news and outreach

CIRO launches investor education and protection grant program

The Canadian Investment Regulatory Organization (CIRO) has introduced a funding initiative focused on supporting organizations dedicated to improving financial literacy and investor protection across Canada. The program seeks to empower non-profit and charitable organizations serving underserved communities.

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CIRO MFR Regulatory Filing Deadlines

The Canadian Investment Regulatory Organization (CIRO) posted the 2025 Mutual Fund Dealer (MFD) Financial Filing Deadlines. MFDs are required to file an unaudited Form 1, no later than 20 business days after the month-end and an audited Form 1 no later than 90 days after the MFD’s fiscal year-end. Please note, delays in the EFS-IFRS electronic filing will trigger a late filing fee.

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CIRO Monthly Financial Report

The Canadian Investment Regulatory Organization (CIRO) posted the Monthly Financial Report (MFR) filing deadlines for 2025. The dates are based on a 20-business day reporting cycle, taking into consideration Canadian and Provincial statutory holidays. Delays in the SIRFF electronic filing will trigger a late filing fee of $100 per calendar day.

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CIRO requests feedback on proposed CE harmonization

The Canadian Investment Regulatory Organization (CIRO) is proposing rule changes, to harmonize the two continuing education (CE) requirements currently under the Investment Dealer Partial Consolidated (IDPC) Rules and the Mutual Fund Dealer (MFD) Rules. CIRO is taking a phased approach. Comments must be submitted in writing, by email only, by March 18, 2025.

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FSRA reviews of Ontario insurance advisors raise consumer protection concerns

The Financial Services Regulatory Authority of Ontario (FSRA) released their Market Conduct: Life and Health Insurance Agent Supervision Report. Reviews of life agents in Ontario, have uncovered a high incidence of failure to adhere to best business practices. Common types of misconduct cited in the misconduct reports related to unethical behaviour and trustworthiness.

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CSA proposes sales practices reforms

The Canadian Securities Administrators (CSA) proposed revisions to the mutual fund sales practices rules, around the sale of proprietary funds as well as the disclosure of compensation arrangements to investors. Feedback is also being sought on principal distributors using chargebacks. The proposals are out for comment until February 27, 2025.

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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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