The Canadian Investment Regulatory Organization (CIRO) backed legislation introduced by the Government of Ontario that would expand CIRO’s enforcement powers in the province. If passed, the amendments would add evidence-gathering and evidentiary powers and provide statutory immunity for CIRO directors, officers and employees, building on CIRO’s existing authority in Ontario to collect fines. The proposed measures would give Ontario CIRO’s full enforcement toolkit, including the ability to enforce fine collection through the courts against individuals fined by CIRO disciplinary panels, authority to collect and present evidence during investigations and at disciplinary hearings, and protection from malicious lawsuits when acting in good faith. Ontario would become the seventh province to provide this toolkit, joining Alberta, Newfoundland and Labrador, New Brunswick, Nova Scotia, Prince Edward Island, and Quebec. CIRO oversees more than 30,000 mutual fund advisors and 16,000 investment advisors in Ontario. The expanded powers would apply if the Ontario legislation is passed.
Canadian Investment Regulatory Organization 2025-05-15
Canadian Investment Regulatory Organization supports Ontario bill to grant full enforcement powers and statutory immunity
The Canadian Investment Regulatory Organization (CIRO) supports Ontario legislation to expand its enforcement powers, including evidence-gathering and statutory immunity for CIRO personnel. If enacted, Ontario would join six other provinces in granting CIRO full enforcement capabilities, such as court-enforced fine collection and protection from malicious lawsuits. CIRO oversees over 30,000 mutual fund and 16,000 investment advisors in Ontario.