The Canadian Investment Regulatory Organization (CIRO) has published a Phase 1 white paper and issued proposed rule amendments aimed at reducing delays and operational friction in account transfers, which it identifies as a persistent source of investor and firm complaints. The proposals would require all CIRO Dealer Members to use automated systems for eligible transfers and clarify that electronic communications must be used where available. They also set timelines for the receiving dealer to inform clients of transfer impediments and introduce a standard settlement period of 10 clearing days for account transfers, including transfers with impediments. Alongside the rule changes, the white paper outlines a vision for an industry-wide technology solution that would digitize transfers with real-time processing and standardized data formats, designed to be open, interoperable, and transparent. CIRO is inviting comments on the proposed rule amendments and proposals from interested firms to develop the technology solution. A Phase 2 white paper is expected in 2026 with updates on progress, implementation strategies, and broader adoption across Canada’s financial system.
Canadian Investment Regulatory Organization 2025-07-10
Canadian Investment Regulatory Organization issues white paper and consults on rule changes to mandate automated account transfers and a 10 clearing day settlement standard
The Canadian Investment Regulatory Organization (CIRO) released a Phase 1 white paper and proposed rule amendments to streamline account transfers, addressing delays and operational friction. The proposals mandate automated systems for eligible transfers, electronic communications, and a 10-day settlement period. CIRO seeks feedback on these amendments and proposals for a technology solution to digitize transfers, with a Phase 2 white paper expected in 2026.