TORONTO — Canadian securities regulators say they will publish specific recommendations this summer after gathering feedback about whether the regulatory bodies for investment dealers and mutual fund dealers should be restructured or merged.
The Canadian Securities Administrators says it will soon release a long-anticipated paper outlining its position on the future of the Investment Industry Regulatory Organization of Canada and Mutual Fund Dealers Association of Canada.
Louis Morisset, CSA chair and chief executive of Quebec’s Autorité des marchés financiers, says the CSA’s forthcoming recommendations on the future of the two bodies will have a significant and long-lasting effect on investors and Canadian capital markets.
The CSA, which harmonizes regulation for capital markets across the provinces and territories, released a consultation paper last year on the topic, and both IIROC and MFDA have released their own suggestions on reforming the regulatory framework.
In a written submission to the CSA on the topic in October, the Investor Protection Clinic at the University of Toronto Faculty of Law said the existing regulatory structure of the CSA, IIROC and MFDA can be so confusing it leads to investor fatigue
IIROC chief executive Andrew Kriegler says the organization looking forward to the specific recommendations promised by the CSA.
“This work is important to Canadians and their financial futures,” said Kriegler in a news release.