Cheat Sheet For The Street

Cheat Street

 

Key Messages

Over the next few months, our focus is to begin the process of bringing the people, the culture and the activities of the two SROs together.

The broader industry changes will take time, so delivery of regulatory services will remain the same on January 1, 2023, as they were on December 31, 2022.

We will continue to communicate with you as developments happen.

It is important that I stress that our business as usual (BAU) will continue without disruption and that if you have any questions or concerns, you can always reach out to me. If I don’t have the answer, I will get the appropriate person to provide a response.

Disruption to the Members should be minimal. The plan is to operate as two divisions – the investment dealer division and mutual fund dealer division.

As of January 1, many of our shared service areas like HR and IT will come together but the rest of the organization will essentially operate as two divisions.

If you had regular contact with someone in the investment dealer division or the mutual fund dealer division – keep contacting them.


Frequently Asked Questions


  1. Who is my main point of contact?

    If you had regular contact with someone in the investment dealer division or the mutual fund dealer division – keep contacting them.

    Between the BAU work and the focus on the amalgamation there is a lot of work happening.

    We will clearly communicate any changes in our processes or change in responsibilities and give you ample time to adjust if necessary.

    As of January 1, many of our shared service areas like HR and IT will come together but the rest of the organization will essentially operate as two divisions.


  2. What is the name of the New SRO?

    Now that both SROs have approved the transaction, we can start to turn our attention to a name for the New SRO.

    The legal name is New Self-Regulatory Organization of Canada / Nouvel organisme d’autoréglementation du Canada.

    The process to select a new name will take some time to ensure we consult with stakeholders and provide them with adequate/ample time to submit their feedback.


  3. What do we call you in the meantime?

    Our legal name is New Self-Regulatory Organization of Canada / Nouvel organisme d’autoréglementation du Canada and under that we will have two divisions – an investment dealer division and mutual fund dealer division.


  4. How do we reach you?

    The same way you always have. Phone numbers and emails are not changing at this point.


  5. Do we need to start changing our statements, stickers and logos on our websites?

    No, not until we have landed on a name and even then, we will provide our Members with sufficient lead time on when they need to update things like logos on their statements and websites. Members can also continue to use the same printed brochures until they are advised of any updates.


  6. When will the leadership team be named?

    Andrew Kriegler was named CEO of the New SRO in June, but his appointment does not take effect until January 1, 2023.

    So far, Andrew’s focus has been on ensuring Members had the information they needed for the vote to approve the New SRO.

    It is expected that Andrew will announce his leadership team sometime in the late fall.

    Disruption to the Members should be minimal. The plan is to operate as two divisions – the investment dealer division and mutual fund dealer division. If you had regular contact with someone in the investment dealer division or the mutual fund dealer division – keep contacting them.


  7. What is happening before January 1?

    Since the Members’ vote, we are working on finalizing the interim rules.

    It is expected that Andrew will announce a leadership structure in the late fall, with the aim to consolidate the HR and IT teams. Also, New SRO Investor Advisory Panel (IAP) will be announced. The IAP will be an independent advisory panel that will highlight investors’ issues of concern to New SRO.

    For the next few months, our focus will be on the mechanical steps of bringing the two SROs together.

    The reality of that means that the broader industry changes will take time, so the regulatory services that will be delivered, will stay pretty much the same on January 1, 2023, as it was on December 31, 2022.


  8. When will there be a consolidated rule book?

    The goal is to bring the rules together on a priority or impact basis. We will start to see new rules come out between the end of Year 1 and the beginning of Year 2. However, we will need to consult which will take time, but we need to get that started.


  9. Will we have a new website and when?

    A new website is something we will be working on post-January 1.

    However, there will be a new landing page where you can find new information such as the interim rules, information on the Office of the Investor and the Investor Advisory Panel. You will be able to find this information from links on the existing sites or from a pop up when you type in MFDA.ca or IIROC.ca.

    All other information you are looking for such as notices, market information etc. will be where you always found them on either IIROC or the MFDA’s site.


  10. Are there plans to merge two offices into one?

    We will not be shrinking our footprint. Where we have offices now, we will continue to have offices.

    That being said, as leases expire in regions where we have two offices, we will look at consolidating into one space.


  11. Does anything change for me or my firm on January 1?

    We will clearly communicate any changes in our processes or change in responsibilities.

    The broader industry changes will take time, so delivery of regulatory services will remain the same on January 1, 2023, as they were on December 31, 2022. There are no new regulatory requirements.

    If you had regular contact with someone in the investment dealer division or the mutual fund dealer division – keep contacting them.


  12. What do I (i.e., a firm or registrant) need to do to prepare for any changes?

    Firms may begin to explore the option of seeking dual registration.

Welcome to CIRO.ca!

We have a new look! You can find the Canadian Investment Regulatory Organization (CIRO) at CIRO.ca with our fresh look and feel.

You can now find new publications published by CIRO since January 1, 2023 on CIRO.ca. If you are looking for past notices or bulletins published by MFDA or IIROC, you can find those on our legacy websites. Enforcement related content will continue on those websites as well.

You can now find previous Annual Reports and Enforcement Reports on CIRO.ca, along with Halts and Resumption, and our ePublications sign up (for all previous MFDA and IIROC subscriber lists).

We will continue moving items off MFDA and IIROC in 2023/2024. Stay tuned for future updates.