IIROC’s Kriegler to lead new SRO

Andrew Kriegler will lead the new self-regulatory organization that will form later this year when the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) merge.

The Canadian Securities Administrators (CSA) said Monday that the appointment of Kriegler, IIROC’s president and CEO, was approved by both SROs.

“The appointment of a CEO is an important milestone in the creation of the new SRO,” said Louis Morisset, CSA chair and president and CEO of the Autorité des marchés financiers, in a release. “Mr. Kriegler can now work with the boards and staff of each of the MFDA and IIROC to ensure a smooth transition that is responsive to the interests of their stakeholders.”

“We have found Mr. Kriegler to be a valuable partner, and look forward to collaborating with him and the new SRO executive as they continue the important work of crafting a new and improved SRO for all stakeholders,” said Matthew Latimer, executive director of the Federation of Mutual Fund Dealers, in an email to Advisor’s Edge.

Laura Paglia, president and CEO of the Investment Industry Association of Canada, also congratulated Kriegler on the appointment.

“Andrew’s a good choice,” said Neil Gross, president of Component Strategies Consulting and chair of the Ontario Securities Commission’s Investor Advisory Panel. “He’s kept IIROC appropriately centred on its public interest responsibilities while also helping to bring about some significant, beneficial reforms in its governance.”

Ken Kivenko, president of Kenmar Associates, agreed, saying Kriegler “will bring experience and continuity to new SRO” and that “his leadership and team-building skills are an excellent fit with the challenges ahead.”

The CSA, IIROC and the MFDA will also create a new SRO advisory committee. Kriegler will sit on the new committee alongside Tim Hodgson, chair of the new SRO’s board, and the vice chairs of the existing SROs: Patricia Callon (MFDA) and Jennifer Newman (IIROC). The CSA unveiled the new SRO’s board on May 12.

The committee will advise the IIROC and MFDA boards “on any interim arrangements with the new CEO and on the consolidation and integration process for the existing SROs,” the CSA release said.

Kriegler has led IIROC since 2014, moving to the SRO from his role as deputy superintendent at the Office of the Superintendent of Financial Institutions. Previously he worked at CIBC, BMO Nesbitt Burns and Moody’s Investors Service.

Executive leadership of the new investor protection fund, which will be independent from the new SRO, will be announced later this summer, the CSA said.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.