The Canadian Investment Regulatory Organization (CIRO) announced a review of its policy framework to identify regulatory barriers to delivering online investment advice, including hybrid and automated models, with the aim of improving access to affordable, tailored advice for more investors. CIRO noted that it does not currently have a dedicated regulatory framework for members using online or hybrid advisory models, with firms instead relying on exemptive relief and special terms and conditions. The review will consider whether further policy development is needed and will seek input on how existing rules and guidance apply in a digital context, where regulatory requirements could be met through technology-augmented approaches, and any unintended consequences arising from current frameworks. Any resulting policy work would sit under CIRO’s “Access to Advice” strategic pillar and build on its work relating to non-tailored advice for do-it-yourself investors.
Canadian Investment Regulatory Organization 2025-12-17
Canadian Investment Regulatory Organization launches review of online and hybrid investment advice rules to expand access to affordable tailored advice
The Canadian Investment Regulatory Organization (CIRO) is reviewing its policy framework to identify barriers to online investment advice, including hybrid and automated models, aiming to enhance access to affordable, tailored advice. Firms currently rely on exemptive relief due to the lack of a dedicated framework for these models. The review will assess the need for further policy development and consider technology-augmented approaches under CIRO’s “Access to Advice” strategic pillar.