Effective April 1st, 2025, the securities regulatory authorities of Alberta, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, and Yukon (the Participating Jurisdictions), have delegated certain registration functions and powers to the Canadian Investment Regulatory Organization (CIRO).
The delegation orders issued by the Participating Jurisdictions authorize CIRO to undertake the registration function for firms registered as, or applying for registration as, investment dealers, mutual fund dealers, and futures commission merchants (Ontario), and for the individuals who act on their behalf. They establish a consistent and harmonized approach to registration processes for CIRO members across the Participating Jurisdictions.
Later in April, the Autorité des marchés financiers also expects to publish its delegation order for investment dealers, mutual fund dealers, and derivatives dealers in Québec, including the individuals who act on their behalf. The order is expected to be effective July 1, 2025.
Provided the necessary approvals, delegation orders or rule amendments about their delegation of authority are obtained, the Financial and Consumer Affairs Authority of Saskatchewan, the Manitoba Securities Commission, and the British Columbia Securities Commission will proceed in due course with their delegations.
Following delegation, the Participating Jurisdictions will focus on the increased oversight of CIRO, developing regulatory policy, addressing novel issues that may arise in applications, and granting exemptive relief applications as needed.
Market participants and stakeholders can visit the CIRO Delegation webpage on the CSA website for more information. The website will be updated during the delegation process.
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a lawyer. BAX does not warrant or guarantee the accuracy or currency or completeness of the publication. No part of this publication may be reproduced without the prior written permission of BAX Securities Law.
