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.
New OSFI Framework Brings Oversight to Financial AI Tools
In a move to address emerging artificial intelligence (AI) risks, the Office of the Superintendent of Financial Institutions (OSFI) has released updates to Guideline E-23, aimed at federally regulated financial institutions. The revised guideline, set to take effect on May 1, 2027, provides new frameworks for the use of AI and machine learning models.
CIRO’s IAP issues Annual Report
The Canadian Investment Regulatory Organization’s (CIRO) Investor Advisory Panel, (IAP) published its 2024-2025 Annual Report highlighting its work on behalf of Canadian investors and CIRO. Composed of experts from across Canada, the IAP advises CIRO on regulatory policy, priorities, strategic plans, and other initiatives.
CIRO releases Annual Report for fiscal year 2025
The Canadian Investment Regulatory Organization (CIRO) released its 2025 Annual Report, highlighting progress on integration and its three-year Strategic Plan. Highlights include: new enforcement powers granted in Ontario, Québec passing Bill 92, transferring more powers to CIRO and improving industry harmonization.
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