The Canadian Securities Administrators published a report summarizing its 2025 oversight of the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF). The review covered major regulatory, operational and risk-related initiatives at both organizations. For CIRO, the oversight focused on rule consolidation, delegated dealer and individual registration functions, changes to the Dealer Member Fee Model, implementation of the new investment dealer proficiency model and CIRO’s response to its August 2025 cybersecurity breach. For CIPF, the CSA reviewed the integration of its two protection funds, alignment of investment policies and strategies, and the potential use of a credit-risk-based model to determine fund size. CSA members also reviewed rule and policy amendments and required filings, completed an oversight review of three CIRO functional areas, and substantially completed work on processes in two CIPF functional areas.
2026-04-02Canadian Securities Administrators
Canadian Securities Administrators reports on 2025 oversight of CIRO and the Canadian Investor Protection Fund
The Canadian Securities Administrators reported on its 2025 oversight of CIRO and the Canadian Investor Protection Fund. Its work covered CIRO’s rule, registration, fee and proficiency initiatives and cybersecurity response, as well as CIPF’s fund integration, investment alignment and potential credit-risk-based fund-sizing model.