Spring is the time of plans and projects. The Council is currently planning for its next in-person meeting this May.
We have two ‘projects’ or responses currently in draft, noted below. The first relates to Canada’s New SRO – soon to officially be the Canadian Investment Regulatory Organization (CIRO) – and its proposal on the distribution of funds disgorged and collected through CIRO’s Disciplinary Proceedings to Harmed Investors. We appreciate that CIRO has proposed to enhance the enforcement process (which already includes disgorgement and collection) to add a mechanism to distribute these funds to harmed investors. The notion of directing funds earmarked as disgorgement to harmed investors has obvious appeal; however, the Council has some reservations about the proposed design features and efficacy of such a program. Stay tuned for highlights from our filed letter.
The initiatives undertaken by the Council would not be possible without the commitment and support of its members – thank you to our members and the leadership at CFA Societies Canada who give their time to this Council.