Member firms of the Investment Dealers Association of Canada (IDA) have overwhelmingly supported a resolution approving the combination of the IDA with Market Regulation Services Inc. into a new self-regulatory organization.

The firms endorsed the proposed merger at a special members meeting, with 98.3% of votes cast.

“We are very pleased that member firms have endorsed positive change to consolidate market and member regulation in a single national self-regulatory organization that will benefit the investing public and the Canadian capital markets”, says IDA Chairman Ronald Lloyd.

CEO and president designate of the new SRO Susan Wolburgh Jenah thanked member firms for their strong support for “this important step towards modernizing, simplifying and strengthening Canada’s self regulatory system. Combining the IDA and RS into a single national SRO is fundamental to ensuring strong, streamlined, expert self-regulation in Canadian capital markets”.

Next steps in the process include seeking regulatory approval from the Canadian Securities Administrators. “We are committed to working collaboratively and efficiently with the CSA in the upcoming approval and public comment process and are optimistic that we can meet our target launch date of April 1, 2008”, says Lloyd.

The Investment Industry Association of Canada (IIAC) congratulated the IDA and RS on the merger of the two organizations.

“The merger will simplify and streamline self-regulation, by eliminating overlap and duplication, and rationalizing the audit and compliance process. This outcome will reduce costs for investors and enhance regulatory efficiencies,: says Ian Russell, president and CEO, IIAC.