The Investment Industry Regulatory Organization of Canada (IIROC) is seeking nominees for its advisory committee on market regulation.
IIROC is calling for nominations for people to serve on its Market Rules Advisory Committee, which provides advice to the regulator regarding proposed amendments to the trading rules, draft guidance on the interpretation of those rules, and other market regulation related policy issues.
The MRAC reviews and makes recommendations regarding each proposed amendment to the trading rules before they are submitted to IIROC’s board “to ensure each proposal not only adequately addresses market integrity concerns and is in the public interest but is also practicable and cost-efficient from the perspective of marketplaces and persons trading on the marketplaces.”
The committee also reviews and makes recommendations on proposed guidance which IIROC intends to publish. At the request of the regulator’s president, it may review and make recommendations on exemption applications; and, policy positions that IIROC might take on the initiatives of other regulators that would affect trading; among other things. It can also make recommendations to IIROC on issues that it believes would improve the integrity of the Canadian capital markets.
The positions on the committee are unpaid, two-year appointments starting October 1, which will involve six regularly scheduled meetings per year, and other meetings as required.
The committee is comprised of representatives from each of the equity markets that have retained IIROC as a regulator; along with four representatives with a trading background; two representatives of institutional investors, direct market access clients, or alternative trading system subscribers; three members with legal and compliance experience; and, at least one independent member. There are also three ex-officio members, including the IIROC president, the chair, and, a representative of the interests of “retail investors”.
Nominees for the committee members to represent traders must come from a dealer, while the other representatives can be nominated by a dealer, a marketplace, or by IIROC’s senior vice president, market regulation and policy. Nominations are due by July 31, and appointments will be made by IIROC’s president, Susan Wolburgh-Jenah.