The Canadian Investment Regulatory Organization (CIRO) is republishing for further comment the complete proposed consolidated rules (Proposed CIRO Rules) for a period ending June 12, 2026.
The Proposed CIRO Rules will bring together the two member regulation rule sets currently applicable to Investment Dealers and to Mutual Fund Dealers into one set of member regulation rules applicable to both categories of CIRO Dealer Members. Note that these consolidated rules, referred to as CIRO Dealer and Consolidated (DC) Rules in previous publications, will instead be titled the CIRO Rules.
The objectives of the Proposed CIRO Rules are to:
- adopt harmonized rules to:
- minimize regulatory arbitrage between Investment Dealer Members and Mutual Fund Dealer Members;
- ensure like dealer activities will be regulated in a like manner;
- where practical and appropriate, adopt less prescriptive, more principles-based rule requirements to facilitate rules that are scalable and proportionate to the different types and sizes of Dealer Members and their respective business models, and;
- improve clarity of the rules applicable to all CIRO Dealer Members, which will be known as the CIRO Rules.
The Proposed CIRO Rules combine the proposals previously published in Phases 1 through 5 of the Rule Consolidation Project alongside further proposed amendments to:
- address comments received,
- in some instances, make material changes to the proposed rule requirements published in previous phases, and;
- make non-material changes in formatting and grammar to provide clarity.
A copy of the CIRO Bulletin, including the text of the complete Proposed CIRO Rules is available for download from the website of the Ontario Securities Commission.
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.