Three months after the launch of Canada’s new investment industry self-regulatory body, the organization has proposed a moniker for itself: Canadian Investment Regulatory Organization.
The organization has been nameless since it was formed out of the amalgamation of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) on Jan. 1. It has been temporarily using the name New Self-Regulatory Organization of Canada.
Now, in a proxy circular distributed to the industry on Friday, the New SRO board is requesting that the organization’s members, who include investment and mutual fund dealers, vote for the name change on April 24. If approved, the name will become official on June 1.
“We recognize the importance of establishing a new name and brand that reflects the values, purpose, and goals of New SRO,” New SRO chair Timothy Hodgson writes in the proxy. “Therefore, we have committed to an accelerated timeline to complete this important task and are confident that the chosen name will resonate with all stakeholders and foster a strong sense of confidence in the New SRO’s mission.”
The shift to a single self-regulatory organization happened after more than two years of industry consultation that began in 2019, when the Canadian Securities Administrators – an umbrella group for provincial and territorial securities regulators – announced it was considering an overhaul of the regulatory framework that governed IIROC and MFDA.
The two self-regulatory organizations had long been criticized by investor advocates and the investment industry for having overlapping areas of oversight, as wealth managers were increasingly serving customers buying both mutual funds, overseen by MFDA, and individual securities, which were IIROC’s responsibility.
In the fall of 2022, the merger was approved by the CSA, which also approved the combination of two investor protection funds – the Canadian Investor Protection Fund and the MFDA Investor Protection Corporation. The new single fund is independent from the new regulatory organization.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
