Indian envoy warns of 'big red line,' days after charges laid in Nijjar case
India's envoy to Canada insists relations between the two countries are positive overall, despite what he describes as 'a lot of noise.'
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
India's envoy to Canada insists relations between the two countries are positive overall, despite what he describes as 'a lot of noise.'
With Donald Trump sitting just feet away, Stormy Daniels testified Tuesday at the former president's hush money trial about a sexual encounter the porn actor says they had in 2006 that resulted in her being paid to keep silent during the presidential race 10 years later.
The U.S. paused a shipment of bombs to Israel last week over concerns that Israel was approaching a decision on launching a full-scale assault on the southern Gaza city of Rafah against the wishes of the U.S.
Footage from dozens of security cameras in the area of Drake’s Bridle Path mansion could be the key to identifying the suspect responsible for shooting and seriously injuring a security guard outside the rapper’s sprawling home early Tuesday morning, a former Toronto homicide detective says.
A chicken farmer near Mattawa made an 'eggstraordinary' find Friday morning when she discovered one of her hens laid an egg close to three times the size of an average large chicken egg.
Susan Buckner, best known for playing peppy Rydell High School cheerleader Patty Simcox in the 1978 classic movie musical 'Grease,' has died. She was 72.
Accused killer Jeremy Skibicki could have a challenging time convincing a judge that he is not criminally responsible for the deaths of four Indigenous women, a legal analyst says.
A Calgary bylaw requiring businesses to charge a minimum bag fee and only provide single-use items when requested has officially been tossed.
Two Nova Scotia men are dead after a boat they were travelling in sank in the Annapolis River in Granville Centre, N.S., on Monday.
An Ontario man says he paid more than $7,700 for a luxury villa he found on a popular travel website -- but the listing was fake.
Whether passionate about Poirot or hungry for Holmes, Winnipeg mystery obsessives have had a local haunt for over 30 years in which to search out their latest page-turners.
Eighty-two-year-old Susan Neufeldt and 90-year-old Ulrich Richter are no spring chickens, but their love blossomed over the weekend with their wedding at Pine View Manor just outside of Rosthern.
Alberta Ballet's double-bill production of 'Der Wolf' and 'The Rite of Spring' marks not only its final show of the season, but the last production for twin sisters Alexandra and Jennifer Gibson.
A mother goose and her goslings caused a bit of a traffic jam on a busy stretch of the Trans-Canada Highway near Vancouver Saturday.
A British Columbia mayor has been censured by city council – stripping him of his travel and lobbying budgets and removing him from city committees – for allegedly distributing a book that questions the history of Indigenous residential schools in Canada.
Three men in Quebec from the same family have fathered more than 600 children.
A group of SaskPower workers recently received special recognition at the legislature – for their efforts in repairing one of Saskatchewan's largest power plants after it was knocked offline for months following a serious flood last summer.
A police officer on Montreal's South Shore anonymously donated a kidney that wound up drastically changing the life of a schoolteacher living on dialysis.