Investment industry in lockstep behind a single SRO

The Canadian Securities Administrators is in the midst of a long-awaited review of the regulatory framework for the investment industry’s self-regulatory organizations. The result is expected to be a single SRO, but what it could look like is still unknown.

“If we are going to enhance the customer experience, having a unified SRO that serves the entire investment industry is going to help the industry move into a digital age, which customers really want,” says Rick Annaert, head of advisory services at Manulife Financial Corp. and president and chief executive officer at Manulife Securities Inc.

While some believe a merger of IIROC and MFDA is the best route, Mr. Annaert prefers a model rebuilt from the ground up. “If we can get synergy and some regulatory burden lessened without compromising investor security, it will help ... bring more efficiency,” he says. Mark Kent, president and CEO at Portfolio Strategies Corp., a Calgary-based mutual-fund and exempt-market dealer, believes a single SRO “makes a lot of sense,” to save the industry costs and avoid the time and resources required when having to deal with two different regulators on the same set of business.He also hopes a single entity will result in a stronger and broader understanding of the different investment products being regulated by that entity.

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