SIMA supports clarity and consistency for phase 5 of CIRO's rule-consolidation project Français
TORONTO, /CNW/ - The Securities and Investment Management Association (SIMA) has submitted its comments on phase 5 of the Canadian Investment Regulatory Organization's (CIRO) rule-consolidation initiative. The submission reaffirms SIMA's commitment to supporting a regulatory framework that promotes clarity, consistency, and efficiency in the implementation of CIRO's new consolidated rules.
When the project is completed, CIRO's current rulebooks—one for investment dealers and one for mutual fund dealers—will be replaced by a single, unified set of regulations called the CIRO Dealer and Consolidated (DC) Rules.
"We support this important initiative and thank CIRO for accepting our recommendation to publish the consolidated DC Rules for final review and comment in phase 6," said Andy Mitchell, SIMA's President and CEO. "We continue to encourage CIRO to provide a generous comment period for phase 6, given that this will be the first opportunity for stakeholders to assess the fully consolidated rules. Extending the comment period to 120 days will ensure stakeholders have the time necessary to provide meaningful feedback in support of the successful implementation of the new framework."
We continue to recommend that CIRO not put the rules into effect until they provide supporting guidance for public comment. Also, once the rules are finalized, we urge CIRO to allow for an appropriate transition period before the rules become effective. This will enable CIRO dealer members to update internal policies, procedures, and IT systems, and provide training before implementation.
About SIMA
SIMA empowers Canada's investment industry. The association, formerly the Investment Funds Institute of Canada (IFIC), is the leading voice for the securities and investment management industry. The industry oversees approximately $4 trillion in assets for over 20 million investors and participates in the Canadian capital markets. Our members — including investment fund managers, investment and mutual fund dealers, capital markets participants, and professional service providers — are committed to creating a resilient, innovative investment sector that fuels long-term economic growth and creates opportunities for all Canadians.
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