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ARTICLE · 10 FEBRUARY 2011

Comment On A National Securities Regulator

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What has been completely overlooked in all the battling over the issue of a national securities regulator is how the dealers and persons who actually distribute and trade in securities on behalf of retail, corporate and institutional investors are regulated.

CanadaFinance and Banking
Joel Wiesenfeld
Joel Wiesenfeld
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Originally published in FAIR: Canadian Foundation for Advancement of Investor Rights, February 2011.

What has been completely overlooked in all the battling over the issue of a national securities regulator is how the dealers and persons who actually distribute and trade in securities on behalf of retail, corporate and institutional investors are regulated. The community of investment and mutual fund dealers, and their retail and institutional advisors, analysts, traders, investment bankers, etc., are primarily regulated by the Investment Industry Regulatory Organization of Canada ("IIROC") and the Mutual Fund Dealers Association ("MFDA").

According to their respective 2010 annual reports, IIROC has 208 member firms employing 28,380 approved persons, and the MFDA has 139 member mutual fund dealers with 73,000 approved persons. Both are national self-regulatory organizations ("SROs") which obtain their regulatory jurisdiction in each province by that province's

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