'He's in our hearts': Family and friends still seek answers one year after Nathan Wise’s disappearance
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
The umbrella organization for Canada's securities regulators says it plans to merge the regulatory bodies that oversee investment dealers and mutual fund dealers into one new organization, a move praised by both watchdog groups.
The Canadian Securities Administrators, which represents provincial and territorial securities commissions, said Tuesday the new self-regulatory organization would combine the functions of the Investment Industry Regulatory Organization of Canada (IIROC) with the Mutual Fund Dealers Association of Canada (MFDA).
The roles of both regulatory bodies have increasingly overlapped in recent years, prompting calls to review the regulatory framework.
IIROC president and CEO Andrew J. Kriegler said the new organization is important for the financial future of Canadians.
The new pan-Canadian organization will "better protect investors, increase access to advice, and support innovation," he said in a statement.
MFDA president and CEO Mark Gordon said the new organization's clear public interest focus will strengthen public confidence while maintaining the advantages of the self-regulatory model.
"The CSA's decision will benefit all stakeholders by enhancing investor protection and creating significant efficiencies for industry participants," he said in a statement.
Last August, IIROC said a study conducted by Deloitte LLP showed that a consolidation of the two regulators could result in savings of up to nearly $500 million for the financial services industry over a decade.
The CSA said the new organization will harmonize IIROC and MFDA rules where appropriate and streamline complaint processes.
The umbrella group for Canada's securities regulators also said it will combine two existing investor protection funds -- the Canadian Investor Protection Fund and the MFDA Investor Protection Corporation -- into an integrated fund independent of the new organization.
The new self-regulatory framework is the result of extensive research, consultation and analysis, said Louis Morisset, CSA chair and president and CEO of the Autorite des marches financiers.
The organization is "designed to protect Canadian investors and enhance public confidence, accommodate innovation, ensure fair and efficient market operations and navigate continually evolving industry conditions," he said in a statement.
The next step is to create an integrated working committee to determine the appropriate corporate structure of the new self-regulatory organization, the CSA said.
The new organization will include "governance enhancements" such as ensuring that the majority of board members and its chair are independent to reinforce its public interest commitment, it said.
It will also be required to create an investor advisory panel and solicit CSA comment and input on its annual priorities, business plan and budget, the CSA said.
"The CSA recognizes the high level of skill, dedication and experience that staff from IIROC, MFDA and the existing investor protection funds have consistently brought to their work," Morisset said.
"The combined forces of these teams will be critical during the creation of the new self-regulatory organization and investor protection fund, and will be crucial to their future success."
This report by The Canadian Press was first published Aug. 3, 2021
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
Dozens of Ontarians are expressing frustration in the province’s health-care system after their family doctors either dropped them as patients or threatened to after they sought urgent care elsewhere.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
Amazon's paid subscription service provides free delivery for online shopping across Canada except for remote locations, the company said in an email. While customers in Iqaluit qualify for the offer, all other communities in Nunavut are excluded.
The fire burning near Fort McMurray grew from 25 hectares to 5,500 hectares over the weekend.
Russia’s President Vladimir Putin began a Cabinet shakeup on Sunday, proposing the replacement of Sergei Shoigu as defence minister as he begins his fifth term in office.
Police are searching for a male suspect after a man was “slashed in neck” on Sunday morning in downtown Toronto and died.
There were some scary moments for several people on a northern Ontario highway caught on video Thursday after a chain reaction following a truck fire.
Health Canada announced various product recalls this week, including electric adapters, armchairs, cannabis edibles and vehicle components.
English, history, entertainment, math and geography: high school trivia teams could be quizzed on any of it when they compete at the Reach for the Top Nationals in Ottawa in June.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
The threat of zebra mussels has prompted the federal government to temporarily ban watercraft from a Manitoba lake popular with tourists.
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.
The Canada Science and Technology Museum is inviting visitors to explore their poop. A new exhibition opens at the Ottawa museum on Friday called, 'Oh Crap! Rethinking human waste.'
The Regina Police Service says it is the first in Saskatchewan and possibly Canada to implement new technology in its detention facility that will offer real-time monitoring of detainees’ vital health metrics.
Just as she had feared, a restaurant owner from eastern Quebec who visited Montreal had her SUV stolen, but says it was all thanks to the kindness of strangers on the internet — not the police — that she got it back.