IDA names new CEO

The Investment Dealers Association has named Susan Wolburgh Jenah its new CEO. Earlier this year, Wolburgh Jenah joined the IDA from the Ontario Securities Commission to facilitate the merger between the IDA and Market Regulation Services. Upon the proposed merger, Wolburgh Jenah will continue as CEO of the newly formed organization.

“Susan brings extensive regulatory experience, a deep understanding of the Canadian and international securities industry and capital markets, and a strong commitment to investor protection to her new role,” says IDA chair Ron Lloyd.

From 2004 to 2007, Wolburgh Jenah was the vice-chair of the OSC and was actively involved in the international arena and represented the Commission on international committees of IOSCO and COSRA.

Wolburgh Jenah says that her first priority is going to be seeing the successful completion of the merger. She says the new organization is going to make regulation in Canada more efficient because the majority of the IDA’s members are also members of Regulation Services, so it will allow for there to be a more comprehensive single self-regulatory organization (SRO).

“There is a kind of a natural synergy between RS and the IDA. When they do sales compliance reviews, there is duplication, because they are looking at the same participants,” she says. “With a single SRO, you get a single vision and single philosophy that creates a simplified system for members to deal with.”

Apart from the merger, Wolburgh Jenah also wants to see the SRO take on a greater partnership with statutory regulators.

“SROs are a privilege, not a right,” she says. In order to maintain that privilege she says that SROs need to work as a proactive partner with statutory regulators, using their relationships and knowledge of the industry to identify and deal with issues.

The SROs can play a very meaningful role in taking over from the statutory regulator, she says. “The whole premise with SRO is that you work closely with industry and members, and you’re able to anticipate. You’re able to deal quickly and nimbly with issues that arise,” she says.

Filed by Mark Noble, Advisor.ca, mark.noble@advisor.rogers.com