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.
||C-IIROC; C-MFDA; CSA; CSA ALB; CSA BC; CSA MSC; CSA NBW; CSA NVS; CSA OSC; CSA Que
||B/D; Exch; IA
||PR, PR 2021/10, 2/22/2021;
||Compliance; Exams; Legal; Reporting; Research
||Fund Mgt; Securities
|Reg. Last Update
Last substantive update on 02/23/2021