New SRO’s Compliance Priorities Report helps firms fulfill regulatory requirements and protect Canadian investors

March 20, 2023 (Toronto) – New Self-Regulatory Organization (New SRO) published its 2022-23 Compliance Priorities Report, Helping Firms with Compliance, summarizes current issues and challenges that dealers regulated by New SRO should focus on to improve investor protection and foster market integrity.

This year’s report outlines initiatives that support transformation and innovation in the industry – all within the context of the recent consolidation of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).

"New SRO’s Compliance Priorities Report helps dealers focus their supervision and risk-management efforts to comply with our regulatory requirements in a way that is appropriate for their unique business models,” said Andrew J. Kriegler, New SRO CEO.

2022-23 Highlights:

• Education on cybersecurity risks through the development of a cybersecurity self-assessment checklist, and accompanying webcast to explain how to use the tool and interpret the results;
• Phase II sweep focused on some of the remaining CFR rule enhancements;
• Cybersecurity table-top exercise for the small and medium-sized dealers;
• Proficiency initiative related work; and
• End of CE cycle considerations.

Some priorities stem from the integration of regulatory approaches and operations of the former SRO’s. As part of these efforts, we published FAQ’s for New SRO’s Interim Rules with respect to dual registered dealers.

“New SRO is focused on investor protection, market integrity, and building an effective new organization to better serve Canadians,” said Kriegler.

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New Self-Regulatory Organization of Canada (New SRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. New SRO is carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, and is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.newselfregulatoryorganizationofcanada.ca.