On January 21, The Canadian Securities Administrators (CSA) announced that it has officially started searching for a CEO and Directors to help run the newly formed regulatory authority. The CSA is a regulatory organization that serves Canadian markets, securities issuers and investors. Currently, the regulator is seeking to fill its leadership positions to enable the organization to continue carrying out its mandates. As a result, the agency has hired Russell Reynolds Associates, a global executive search company, to assist in doing the search for a CEO as well as six industry directors and eight independent directors.
The CSA expects to fill these positions in the second quarter and aims to have the new Canada’s single self-regulatory organization (SRO) set up and operating by the end of the year. The watchdog stated that the special joint committee it created to be in charge of the recruitment process is currently seeking candidates for the organization’s Chief Executive Officer and its Board of Directors. The regulator mentioned that one of the independent directors would be selected to serve as the SRO’s Chairperson.
The CSA expects the nomination for the Board of Directors to include existing Board Members of the Mutual Fund Dealers Association of Canada (MFDA) and the Investment Industry Regulatory Organization of Canada (IIROC), as well as some new candidates. The regulators explained the move by stating: “In this way, the new SRO’s board will benefit from the continuity of the knowledge and experience of the current boards, while also adding new voices and perspectives.”
Candidates are expected to have a strong commitment to the objectives and goals of the new SRO to enhance public confidence and investor protection. Furthermore, candidates are required to have a broad diversity of thought, background and experience.
Russell Reynolds Associates will assist in doing recruitment services in terms of doing interviews and evaluation of all candidates. The selected candidates will proceed to be interviewed by the special joint committee, which then will recommend final candidates to the CSA and the Boards of the MFDA and IIROC.
The CSA Aims to Accelerate Capital Markets Development
The announcement by the Canadian Securities Administrators is in line with its current activities to harmonize, coordinate and improve regulation of the Canadian capital markets. The CSA works to bring together territorial and provincial securities regulators to share information and design regulation and policies to ensure smooth operation of Canada’s securities industry. In this way, the CSA helps to avoid duplications of work and assists in streamlining the regulatory processes for firms seeking to raise investment capital and others conducting their activities in the investment industry. Besides that, CSA’s impact on local investors comes through its effort to educate investors about the securities industry and stock markets as well as how to protect them from investment scams.
