The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) announced that securities regulators in Alberta, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island and Yukon have delegated certain registration functions and powers to CIRO, establishing a consistent and harmonized registration process for CIRO members across these jurisdictions. Under delegation orders effective 1 April 2025, CIRO is authorized to carry out the registration function for firms registered as, or applying for registration as, investment dealers, mutual fund dealers and, in Ontario, futures commission merchants, as well as the individuals who act on their behalf. Québec's Autorité des marchés financiers expects to publish its delegation order later in April 2025 for investment dealers, mutual fund dealers and derivatives dealers, including the individuals who act on their behalf, with an expected effective date of 1 July 2025. Subject to obtaining necessary approvals, delegation orders or rule amendments, the Financial and Consumer Affairs Authority of Saskatchewan, the Manitoba Securities Commission and the British Columbia Securities Commission plan to proceed with delegation in due course. Following the delegation, participating CSA members will focus on enhanced oversight of CIRO, developing regulatory policy, addressing novel issues that may arise in applications, and granting exemptive relief applications as needed, while the CSA’s CIRO delegation webpage will be updated as the process continues.
Canadian Securities Administrators 2025-04-01
Canadian Securities Administrators delegate dealer and individual registration functions to the Canadian Investment Regulatory Organization effective 1 April 2025
The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) have delegated certain registration functions to CIRO across multiple provinces and territories, effective 1 April 2025, to harmonize the registration process for investment and mutual fund dealers. Québec plans to publish its delegation order later in April 2025, effective 1 July 2025, while other provinces are expected to follow. Post-delegation, CSA members will enhance oversight of CIRO and focus on regulatory policy development and exemptive relief applications.