CIRO is amending Part II of the Mutual Fund Dealer Form 1. The objectives of the Housekeeping Amendments are to ensure Part II Report on Compliance, complies with current auditing standards. The Housekeeping Amendments were approved by the Recognizing Regulators on October 17, 2023 and are effective immediately.

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According to the latest data in the 2022 – 2023 Enforcement Report from CIRO, investor complaints are soaring. In its first enforcement report, the newly-merged self-regulatory organization detailed a sharp rise in complaints in both its investment dealer and mutual fund dealer divisions.

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Legislative revisions proposed by the Ontario government, seek to cut Ontario Securities Commission (OSC) and Financial Services Regulatory Authority of Ontario (FSRA) regulatory policy proposals minimum comment periods, from 90 days to 60 days. The proposed legislative change is now out for comment until December 4, 2023.

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CIRO is publishing Phase 1 of its Rule Consolidation Project rule proposals for comment. The Project will harmonize the two-member regulation rule sets into one set of member regulation rules, applicable to both categories of CIRO Dealer Members. The proposals are out for comment until December 19, 2023.

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CIRO announced the availability of a revised Membership Disclosure, reflecting new content relevant to both investment dealers and mutual fund dealers. Investment dealers must transition to the CIRO Official Brochure by December 31, 2024. There is currently no mandatory transition for mutual fund dealers to provide the brochure to new clients.

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Investment Executive’s 2023 Advisors’ Report Card found that advisors across the brokerage, dealer and retail bank channels appreciate the value their compliance departments bring. Significant changes to industry regulation, has meant increasing pressure for compliance departments to help advisors understand these developments.

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On October 23, 2023, the CIRO employee email domain name will change to @ciro.ca. Emails sent to @iiroc.ca, or @mfda.ca addresses, will be automatically forwarded to the appropriate @ciro.ca email address. The automatic forwarding feature will be recognized for one year. CIRO requests you update your contact lists.

The Ombudsman for Banking Services and Investments (OBSI) reported that investment-related complaints are up by more than 60% from last year’s numbers, which were already at a record high. As a result, the fees that firms pay to fund OBSI’s activities are also heading higher.

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OSFI issued two sets of draft guidance for public comment — a new Integrity and Security Guideline, which sets out OSFI’s expectations regarding the security and integrity of financial institutions, including protection against foreign interference and enhanced Operational Resilience and Operational Risk Management to existing guidance on firms’ operational resilience and operational risk.

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The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO), which comprise the Joint Regulators Committee (JRC) that oversees OBSI, published their latest Annual Report, detailing ongoing complaint trends and other developments at the industry dispute resolution service.

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