The Canadian Investment Regulatory Organization (CIRO) was recently approved by the Financial Services Regulatory Authority of Ontario (FSRA) as a credentialing body for purposes of the Financial Professionals Title Protection Act, 2019. The designation means that individuals approved by CIRO as a: (i) registered representative; (ii) mutual fund dealing representative; (iii) portfolio manager; or (iv) associate portfolio manager may use the title of “Financial Advisor”. CIRO, FSRA and the Ontario Securities Commission had been working to ensure that CIRO’s designation as a credentialing body would not have the consequence of regulatory duplication.

As set out in a prior AUM Law bulletin, FSRA is continuing to review the title protection framework, including proficiency standards for the Financial Advisor and Financial Planner titles, and still intends to release a registry of credentialed Financial Planners and Financial Advisors in Ontario.

January 31, 2024