Controversy As IIROC Proposes Merger With MFDA

In a publication released this month titled Improving Self-Regulation for Canadians, the Investment Industry Regulatory Organization of Canada ("IIROC") has, among other things, proposed a merger of itself with another self-regulatory organization, the Mutual Fund Dealers' Association of Canada ("MFDA") – a measure it promises will offer "one stop shopping" for Canadian investors and a more streamlined investment industry and regulatory regime.

The MFDA was quick to respond. Its President, Mark Gordon, released a statement on June 9th that is sharply critical of this merger proposal and states, among other things:

"In reading IIROC's position paper, it is clear that their proposal is meant to benefit only industry, not investors or the public. Canadian investors deserve better. Canada deserves better."