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Insights

Everything you need to know about the Canadian Investment Regulatory Organization (CIRO): a dynamic resource

Welcome to BLG and BLG Beyond AUM Law’s dynamic resource on the Canadian Investment Regulatory Organization (CIRO). We invite you to bookmark and revisit this page which will be updated to reflect developments of importance to CIRO registered firms. Resulting from the amalgamation of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA), CIRO has been operating since January 1, 2023 and has led to – and will continue to generate – significant changes in the registration and oversight of investment and mutual fund dealers across Canada, as well as new opportunities. This resource is designed to help you find, understand and act on CIRO-related topics, such as new developments, rules, registration requirements, enforcement and examinations and more.

Recent developments

  • On April 17, 2025 – CIRO released Guidance on the new CIRO Proficiency Model for Approved Persons of Investment Dealers – Exemptions, Recognition, Transition and Validity Provisions.  The Guidance will help dealer members and Approved Persons prepare for the implementation on January 1, 2026, of the new proficiency model.
  • On April 17 2025 – CIRO published Guidance on Dealer Member training for Registered Representatives and Investment Representatives. Under the new proficiency model dealers must provide training to registered representatives and investment representatives within 90 days of approval. The Guidance is intended to inform dealers of the training program requirements. This new training requirement replaces the current pre-registration dealer training requirements. The Guidance is effective January 1, 2026.

  • On April 4, 2025 - CIRO released its Annual Priorities for the 2026 fiscal year (April 1, 2025, to March 31, 2026) to provide CIRO members, the investing public, and other stakeholders with a preview of near-term initiatives.

    The top priorities for the coming year include:
    • Completing the rule-consolidation project
    • Advancing proposed rule changes related to proficiency, disclosure, and access to advice
    • Progressing the next phase of advisor incorporation
    • Exploring how CIRO can support open banking in Canada

Key Contacts

BLG Beyond AUM Law - Bill Donnegan

 

Regulatory Compliance Counsel and Consultants to Securities Registrants – BLG Beyond AUM Law was founded in 2009 with a vision to serve the regulatory compliance needs of securities registrants. BLG Beyond AUM Law has been part of Borden Ladner Gervais LLP (BLG) since May 2021 and is integrated with BLG’s suite of alternative legal services known as BLG Beyond. BLG Beyond AUM Law offers practical, cost-effective legal and consulting advice on securities regulatory compliance matters.

 

Practical Advice. Efficient Service. Fixed-Fee Plans. Singular Focus.