Effective January 1, 2023, the New Self-Regulatory Organization of Canada (New SRO) – the amalgamated self-regulatory body formed from the Mutual Fund Dealers Association of Canada (MFDA) and the Investment Industry Regulatory Organization of Canada (IIROC) – launched operations. Along with rebranding and renaming the organization to the Canadian Investment Regulatory Organization (CIRO) on June 1, 2023, CIRO has published its annual priorities for its fiscal year 2024 (April 2023 to March 2024), building off the work of the previous priorities of the two legacy self-regulatory organizations.

For fiscal year 2024, CIRO will have the following eight priorities:

  • Determine mission, vision, values, and brand for CIRO and develop a three-year strategic plan.
  • Promote the investor perspective through the Office of the Investor and Investor Advisory Panel.
  • Create a harmonized regulatory approach.
  • Articulate the plan for an integrated fee model.
  • Maintain an engaged, empowered, and unified staff.
  • Continue to deliver on the regulatory mandate and support investors through industry and regulatory transformation.
  • Strengthen stakeholder relationships.
  • Demonstrate progress on the integration of corporate systems and processes.

Highlights of the priorities include, as part of supporting the Office of the Investor and the Investor Advisory Panel (IAP) – whose mandate is to support investors in various ways, including through education, outreach and in the complaints process – launching a specific site which will be used to provide relevant information to the mandate of the Office of the Investor and IAP, including research and educational materials. With respect to CIRO’s ongoing harmonization and integration efforts of the two legacy organizations, CIRO aims to create an integrated compliance department, aligning investment dealer and mutual fund dealer compliance processes where appropriate. Along with harmonizing continuing education requirements, CIRO also aims to publish Phase 1 of the consolidated investment dealer and mutual fund dealer rules, for public comment. Of interest to many of our readers, CIRO also intends to publish its proposed approach regarding directed commissions and personal incorporations, which are expected to be made available to an expanded group of registered individuals. Other initiatives include the finalization and implementation of amendments to modernize dealer member rule requirements for derivatives, which will be harmonized with proposed National Instrument 93-102 Derivatives: Business Conduct.

A full list of the annual priorities can be accessed on CIRO’s webpage. If you have any questions regarding CIRO’s annual priorities or how they may impact you, please contact us.

June 30, 2023