The Canadian Investment Regulatory Organization (CIRO) announced it is exploring how it can support the adoption of consumer-driven banking, also known as open banking, by its members while reducing regulatory burden and duplication. The planned consultations with CIRO members and other stakeholders are intended to clarify accreditation, regulatory oversight, and compliance expectations within federal standards. CIRO noted that some members want to voluntarily opt into the consumer-driven banking framework, which would require meeting accreditation requirements, following security standards, and supporting reciprocal data-sharing. Coordination with other stakeholders and regulatory agencies, including the Canadian Securities Administrators, is expected where appropriate.

Original source View in tracker