SECURITIES ASSOCIATIONS ENCOURAGE EARLY COLLABORATION ON NATIONAL SYSTEMS RENEWAL PROGRAM
On October 8, 2019, the IIAC, along with the Investment Funds Institute of Canada (IFIC), the Federation of Mutual Fund Dealers (FMFD) and the Portfolio Management Association of Canada (PMAC), wrote to the Canadian Securities Administrators (CSA) on the development and implementation of the National Systems Renewal Program (NSRP). Our collective membership looks forward to the implementation of a renewed system to improve the user experience for all stakeholders. We noted the renewed system is funded by user fees paid by the industry; therefore, it is imperative that the CSA collaborate with industry stakeholders to ensure it is responsive to the needs of both regulators and market participants. We also encouraged the CSA to improve the transparency of the project by providing frequent progress reports on the cost and status of the NSRP.