New SRO will have a National Council and seven Regional Councils composed of Dealer Members from each Region.
Each Regional Council will be composed of four to 20 members, as determined from time to time by the Regional Council, including a Chair and Vice-Chair to be elected at the annual meeting of Dealer Members of the Region. The Regional Councils will have an advisory role to New SRO to provide regional perspectives on national or any other issues and recommendations on regulatory policy matters to staff of New SRO.
The Board intends to establish a National Council to be composed of the Chairs and Vice-Chairs of the Regional Councils and to act as a forum for cooperation and consultation among the Regional Councils and provide recommendations to the Board. The National Council will report to the Board at least annually.
The MFDA, IIROC and, following the Amalgamation, New SRO, intend to consult with Members, including current members of IIROC District Councils and MFDA Regional Councils and, following the Amalgamation, advisory committee members on the role of the new Regional Councils and the National Council. The role and mandate of the Regional Councils and the National Council will be considered in the context of New SRO, reflecting regional diversity and industry representation as well as a larger eco-system of New SRO advisory committees.
It is anticipated that Regional Councils will be constituted in the second calendar quarter of 2023. As a transitional measure, pending the establishment of Regional Councils, the existing members of the IIROC District Councils and members of the MFDA Regional Councils will continue to serve on interim councils with a revised advisory mandate.