What has been overlooked in the battling over the issue of a national securities regulator is how the dealers and persons who distribute and trade in securities on behalf of retail, corporate and institutional investors are regulated.
The community of investment and mutual fund dealers, and their retail and institutional advisors, analysts, traders, investment bankers and the like are primarily regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
Read Joel Wiesenfeld's full commentary here (PDF).