CSA unveils board members for new SRO

Securities regulators also seek comment on documents necessary for amalgamation of IIROC and MFDA

CSA unveils board members for new SRO

The Canadian Securities Administrators (CSA) have unveiled their picks for board membership on the planned new single self-regulatory organization (SRO), and have launched consultations on documents necessary to launch the new SRO.

"Today's announcement of the new boards and publication of draft documents marks a major milestone toward our goal of creating a new SRO and IPF that serves a clear public interest mandate, better protects investors and promotes public confidence," Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers (AMF), said in a statement.

The proposed board of the new SRO, Tim Hodgson, is the current chair of Hydro One and a former financial services executive, who’ll be installed as an independent director. Joining Hodgson are the following individuals, and the appointments – which were recommended by a special joint committee that includes IIROC and MFDA board members, as well as independent members – are scheduled to take effect on January 1, 2023:

  • Patricia Callon, Senior Vice President at Sun Life Financial (industry director)
  • Kathryn Chisholm, Senior Vice President at Capital Power Corporation (independent director)
  • Debra Doucette, President and CEO of Odlum Brown (industry director)
  • Luc Fortin, President and CEO of the Montréal Exchange and Global Head of Trading, TMX Group (industry director)
  • Robert Frances, Chairman and CEO of Peak Financial Group (industry director)
  • Miranda Hubbs, a director for several companies and organizations, including Nutrien Ltd. and the Canadian Red Cross (independent director)
  • Michelle Khalili, Managing Director at Scotiabank (industry director)
  • Louis Marcotte, Executive Vice President and Group CFO at Intact Financial Corporation (independent director)
  • Philip Mayers, Senior Vice President and CFO at Sagen MI Canada (independent director)
  • Timothy Mills, Senior Vice President at CIBC (industry director)
  • Jennifer Newman, former Senior Managing Director at the Ontario Teachers' Pension Plan (independent director)
  • Laura Tamblyn Watts, CEO of CanAge (independent director)
  • Janet Woodruff, a director for several companies and organizations, including the MFDA and Ballard Power Systems (independent director)

The CSA has also named members to the board of directors of the investor protection fund (IPF) for the new SRO, which will include existing directors of both the Canadian Investor Protection Fund (CIPF) and the MFDA Investor Protection Corporation (MFDA IPC):

  • Donna Howard (Chair), current CIPF Director and Chair
  • Dawn Russell (Vice-Chair), current MFDA IPC Director and Chair
  • Rita Achrekar, current CIPF Director
  • Ann Davis, current CIPF Director
  • Sean Etherington, current MFDA IPC Director
  • André Langlois, current MFDA IPC Director
  • Pierre Matuszewski, current CIPF Director
  • Donald Murray, current MFDA IPC Director
  • Walter Pavan, current MFDA IPC Director
  • Richard Rousseau, current CIPF Director
  • Sharon Sparkes, current CIPF Director
  • Douglas Stratton, current CIPF Director
  • Bernard Turgeon, current CIPF Director
  • Peter Virvilis, current CIPF Director

The CSA expects to be able to name the new SRO’s CEO, who’ll also be the final member of the board, in the coming weeks. The CEO of the new IPF is expected to be named by the third quarter of this calendar year.

The CSA has also published for comment two staff notices, which include materials related to the application for recognition and draft recognition order for both the new SRO and the new IPF. They also include memorandums of understanding for CSA oversight of the respective entities.

"These proposals advance the CSA's goals for the new SRO and IPF, including ensuring stronger accountability to Canadian securities regulators, formal mechanisms for engaging with investors, and improved investor access to advice by providing an opportunity for coordinated arrangements between mutual fund dealers and investment dealers. At the same time, the new SRO will preserve the value of industry knowledge central to self-regulation," Morisset said. "Work is well on track and we look forward to the December 31, 2022 closing."

The amalgamation of IIROC and the MFDA is expected to be completed by January 1, 2023.