The committee reviews and makes recommendations to New SRO regarding policy initiatives related to the trading of securities. The reviews take place early in the development process and prior to submission to the Board. The reviews will consider whether the initiatives adequately address market integrity concerns and are practicable and cost-efficient from the perspective of Dealers, marketplaces and persons engaged in the trading of securities.
Membership in MRAC consists of:
- Marketplace Representatives – A representative of each marketplace that has retained New SRO to be a regulation services provider. Where more than one marketplace operates within an affiliated group, only one representative of the group will sit on MRAC
- Trading Representatives - Dealer Members employees (with particular emphasis on persons with trading supervisory responsibility or experience and at least one with a background in the trading of derivatives). The number of Trading Representatives may be equal to the number of Marketplace Representatives;
- Institutional/Subscriber Representatives (maximum of 2) - Representatives of institutional investors, including clients with "direct market access" or subscribers to an alternative trading system.
- Legal/Compliance Representatives (maximum of 3) - Representatives with experience or expertise in securities trading compliance matters (including: legal professionals with experience in advising dealers on regulatory compliance, professional advisers in securities regulatory compliance of accounting firms, dealer employees with senior compliance responsibilities and former employees of securities regulatory authorities or self-regulatory organizations).
- Independent Representatives (at least 1; maximum of 3) - Individual who, while not a director, officer or employee of a Dealer Member has experience or expertise that would benefit the Committee.
- President (or another officer of New SRO designated by the President);
- A representative of the interests of retail investors; and Chair of the Board (or another member of the Board designated by the Chair of the Board)
2 year term with no limit on the number of terms
- Marketplace Representatives - Each marketplace that has retained New SRO to be a regulation services provider may nominate 1 member. Where more than one marketplace operates within an affiliated group, the affiliated group may nominate 1 member;
- Trading Representatives and Legal/Compliance Representatives – Each Dealer Member may nominate 1 person in each category.
- Institutional/Subscriber Representatives - Nominated by the Senior Vice-President, Market Regulation Policy or their designate.
- Independent Representatives – Nominated by the Senior Vice-President, Market Regulation Policy or their designate
The Vice-President, Market Regulation Policy will review all nominees and recommend appointments. The Senior Vice-President, Market Regulation will approve the appointments to the committee.
Chair and Vice-Chair
The Chair and Vice-Chair term is two years. Selection is made by the committee.
MRAC will meet six times per year. All meetings will be at the call of the Vice-President, Market Regulation Policy. Special meetings may be called at the request of the Senior Vice-President, Market Regulation, the committee Chair, or the President and CEO.
Market Rules Advisory Committee
|Michael Bain, Committee Member
|Bryan Blake, Committee Member
||TriAct Canada Marketplace LP
|Jean-Paul Bureaud, Committee Member
|Doug Clark, Committee Member
|Nicholas Comtois, Committee Member
||National Bank Financial Inc.
|Celeste Evancio, Committee Member
|Mark Faulkner, Committee Member
||Canadian Securities Exchange
|Laura Garzon, Committee Member
||CIBC Capital Markets, Prime Services Group
|Wayne Groom, Committee Member
||Tellico Group Ltd.
|Andrew Jappy, Committee Member
|Tara Kennedy, Committee Member
|Dan Kessous, Committee Member
||Nasdaq CXC Limited
|Patrick McEntyre, Committee Member
||National Bank Financial Inc.
|Lafleche Montreuil, Committee Member
||Desjardins Securities Inc.
|Alexander Perel, Committee Member
||Scotia Capital Inc.
|Kelly Reynolds, Committee Member
||Hillsdale Investment Management Inc
|Jonathan Sherwin, Committee Member
||Instinet Canada Limited
|Andrew Smith, Committee Member
||Virtu Financial Canada, ULC
|Jonathan Sylvestre, Committee Member
|Kari Tavener, Committee Member
|Joacim Wiklander, Committee Member
||NEO Exchange Inc.
|Mark Wilkinson, Committee Member
||Citadel Securities Canada ULC
|Peter Wong, Committee Member
||CI Investment Services
|Evan Young, Committee Member
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