On June 25, 2020, the Canadian Securities Administrators (CSA) published the CSA Consultation Paper 25-402 – Consultation on the Self-Regulatory Organization Framework to obtain comments on the issues connected with the proposed review of the current framework for two self-regulatory organizations, the Investment Industry Regulatory Organization of Canada (IIROC), which regulates investment dealers and their representatives, and the Mutual Fund Dealers Association of Canada (MFDA), which regulates mutual fund dealers and their representatives. The purpose of this brief is to enrich the debate surrounding some of the issues presented in the Consultation Document and to assess solutions that could improve the current framework. From the standpoint of protecting retail investors, it focuses on investment services, i.e. investment advice, portfolio management, securities trading and financial planning.