Investment banker turned regulator Andrew Kriegler is to become the new head of the Investment Industry Regulatory Organization of Canada (IIROC). the self-regulatory organization for brokerage firms and trading venues.

IIROC announced Wednesday that Kriegler, who is currently deputy superintendent at the federal prudential regulator for banks and insurers, the Office of the Superintendent of Financial Institutions (OSFI), will become its new president and CEO. He will replace Susan Wolburgh Jenah, who announced her intention to leave the SRO earlier this year, on November 1. Kriegler will also join IIROC’s board at that time.

While Kriegler comes to IIROC from the federal OSFI, he began his career in the industry as an investment banker and trader at both CIBC and BMO Nesbitt Burns. He then spent time at Canada Trust before moving over to credit rating agency, Moody’s Investors Service, in 2000. In 2008, he returned to CIBC as senior vice president & treasurer. He left the bank in August 2012, and joined OSFI in early 2013. Earlier this year, he was rumoured as a possible successor to outgoing superintendent, Julie Dickson; but that job went to Finance veteran, Jeremy Rudin.

Instead, he is taking over at IIROC, which is in the midst of implementing major regulatory reform on the dealer side in the form of the second phase of the Client Relationship Model (CRM2) reforms. It also faces a variety of market structure issues, as it continues to study the issue of high-frequency trading, and as the Canadian Securities Administrators (CSA) are currently contemplating fundamental reforms to market structure rules.

“I am honoured to have been selected by the board to lead IIROC during such a pivotal time – as the regulator develops its new strategic plan and sets its priorities and direction for the next three years. Together with the dedicated management team and talented staff, we will continue to work diligently to advance IIROC’s mandate of protecting investors, strengthening industry standards and enhancing market integrity,” said Kriegler in a release.

“Andrew Kriegler has an exceptional track record in the financial services industry, including extensive work supporting a regulatory framework that contributes to public confidence in a strong, stable and competitive financial system. As an industry veteran, he has shown strong leadership, particularly in risk management and investor protection. Andrew’s experience will be an important asset in leading our ongoing focus on delivering effective and efficient regulation,” said Marianne Harris, chairwoman of the IIROC board.

Kriegler currently sits on the board of the Canada Deposit Insurance Corp. (CDIC). He has a B.Sc. in computer science and economics from the University of Toronto, and an MBA from the University of Western Ontario.

Ian Russell, president and CEO of the Investment Industry Association of Canada (IIAC), applauded Kriegler’s selection, noting that he has a “strong capital markets background and direct experience in the investment industry”, along with senior management experience.

“We will seek a meeting at the earliest opportunity to discuss the current regulatory landscape, and how the IIAC and IIROC can continue to fulfill our mutual goals of achieving a vibrant, prosperous investment industry driven by strong and efficient capital markets to ensure sound investor protections are in place,” Russell said.