I have to admit that my experience is totally on the investment side of the banking industry. As a result, I was licensed under the Canadian Securities Administrators, which is the umbrella organization of 13 provincial and territorial securities commissions. Those securities commissions are not government funded, they're funded by fees and payments by the investment industry. They're selected from members of the investment industry, and their salaries go as high as $700,000 at some of the various securities commissions across the country.
Beneath the Canadian securities administration, there is nothing left except for self-regulatory bodies, and those are fully industry self-paid, self-protected bodies. In my view, they provide a pretense of public protection, which is more of a facade, in my experience.