Canadian Investment Regulatory Organization

About CIRO

The Canadian Investment Regulatory Organization, known as CIRO, is Canada’s national self-regulatory organisation for investment dealers, mutual fund dealers and trading activity on Canadian debt and equity marketplaces. CIRO was formed on 1 January 2023 through the amalgamation of the Investment Industry Regulatory Organization of Canada, formerly known as IIROC, and the Mutual Fund Dealers Association of Canada. The combined organisation adopted the CIRO name on 1 June 2023. CIRO establishes and enforces rules governing the conduct, capital adequacy, financial reporting, internal controls, complaint handling and supervisory responsibilities of its dealer members. It also monitors trading activity on Canadian debt and equity marketplaces and administers the Universal Market Integrity Rules. For foreign exchange and derivative activities, CIRO supervises applicable investment dealer members and establishes margin and financial-risk requirements for foreign currency positions held in client and dealer accounts. A firm’s CIRO membership should still be checked together with its provincial or territorial securities registration and the exact products it is authorised to offer. CIRO may investigate suspected misconduct, conduct compliance examinations, commence disciplinary proceedings and impose fines, suspensions or permanent bans. Investors can use CIRO’s public directories to verify regulated dealers and registered advisers and to review disciplinary information. Clients should first raise service or compensation complaints directly with the regulated firm. Complaints involving possible regulatory misconduct can also be submitted to CIRO. Eligible unresolved disputes may be referred to the Ombudsman for Banking Services and Investments, while eligible missing property following the insolvency of a CIRO member firm may be protected by the Canadian Investor Protection Fund.