Members of Canada’s new self-regulatory organization will soon have a proper name for their regulator: the Canadian Investment Regulatory Organization (CIRO).
Members approved the moniker in a vote on Monday, ending almost four months in operation for the organization that combined the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada during which it was simply referred to as “new SRO.”
SRO chair Tim Hodgson called it a “momentous day.”
“We believed it was important to develop the new name for the organization as quickly as possible to establish a clear and distinct identity for the organization that evokes trust and integrity,” he said in a release.
The organization hopes to begin going by CIRO by June 1, once the name is approved by provincial and territorial regulators.
Firms will have until Dec. 31, 2024, to adopt the name and logo on required disclosures.
“The name and logo for the new organization will help us move forward as one strong SRO,” said SRO president and CEO Andrew Kriegler in the release.
“The two legacy SROs accomplished a tremendous amount over the years and everyone from those organizations should be very proud, but the new name and logo represent our future as a new organization and a new chapter for the industry.”