Request for Nominations to the Fixed Income Advisory Committee

Mandate of the Fixed Income Advisory Committee

The committee reviews and makes recommendations to CIRO staff about proposed CIRO initiatives relating to fixed income trading. Appointments are for a two-year term commencing October 1, 2024. The full mandate of FIAC is available on the CIRO website.

Composition of the Fixed Income Advisory Committee

FIAC Membership is capped at 15. Members include:

• representatives of CIRO member that are designated as Primary Dealers of Government of Canada Bonds by the Bank of Canada (GSD)
• representatives of CIRO dealers other than GSDs who operate a fixed-income trading business
• legal/compliance representatives (maximum of 3) who have experience or expertise in fixed-income trading compliance matters (including: legal professionals experienced in advising dealers on regulatory compliance, professional advisers in fixed-income securities regulatory compliance, CIRO dealer employees with senior compliance responsibilities or former employees of securities regulatory authorities or self-regulatory organizations)
• a representative from each marketplace that trades fixed income securities and has retained CIRO to be its regulation services provider. Where more than one marketplace operates within an affiliated group, the affiliated group may nominate 1 member
• at least one independent person (i.e. not a director, officer or employee of an CIRO dealer or marketplace) who has experience or expertise that, in the opinion of the Senior Vice-President, Market Regulation or his/her designate, would benefit the committee.

Nomination Process

Each dealer may nominate one dealer representative to serve on the committee. The Senior-Vice President, Market Regulation may nominate individuals to serve as independent representatives. Each marketplace that trades fixed income securities and has retained CIRO to be its regulation services provider may nominate 1 member. Where more than one marketplace operates within an affiliated group, the affiliated group may nominate 1 member.

Nominations must be in writing and include current biographical information and a description of the qualifications of the person nominated. Nominations must be submitted by Friday August 30, 2024 to:

Alex Taylor,
Vice President, Surveillance,
Canadian Investment Regulatory Organization
Bay Adelaide North
40 Temperance Street, Suite 2600
Toronto, Ontario. M5H 0B4
e-mail: ataylor@CIRO.ca

Appointment Process

The Senior Vice President, Market Regulation will review all nominations and will appoint successful nominees to the committee. Current members of FIAC are eligible to be considered for reappointment if a new nomination is received. The members of FIAC will elect a Chair and Vice-Chair for the two-year term of FIAC.

In making appointments, the Senior Vice President, Market Regulation may consider whether the composition of FIAC will adequately represent persons with:

• expertise in the trading or the regulating of trading of fixed income securities;
• expertise in the rules applicable to fixed income trading
• experience with CIRO dealers of varying sizes and lines of business (e.g. professional trading and retail trading).

Vacancies During the Term

From time to time, a vacancy may occur in the membership of FIAC. CIRO’s practice is to appoint a replacement for the balance of the term from nominations submitted. If the vacancy is a marketplace representative, the marketplace may designate a new representative to the committee.