Andrew Kriegler has been named chief executive officer of Canada’s new self-regulatory organization set to launch this year to merge the functions of two existing entities: the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada.
The Canadian Securities Administrators (CSA) – an umbrella organization of Canada’s provincial and territorial securities commissions – announced on Monday that the boards of both IIROC and the MFDA approved the appointment of Mr. Kriegler, who has been president and CEO of IIROC since 2014.
“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,” said Louis Morisset, CSA chair and president and CEO of the Autorité des marchés financiers, Quebec’s securities regulator.
Prior to his position at IIROC, Mr. Kriegler served as deputy superintendent of the Office of the Superintendent of Financial Institutions, where he was responsible for supervision of Canada’s federally regulated financial institutions.
He also spent 25 years in the private sector as treasurer of Canadian Imperial Bank of Canada from 2008 to 2012, and earlier as chief human resources officer of Moody’s Corp., parent of the credit rating agency Moody’s Investors Service, where he had been the country managing director.
The yet-to-be-named regulator is on track to launch after more than two years of industry consultation that began in 2019 when the CSA announced it was considering an overhaul of the regulatory framework that governs IIROC and MFDA.
The two self-regulatory organizations had long been criticized by investor advocates and the investment industry for overlapping areas of oversight, as an increasing number of wealth managers serve customers who buy both mutual funds and individual securities.
The CSA will also combine two investor protection funds – the Canadian Investor Protection Fund and the MFDA Investor Protection Corporation – into a single fund that will be independent from the new organization.
Earlier this year, in preparation for the new oversight body, regulators revealed the names of the 14 board members. A majority of them are independent directors, including chair Tim Hodgson, a former financial services executive who currently serves as the chair of Hydro One.
As the new organization’s CEO, Mr. Kriegler will be the final member of the board.
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