Steven Glover, Chair of the MFDA Board of Directors, said: “The decision by both organizations to amalgamate the SROs was done after careful consideration of the benefits and impacts to investors and the industry, and we are very pleased that our collective members agree.”
Paul Allison, Chair of IIROC Board of Directors, said: “The vote to create a new single enhanced SRO is a ringing endorsement of the work done by the CSA and is the right decision for investors and the investment industry.”
Read more: New SRO must ‘provide a better investor experience’
Andrew J. Kriegler, President and CEO of IIROC, who will be the NEW SRO’s CEO as of January 1, added: “The successful vote demonstrates the industry’s trust in the self-regulatory framework and in the ability of the New SRO to address existing regulatory fragmentation and provide more opportunities to firms to evolve their business model.”
Regulatory approval is still required, but is expected since the CSA developed the proposal. The creation of the new SRO, which will temporarily be known as the New Self-Regulatory Organization of Canada (New SRO), is scheduled to take effect on January 1.
