a hand holding a guitar

Article

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 August 21, 2025 - CIRO proposed Amendments to the Mutual Fund Dealer Rules (MFD Rules) to explicitly authorize a CIRO Hearing Panel to order Disgorgement. This aligns with the MFD Rules with the Investment Dealer and Partially Consolidated Rules, which already permit Disgorgement. Public comments due by September 22, 2025.
  • On August 19, 2025 – CIRO launched the UMIR Guidance Update Project. They are modernizing the Universal Market Integrity Rules (UMIR) guidance through a two-phase update initiative: Phase 1 is complete, with the publication on August 19, 2025 of 10 updated guidance notes. The guidance note revisions are intended to be non-material and focused on improving clarity, accuracy, and usability. Phase 2 will continue through fiscal 2026, focusing on consolidating related notes, simplifying language, and clarifying policy stances—without introducing new compliance obligations.

  • On August 12, 2025 - CIRO released for comment Proposed new guidance on order execution only account services and activities which is intended to replace its current OEO guidance.  The Proposed Guidance clarifies the prohibition on investment recommendations in OEO accounts, while expanding the scope for investor decision-making supports. Comments are due by November 10, 2025.

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.