News Release

IFIC makes submission on CIRO’s Rule Consolidation Project

December 20, 2023 (Toronto) – The Investment Funds Institute of Canada (IFIC) has made a submission to the Canadian Investment Regulatory Organization (CIRO) regarding phase 1 of the Rule Consolidation Project. When completed, the project will consolidate the two sets of rules that currently apply to investment dealers and mutual fund dealers into one set of member-regulation rules.

“IFIC supports what CIRO is looking to achieve through rule consolidation,” said Andy Mitchell, IFIC’s President and CEO. “It is critical that, while the project consultations are rolled out in a phased manner, the entire project must come into force at the same time after a sufficient implementation period. We are concerned that moving too quickly in a piecemeal fashion will cause regulatory inconsistencies, client confusion and significant implementation risk.”

In addition, IFIC recommends a reasonable and sufficient period for its members to make required IT changes and other necessary changes to policies and procedures, training, and operational matters.

In its submission, IFIC also makes suggestions for improving the efficiency of the consultation process for the remaining phases of the project, including a minimum 90-day comment period for each phase and a description of the changes to the MFDA rules to make it easier for members to understand.

About IFIC

The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together approximately 150 organizations, including fund managers, dealers, professional and back-office service providers, to strengthen the integrity of the investment funds industry, foster public confidence in investment funds, and enable investors to achieve good outcomes. By connecting savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.

For more information, please contact:

Christine Harminc
Senior Manager, Communications and Public Affairs
charminc@ific.ca
416-309-2313