On November 18, 2021 the Canadian Securities Administrators (CSA) issued a news release announcing progress on the creation of a new self-regulatory organization (SRO) for the investment industry and a new investor protection fund (IPF). The new SRO will consolidate the functions of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA). The new IPF will combine two existing investor protection funds, the Canadian Investor Protection Fund and the MFDA Investor Protection Corporation, into an integrated fund independent of the new SRO. Comment letters about the framework have been reviewed by the CSA and will be considered as the process moves forward. It is expected that the CEO and board of directors of the new SRO will be announced in the second quarter of 2022. Amalgamation of the existing entities, creating the new SRO, is expected to be completed by the end of 2022.

November 30, 2021