OSC Heightens Scrutiny of Innovation and Disclosure
The Ontario Securities Commission’s (OSC) Investment Management Division Annual Report, is sharpening its regulatory focus, moving from broad oversight toward more targeted examinations of new asset types and fund structures. The report identifies three central themes shaping the regulatory landscape: operational stability, regulatory change, and emerging product risks.
CIRO Awaits CRA Feedback Regarding Advisor Corporations
The Canadian Investment Regulatory Organization (CIRO) is seeking feedback from the Canada Revenue Agency, (CRA) to address a long-standing gap between Investment Dealer advisors and mutual fund dealer advisors. CIRO proposes a new registration category for advisor corporations, the “incorporated approved person”, to ensure corporate oversight.
CIRO Updates Proposed Incorporated Advisor Rule Amendments
The Canadian Investment Regulatory Organization (CIRO) is proposing to permit Investment Dealer advisors to receive compensation through personal corporations. The change aims to harmonize allowable compensation options for investment dealer and mutual fund dealer advisors, improve financial flexibility for advisors, and ensure consistent regulatory oversight.
CIRO Puts Client Data Project on Hold
The Canadian Investment Regulatory Organization (CIRO) has indefinitely paused its planned research on the retail investor landscape. The self-regulatory organization (SRO) had aimed to launch a 2027 project requiring dealers to provide data on retail clients through 2026 to better understand the evolving investor universe.
BC Securities Commission Set to Join CIRO Registration Delegation
The British Columbia Securities Commission (BCSC) is proposing aligning with other provincial regulators by transferring the responsibility for fund dealer registration to the Canadian Investment Regulatory Organization (CIRO).
CIRO Announces Changes to Registration Funding Process
The Canadian Investment Regulatory Organization (CIRO) is proposing an overhaul to its fee model ,to cover the added costs of assuming registration duties from provincial regulators. This change will mainly impact mutual fund dealers with large numbers of advisors. Comments are due by November 7, 2025.
CIRO Updates ComSet Reporting Requirements
The Canadian Investment Regulatory Organization (CIRO) has revised its Complaints and Settlement Reporting System (ComSet) reporting rules effective November 1, 2025. Dealer Members must now attach supporting documents, when first entering or updating a report. The rule applies to events filed or modified after the effective date.
BCSC Releases 2024 Compliance Report on Client Focused Reforms
The British Columbia Securities Commission’s (BCSC) 2024 review, flags 130 compliance issues at 19 firms, with KYC and suitability leading. Policies, conflicts, disclosure, marketing, and client reporting also ranked high, highlighting ongoing challenges for fund managers and exempt market dealers under the Client Focused Reforms.
Additional Registration Duties Delegated to CIRO
Beginning October 1, the Canadian Investment Regulatory Organization (CIRO) will take on more responsibility for enhanced registration authority, for registering investment dealers, mutual fund dealers, and their representatives, in Manitoba and Saskatchewan.
CSA Launches Consultation on Self-Certified Investor Exemption
As part of efforts to expand access to investment opportunities, regulators in most provinces (except B.C. and Quebec) and the territories are seeking feedback on a proposed exemption. This new rule would allow companies to raise funds from knowledgeable investors who don’t meet the financial criteria for accredited investor status. The comment period closes on January 5, 2026.
The information contained on the Association of Canadian Compliance Professionals (“ACCP”) website is for general information purposes only and is the opinion of the writer(s). This information is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice. We strongly recommend that you seek appropriate, qualified professional advice before acting or omitting to act based on any information provided on the ACCP website.
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