The New Self-Regulatory Organization of Canada (New SRO), is seeking to become a credential providing organization for financial advisors under FSRA’s Financial Professionals Title Protection Framework.
The New SRO, launched in January 2023, is the result of the merger of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA). It will oversee among other things, how individuals working at mutual fund or investment dealers that provide investment advice to Ontario.
The New SRO is working with the Financial Services Regulatory Authority of Ontario (FSRA) so that New SRO can become a credentialing body. If adapted, the New SRO will have the authority to grant credentials permitting the use of the ‘Financial Advisor’ title under Ontario’s Financial Professionals Title Protection Act, 2019 (FPTPA). The approval will be subject to conditions as outlined in the Financial Professionals Title Protection (FPTP) Rule and related guidance. Being credentialled will also give more value both the Financial Advisor title and the New SRO’s registrants.
FSRA is also proposing an amendment to the FSRA Fee Rule that, if approved, would reduce New SRO’s fees, to recognize that the OSC already provides oversight of its activities.
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
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