TORONTO, Oct. 04, 2021 (GLOBE NEWSWIRE) — The Investment Funds Institute of Canada today provided its feedback to the Canadian Securities Administrators (CSA) Position Paper 25-404, New Self-Regulatory Organization (SRO) Framework.
The investment funds industry welcomed the CSA’s decision to create a new national self-regulatory organization (New SRO) in a two-phased approach. The industry is also fully supportive of the targeted outcomes that the CSA identified to achieve the goals of focusing on investor protection, promoting public confidence and accommodating innovation and change.
“IFIC believes that the establishment of the New SRO provides the opportunity to adopt a fresh approach to considering the form and substance of the new regulatory system and its rules,” said Paul Bourque, President and CEO, IFIC. “We also believe that a better outcome can be achieved by drawing on industry expertise through consultations.”
IFIC’s submission highlights a number of changes that will enhance both the implementation process and the resulting organization, including increased industry input through the Integrated Working Group as well as the creation of industry advisory committees. Other comments focus on achieving balanced CSA oversight of the New SRO and the need for greater flexibility in establishing a more fully representative Board of Directors.
The Conseil des fonds d’investissement du Québec (CFIQ) also made a submission to the same consultation, providing a number of Quebec-specific recommendations.
The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together approximately 150 organizations, including fund managers, distributors and industry service organizations, to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canada’s savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.
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