Regulators are seeking public comment on the proposed recognition of the new regulator that would be formed by the merger of the Investment Dealers Association of Canada and Market Regulation Services Inc.

The IDA and RS have applied for the still-unnamed new regulator to be recognized as a self-regulatory organization in Alberta, BC, Manitoba, Newfoundland and Labrador, New Brunswick, Nova Scotia, Ontario, Saskatchewan and Quebec. Both the IDA and RS are currently recognized as SROs in some of these jurisdictions.

The regulators are publishing for comment the application for recognition, along with the draft recognition order and a proposed oversight program. The regulators intend to establish an oversight program for the new SRO outlined under a Memorandum of Understanding. The MOU includes a protocol for the review and approval of rules, policies and other similar instruments and the performance of periodic oversight reviews.

Following the comment process and resolution of all outstanding issues, each regulator expects to issue a substantially similar order recognizing the new SRO with terms and conditions. Comments are due by March 10.