CSA unveils New SRO, Canadian Investor Protection Fund

“We know that investors want flexibility in the way they consume financial services and financial advice,” Andrew Kriegler, CEO, New SRO, said in a statement. “With the regulatory changes that will accompany New SRO, it will be easier for the industry to give them that flexibility and to improve their access to new products and services as well.”

The new SRO expects the unified self-regulatory framework will deliver value for investors, foster innovation and competition within the industry, and make it easier for dealers and their advisors to serve Canadians with reduced duplicative regulation.

Quebec mutual fund dealers will have a transition phase during which they won’t be subject to the New SRO’s rules, except for its operating rules. During that transition phase, they’ll continue to be subject to the regulatory framework currently applied in the province.

The CIPF will protect customers of New SRO members from financial losses in case a member goes insolvent.

“CIPF will continue to communicate and engage with investors and member firms to become a valuable partner in investor protection,” said Toni Ferrari, the inaugural president of CIPF.