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Insights

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

Welcome to BLG and 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 March 13 2024 – CIRO released CIRO Compliance Priorities Report for 2024: Helping Firms with Compliance. The document is wide ranging and is an important read for all CIRO member dealers. CIRO continue to align processes and procedures from the legacy organizations. Also, a focus on implementation and compliance with the Client Focussed Reforms continues.

  • On February 15, 2024 – CIRO released proposed amendments and draft guidance with respect to Fully Paid Securities Lending and Financing Arrangements. These amendments are intended in part to enhance the framework regarding retail fully paid securities lending and include protections for retail investors who participate in these programs. The changes will impact dealers who participate in these programs. Comments are due by April 15, 2024.

  • On February 14, 2024 – the Autorité des marchés financiers (AMF) published its final Regulation respecting complaint processing and dispute resolution in the financial sector, which aims to harmonize complaint handling across Québec’s financial sector. In section 37, the AMF has exempted mutual fund and investment dealers from the regulation, subject to equivalent CIRO rules. However, some aspects of the regulation are not harmonized with what is currently in place in securities regulations. The regulation comes into force on July 1, 2025.

Key Contacts

BLG Beyond AUM Law - Bill Donegan

 

AUM Law Professional Corporation 

 

Regulatory Compliance Counsel and Consultants to Securities Registrants – AUM Law was founded in 2009 with a vision to serve the regulatory compliance needs of securities registrants. 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. AUM Law offers practical, cost-effective legal and consulting advice on securities regulatory compliance matters.

 

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