Now hiring: CEO, board for new SRO

The search is on for a new top cop to lead the investment industry’s planned new self-regulatory organization.

The Canadian Securities Administrators (CSA) have launched their search for a CEO and directors to head up the new SRO that they’re planning to create from the combination of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).

The regulators have hired an executive search firm, Russell Reynolds Associates, to help search for a chief executive, as well as for six industry directors and eight independent directors.

The CSA has indicated that it hopes to have those positions filled in the second quarter, and aims to have the new SRO up and running by the end of the year.

Today it said that some of the existing directors of the MFDA and IIROC will likely be nominated to join the new SRO’s board, so that it “will benefit from the continuity of the knowledge and experience of the current boards, while also adding new voices and perspectives.”

The recruitment process will see all candidates interviewed by the search firm, short-listed candidates will then be reviewed by the CSA committee, with the final selections being recommended to the CSA and the existing SROs’ boards for final approval.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.