies, and will advance the fostering of fair and efficient capital markets."
A copy of the press release can be found here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
