Article August 18, 2021

Second part of the CSA consultation on the new SRO

On August 3, the Canadian Securities Administrators (CSA) launched the second consultation on the creation of a new securities self-regulatory organization (SRO) that will combine the functions performed by the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).

According to the CSA publication, the recognition of this new SRO in Quebec should not have any impact on the Chambre, as the CSA position statement does not concern the FSPDA or the CSF. There would therefore be no change for members with respect to their supervision by the Chambre in terms of ethics and continuing education. 
 
The new SRO will therefore implement its own operating rules, which will be harmonized with securities regulations, in particular Regulation 31-103 respecting Registration Requirements and Exemptions and Continuing Education Requirements for Registrants. Through its authority to approve the rules of the new SRO, the Autorité des marchés financiers explains - in an addendum to the CSA document - that it will ensure that there is no duplication when equivalent provisions apply to mutual fund dealer representatives under Quebec regulations.

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