With the planned merger of the Mutual Fund Dealers Association of Canada (MFDA) and the Investment Industry Regulatory Organization of Canada (IIROC) under way, work on the new self-regulatory organization’s investor advisory panel is starting now too.
IIROC and the MFDA are seeking candidates to serve on the inaugural edition of an independent advisory group (comprised of between five and 11 members) that is being formed to represent investor interests at the new SRO, which is slated to launch Jan. 1, 2023.
“We are looking to assemble a unique and diverse panel of experts in investor issues from across Canada who will play an important role in the development of regulatory policy and to advise new SRO staff on annual priorities, strategic plans, and other regulatory initiatives,” the regulators said in a release.
Improving investor representation is one of the basic goals of the new SRO. Alongside the new IAP, there are also plans to create an investor office within the new regulator to support rule development and provide investor education and outreach.
The new IAP, which will start meeting in 2023, will appoint members to two-year terms, although some terms may be three years to stagger the IAP’s future turnover.
Members of the panel will receive an honorarium for their work, and related expenses will be covered too. The IAP will also have its own budget for research and other costs.
The selection process will be jointly administered by staff from both the MFDA and IIROC. And, as the new SRO’s board isn’t yet in place, the SROs pledged to establish an independent selection process.
The deadline for applications is Nov. 7.