The Canadian Investment Regulatory Organization (CIRO) has published new guidance allowing Order Execution Only (OEO) dealers to broaden the decision-making supports they provide to clients, while maintaining the prohibition on making recommendations. The guidance is intended to enable more regulated educational resources, notifications and alerts for do-it-yourself (DIY) investors, with safeguards designed to support investor protection. The guidance replaces a more restrictive approach that limited OEO dealer communications that could “reasonably be expected to influence” investors, and clarifies that informative resources and supports are permitted provided they do not endorse a specific investment decision and are accompanied by adequate safeguards. It adopts a principles-based framework with non-exhaustive examples of permissible supports, including alerts and notifications, self-help tools, and educational information, alongside suggested safeguards such as clear disclosures and disclaimers, clear descriptors and transparent and objective criteria, managing or avoiding material conflicts of interest, and regular monitoring and updates.
Canadian Investment Regulatory Organization 2026-03-12
Canadian Investment Regulatory Organization publishes new guidance expanding decision-making supports for order execution only dealers
The Canadian Investment Regulatory Organization (CIRO) has issued new guidance allowing Order Execution Only (OEO) dealers to expand decision-making supports for clients, while maintaining the ban on recommendations. The guidance permits educational resources, alerts, and notifications for DIY investors, provided they do not endorse specific investments and include safeguards like clear disclosures and conflict management.