Canadian Investment Regulatory Organization annual report details 65% integration completion and expanded provincial powers

The Canadian Investment Regulatory Organization (CIRO) published its annual report for the 2025 fiscal year, outlining progress on its annual priorities and three-year strategic plan, alongside the Investor Advisory Panel’s annual report. The report highlights advances in CIRO’s integration programme, including publication of phase five of its rulebook consolidation for comment and completion of integration cost recovery two years ahead of schedule. The annual report notes that CIRO received additional enforcement powers in Ontario, while Québec’s Bill 92 will transfer additional powers to CIRO before July 4, 2026; additional jurisdictions also delegated registration powers to CIRO on April 1, 2025. Against strategic-plan priorities, CIRO reported 65% completion of integration initiatives and market regulation initiatives, and 50% completion of registration and proficiency initiatives, covering more than 100,000 registrants across 245 Dealer Member firms, market surveillance of more than $5 trillion in trade value, and 176 completed enforcement investigations. Phase five of the rulebook consolidation remains open for comment, and the Québec transfer of powers is expected before July 4, 2026. The Investor Advisory Panel’s annual report sets out its activities and role advising CIRO on regulatory policy development, annual priorities and strategic planning.