The Investment Industry Regulatory Organization of Canada is seeking prospective appointees to the boards of the Canadian Depository for Securities, FundSERV Inc., and the Ombudsman for Banking Services and Investments.

The IIROC announced Monday that it is undertaking a new, open selection process in identifying and approving nominees from the industry to serve on these boards. As a result, it will seek solicitations of interest from the industry, prior to vacancies becoming available.

For now, it is seeking applications and will consider nominees to serve on the boards of CDS, FundSERV, and OBSI, respectively, as the terms of the existing directors come due and in the event of vacancies that may arise from time to time. The nominees will be appointed for a term of up to three years, subject to re-appointment, provided that the term is, in aggregate, not to exceed six years.

IIROC recently nominated a dealer director, Roger Casgrain, to serve on the other board it appoints a member to, that of the Canadian Investor Protection Fund, so nominations for the CIPF are not being sought at this time.

For the next round of appointments to be considered by the IIROC board on March 25, applications must be submitted by February 27.

IE