was appointed president and CEO of the MFDA<\/a> after the SRO’s previous CEO, Mark Gordon, stepped down and became a strategic advisor.<\/p>\n\u201cThe decision by both organizations to amalgamate the SROs was done after careful consideration of the benefits and impacts to investors and the industry, and we are very pleased that our collective members agree,\u201d said Steven Glover, chair of MFDA board, in a release.<\/p>\n
The transaction still requires the approval of the CSA, which is seen as a formality given that the CSA initiated this latest effort to consolidate the SROs.<\/p>\n
\u201cThe vote to create a new single enhanced SRO is a ringing endorsement of the work done by the CSA and is the right decision for investors and the investment industry,\u201d said Paul Allison, chair of IIROC’s board.<\/p>\n
\u201cI am pleased that the members of IIROC and the MFDA voted to proceed with the amalgamation of the two SROs,\u201d said Stan Magidson, chair of the CSA and chair and CEO of the Alberta Securities Commission.<\/p>\n
\u201cTheir decision to move in this direction will provide Canada with a single enhanced SRO that will have a clear public interest mandate, will increase efficiencies, and will advance the fostering of fair and efficient capital markets,\u201d Magidson added.<\/p>\n
\u201cThe successful vote demonstrates the industry\u2019s trust in the self-regulatory framework and in the ability of the new SRO to address existing regulatory fragmentation and provide more opportunities to firms to evolve their business model,\u201d Kriegler said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Fund dealers, investment dealers approve merger, with new SRO to launch in 2023<\/p>\n","protected":false},"author":147314,"featured_media":393183,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2312,2324],"tags":[2638],"yst_prominent_words":[6212,61532,56091,18385,12166,11751,8039,6755,6748,6705,6694,6508,5934,5377,5034,4784],"acf":[],"_links":{"self":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/452487"}],"collection":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/users\/147314"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/comments?post=452487"}],"version-history":[{"count":4,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/452487\/revisions"}],"predecessor-version":[{"id":452504,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/452487\/revisions\/452504"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media\/393183"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=452487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=452487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=452487"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=452487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}