The Canadian Investment Regulatory Organization (CIRO) has proposed rule changes to harmonize advisor compensation by allowing all client-facing advisors to receive compensation through an incorporated business. The proposal marks a key milestone in CIRO’s 2027 priorities and its three-year strategic plan. CIRO has opened the proposal for public comment until November 6, 2026.

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Effective July 4, 2026, under Law 16, Québec is updating financial sector regulation by introducing a new recognition order for the Chambre de l’assurance. Related changes to the Canadian Investment Regulatory Organization’s (CIRO) recognition order will transfer oversight of mutual fund dealer representatives to CIRO and scholarship plan dealer representatives to the Autorité des marchés financiers (AMF).

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Following the Financial Services Regulatory Authority of Ontario’s (FSRA) February 2026 decision to pause Rule 2025-001, Ontario’s Ministry of Finance is consulting on proposed Insurance Act amendments that would narrow the definition of life and health managing general agencies (L&H MGAs) subject to the new requirements. Comments are due by August 17, 2026.

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The CSA has published final amendments introducing a voluntary Access Model for continuous disclosure documents. Effective September 22, 2026 (pending approvals), the model enables electronic delivery through SEDAR+ notifications while allowing investors to request paper or electronic copies.

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The Canadian Investor Protection Fund (CIPF) released its 2025 Annual Report, which is guided by the organization’s 2025-2027 Strategic Plan. The report outlines meaningful progress in protecting investors and supporting confidence in Canada’s capital markets.

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The Canadian Investment Regulatory Organization (CIRO) has updated its Fit and Proper Test guidance to reflect expanded delegation functions for investment dealers, mutual fund dealers, and associated individuals. The assessment evaluates registration suitability based on integrity, financial solvency, and competence.

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Approved Persons and former Approved Persons affiliated with CIRO Dealer Members, can obtain their registration records by submitting a Registration Record Request Form to CIRO Registration Staff. Individuals may also authorize direct delivery of their records to a Dealer Member as part of the firm’s recruitment process.

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The Canadian Investment Regulatory Organization (CIRO) has updated its guidance for mutual fund dealers, removing the requirement to separately notify CIRO of changes to trade, business, or style names. Since CIRO has accessed this information directly through the NRD since April 1, 2025, firms can now update name information through the NRD alone.

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The Canadian Securities Administrators (CSA) announced final rule changes, requiring fund dealers to act as principal distributors only for funds within the same fund family. The changes aim to prevent the practice from expanding. Some provisions take effect October 1, 2026, with others coming into force January 1, 2027.

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The Financial Services Regulatory Authority of Ontario (FSRA) released its Operational Risk and Resilience Guidance for Ontario insurers and reciprocal insurance exchanges. The guidance raises supervisory expectations for cyber risk, third-party dependencies, data security, and climate resilience.

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