New Self-Regulatory Organization of Canada and Canadian Investor Protection Fund officially launch


Toronto – New Self-Regulatory Organization of Canada (New SRO) and new Canadian Investor Protection Fund (CIPF) officially launched today, marking completion of the Canadian Securities Administrators’ (CSA) plan to create a new, single self-regulatory organization and an integrated investor protection fund.

The Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) have officially amalgamated to become New Self-Regulatory Organization of Canada. The MFDA Investor Protection Fund (MFDA IPC) and the former Canadian Investor Protection Fund (CIPF) have merged into a single investor protection fund and will be known as CIPF.

The name “New Self-Regulatory Organization of Canada” is the temporary legal name of the newly consolidated SRO. A new permanent name will be chosen in 2023 after appropriate stakeholder consultation and member approval.

“We know that investors want flexibility in the way they consume financial services and financial advice,” said Andrew Kriegler, CEO, New SRO. “With the regulatory changes that will accompany New SRO, it will be easier for the industry to give them that flexibility and to improve their access to new products and services as well.”

The new SRO believes that a single self-regulatory organization will:

  • Deliver value for investors, regardless of where they live, how many assets they have or their level of investing sophistication. 
  • Foster an innovative and competitive industry to ensure there are investment opportunities and value propositions for existing and evolving Canadian investor needs.
  • Make it easier for dealers and their advisors to serve Canadians, regardless of region, firm size or business model.
  • Reduce duplicative regulatory burden and complexity, particularly for those running separate IIROC and MFDA platforms, as well as those in Québec.
  • Reduce barriers for current single-platform dealers looking to expand their business models.

New SRO is committed to ensuring business-as-usual work will continue without disruption. The final materials, including the recognition orders by securities regulators and The Investment Dealer Rules and Partially Consolidated Rules, the Mutual Fund Dealer Rules and the Universal Market Integrity Rules and New SRO’s regulatory framework are now in effect. During the transition phase, for their activities in Québec, Québec mutual fund dealers will not be subject to the rules of the New SRO, except for its operating rules, but will continue to be subject to the regulatory framework currently applicable in Québec.

Continuing the legacy of the former CIPF and MFDA IPC, CIPF will provide protection to customers of New SRO members who suffer financial losses due to the insolvency of the New SRO member. CIPF remains focused on meeting its key responsibilities and working together with the CSA, New SRO and other stakeholders. CIPF will be led by an independent board of directors and its inaugural president and CEO, Toni Ferrari.

“The enhanced regulatory framework put in place by the CSA, including an amalgamated and independent protection fund, is an important step in the evolution of investor protection in Canada,” Ferrari said. “CIPF will continue to communicate and engage with investors and member firms to become a valuable partner in investor protection.”

“It has been an extraordinary team effort working with IIROC, the MFDA, CIPF and MFDA IPC,” said Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission. “Our ability to come together to create one SRO and one investor protection fund demonstrates our collective commitment to better protecting investors and fostering healthy capital markets across Canada.”

About New SRO

New Self-Regulatory Organization of Canada (New SRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. New SRO is carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, and is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit This link will open in a new window.

About CIPF

The Canadian Investor Protection Fund (CIPF) is the compensation fund that provides protection within prescribed limits to eligible clients of member firms suffering losses if client property comprising securities, cash, and other property held by such member firms is unavailable as a result of the insolvency of the member firm.

About the CSA

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

For more information:

Sean Hamilton
New Self-Regulatory Organization of Canada
[email protected]

Ilana Kelemen
Canadian Securities Administrators
[email protected]