CSA – Canadian securities regulators on track to publish recommendations on self-regulatory organization framework

February 22, 2021 – CSA reported recommendations for regulatory framework occupied by 2 self-regulatory organizations (SROs), C-IIROC and C-MFDA, is on track to be released in the summer. C-IIROC published a response to CSA’s statement on progress toward SRO framework.

Regulatory Framework
Prior consultation requested feedback on the current SRO framework of C-IIROC, C-MFDA. Sought feedback on whether it best serves investors and industry in light of evolution. 67 comment letters were received, which are currently in process of being considered. The forthcoming position paper is expected to be published for comment during the summer. Position paper of recommendations expected to shape the future of the regulatory framework. Regulators stated they continue to consider other data, analysis, including academic publications related to SRO design, operations, best practices, and market applicability.

C-IIROC Response
Thanked CSA for their leadership, stated it looks forward to specific recommendations. Further, C-IIROC stated support of CSA’s work towards the next phase of self-regulation. The stated next phase would further support effective, efficient delivery of comprehensive financial services, with enhanced investor protection, governance, and transparency. Confirmed that it will continue to work collaboratively with CSA, other stakeholders. Discussed June 2020 C-IIROC proposal to consolidate SROs into one SRO. The proposal stated consolidation would further enhance investor protection, advice access. In addition, it would dramatically reduce overlapping duplicative regulatory burden and red tape.

For more information, visit www.osc.ca.

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