CSA Self-Regulatory Framework Paper


On Feb. 22, CSA reported progress toward new SRO framework paper.


  • 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.
  • Follows 2020 consultation seeking feedback on current SRO framework, see #80587.
  • Regulatory Framework
  • Prior consultation requested feedback on 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.
  • Forthcoming position paper is expected to be published for comment during summer.
  • Position paper of recommendations expected to shape future of 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 next phase of self-regulation.
  • 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 Jun. 2020 C-IIROC proposal to consolidate SROs into one SRO, see #79345.
  • Proposal stated consolidation would further enhance investor protection, advice access.
  • Also, would dramatically reduce overlapping duplicative regulatory burden, red tape.

Regulators C-IIROC; C-MFDA; CSA; CSA ALB; CSA BC; CSA MSC; CSA NBW; CSA NVS; CSA OSC; CSA Que
Entity Types B/D; Exch; IA
Reference PR, PR 2021/10, 2/22/2021;
Functions Compliance; Exams; Legal; Reporting; Research
Countries Canada
Products Fund Mgt; Securities
Regions Am
Rule Type Guidance
Rule Date 2/22/2021
Effective Date 2/22/2021
Rule Id 98608
Linked to Rule :80587
Reg. Last Update 2/22/2021
Report Section International

Last substantive update on 02/23/2021