Securities regulators typically have a hard time gaining much traction in the public imagination, but the new industry self-regulatory organization has high hopes for its new name and logo.
On April 24, fund dealers and investment dealers will be asked to vote on a proposed name for the new SRO, which the regulator said is a “top priority” in the information circular setting down the plan for a member vote.
In its filing, the new SRO acknowledged that the temporary name it has been using — new SRO — “does not effectively convey new SRO’s identity and purpose.”
Instead, it’s hoping that a proposed new name — Canadian Investment Regulatory Organization (CIRO) and Organisme canadien de réglementation des investissements (OCRI) in French — will “resonate with all stakeholders and foster a strong sense of confidence in new SRO’s mission.”
Alongside the proposed new name, the SRO unveiled a logo (below) crafted as part of its branding effort that’s intended to bolster the new agency’s image.
“The new logo tells the story of new SRO’s role in regulation and investor protection,” the circular said.
“The rounded font demonstrates approachability, collaboration and openness. The shield represents a badge of honour; a visual members can be proud to display,” it explained.
“The logo conveys a feeling of trust, and the three lines show upward movement to demonstrate progression and signify growth. Additionally, the lines represent new SRO’s three key stakeholders: investors, members and the capital markets.”
If the new branding is approved — which requires support from at least two-thirds of the new SRO’s members at the upcoming vote and final approval from the Canadian Securities Administrators — the new name would take effect on June 1.
Firms would then have until Dec. 31, 2024, to adopt the name and logo on required disclosures — including their decals, client statements and corporate websites — in place of the existing IIROC and MFDA disclosures.
According to the circular, the proposed new look follows consultations with members of the new SRO’s regional councils, its fund dealer policy advisory committee and its Investor Advisory Panel.
“The results of these consultations underscored two crucial themes: the need to effectively communicate our mission to protect investors and support healthy Canadian capital markets, and the need for a brand that resonates with both members and investors,” the circular said.