Regulators in Saskatchewan are joining the roster of provincial authorities that have delegated authority for registration to the Canadian Investment Regulatory Organization (CIRO).
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has delegated the registration of investment dealers, fund dealers and their reps to CIRO, effective Oct. 1. It joins Ontario, Quebec, Alberta, the Atlantic provinces and the territories, in handing off that task to the industry self-regulatory organization.
The provincial regulators have begun delegating the registration function to the SRO in an effort to streamline the regulatory framework and reduce the needless compliance burden.
“Authorizing CIRO to carry out these functions, will reduce red tape and improve responsiveness for industry stakeholders while maintaining investor protection,” said Roger Sobotkiewicz, chair and CEO of the FCAA, in a release.
“CIRO, like all regulators, has a responsibility to deliver regulation efficiently, effectively and remove duplication. The FCAA’s decision to streamline registration through delegation supports our strategic objective to deliver a more effective registration framework,” added Andrew Kriegler, president and CEO of CIRO.
The move comes in the wake of a massive cybersecurity breach at CIRO, which exposed the personal information of industry firms and reps, past and present, that was collected as part of the registration process, and contained in the National Registration Database.