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Michelle Schriver
Reaction to the Canadian Securities Administrators’ plan for a new single self-regulatory organization (SRO) has been positive, though industry participants say they’ll be closely watching as details of the new SRO emerge.
Investor advocate Ken Kivenko, president of Kenmar Associates, cited “strongly improved” governance relative to the existing SROs the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).
Governance measures include strengthening the new SRO board’s independence, creating an investor advisory panel and enhancing CSA oversight.
While the changes make way for investors to be better heard, leadership of the new SRO will be critical to create a culture where investors are taken seriously, Kivenko said.