July 9, 2020 (Toronto, Ontario) – The Investment Industry Regulatory Organization of Canada (IIROC) today welcomed the publication of the Capital Markets Modernization Taskforce consultation report,praising the Ontario Government for its leadership role in moving forward to modernize the province’s capital markets.
“We applaud the Ontario Government for taking this important step to ensure that capital market regulation can not only keep pace with the changing environment but foster strong and competitive capital markets contributing to investor confidence and economic growth,” said Andrew J. Kriegler, President and CEO of the pan-Canadian self-regulatory organization. “At IIROC, we are deeply committed to enhancing investor protection and access to a broader range of financial products and services while reducing unnecessary regulatory duplication and red tape.”
Kriegler added, ” IIROC looks forward to working together to support the Ontario Government as it considers a number of wide-ranging ideas and thoughtful proposals to transform and enhance ourcapital markets, given our shared desire to make the overall regulatory system more efficient and effective for all market participants.”
“We will continue to work collaboratively with the Canadian Securities Administrators to streamline the existing self-regulatory model in a timely, practical and phased-in manner that delivers tangible results for all market participants in this evolving environment,” said Kriegler.
IIROC is pleased to see that the Taskforce recognizes the value that self-regulation delivers to Canadians and to the overall regulatory system, including but not limited to IIROC’s role in the oversight and surveillance of all of Canada’s equity and debt market activity. For example, IIROC also serves as theInformation Processor for the Canadian Securities Administrators providing market transparency for all trading activity in all corporate and government debt securities. The Bank of Canada also leverages data that IIROC collects for regulatory purposes in reforming its interest rate benchmarking and has entrusted IIROC with the publication of the Canadian Bankers’ Acceptance (BA) Rates, and the monthly publication of Bond and Money Market Secondary Trading Statistics.