IIROC has released “An assessment of benefits and costs of self-regulatory organization consolidation conducted by Deloitte. The assessment confirms that a consolidation of IIROC and the Mutual Fund Dealers Association (MFDA) would result in nearly a half billion dollars of industry savings — savings that could be redirected toward enhanced client service, innovation and economic growth.
Deloitte independently interviewed a range of small, mid and large-sized firms from across Canada. They also utilized their own research and third-party data to provide an estimate of savings across the industry over a 10-year period.
The findings quantify and validate what IIROC has heard from the industry over the years: eliminating duplicative and overlapping regulation will generate significant savings for reinvestment as well as simplify and enhance client service. In addition, a more efficient and streamlined self-regulatory organization would deliver enhanced investor protection and enable regulatory resources to further focus on areas of higher risk.
Deloitte’s assessment builds upon IIROC’s proposal, “Improving Self-Regulation for Canadians”, outlining the benefits of bringing together IIROC and the MFDA. The Canadian Securities Administrators (CSA) also issued a public consultation paper, published in June 2020, about a review of the self-regulatory framework. IIROC supports the CSA’s work to make the regulatory system more effective and efficient, and we look forward to participating in the consultation to determine the best, most practical way forward.
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