Regulatory body seeks to update regulatory requirements to leverage technologies
The Canadian Investment Regulatory Organization (CIRO) unveiled its first-ever three-year Strategic Plan on Thursday, setting a roadmap from April 1, 2024, to March 31, 2027. A news release has described the plan to be aiming to refine regulatory frameworks and promote robust capital markets in Canada.
Andrew J. Kriegler, president and CEO of CIRO, detailed the strategy during a press conference. “The Strategic Plan acknowledges the industry's significant transformation, influenced by the evolving needs of Canadians and technological innovation,” said Kriegler. He emphasized that the plan is not only about delivering on daily regulatory mandates but also about ensuring the completion of the integration within the first year.
Under the new vision, mission, and values established through its strategic planning process, CIRO commits to becoming “an agile and trusted regulator” that helps the investment industry achieve favorable financial outcomes for investors. Its mission focuses on promoting healthy capital markets through fair and effective regulation, ensuring investor confidence and protection.
The newly defined values highlight integrity, efficiency, inclusivity, and forward-thinking as core principles guiding CIRO’s operations.
“The vision, mission and values are about the 'how' we will work together and with our stakeholder to accomplish our outcomes to better the regulatory system that will ultimately make things better for Canadian investors,” said Kriegler.
The strategic objectives outlined in the plan include:
- Integration: Enhancing the core through bringing together the systems, people, and programs.
- Regulatory Evolution: Consolidating and modernizing member portals to provide an intuitive, secure interface.
- Access to Advice: Improving investors’ ability to obtain reliable financial advice.
- Investor Research, Education, and Protection: Enhancing resources and tools available to investors.
- Registration and Proficiency: Ensuring the competency of industry professionals.
- Market Regulation: Overseeing market activities to address risks and gaps in the rules framework and ensure compliance.
“CIRO’s inaugural Strategic Plan lays the foundation to improve the elements of the Canadian capital markets system we support by working to fill the gaps in regulation and reduce duplication and increase simplicity to an unnecessary complex system,” said Kriegler.
Additionally, CIRO plans to embark on Transformational Initiatives aimed at setting the stage for future regulatory reforms aligned with the priorities of both stakeholders and regulatory partners, including the Canadian Securities Administrators.
CIRO is the national self-regulatory organization that oversees investment dealers, mutual fund dealers, and trading activity on the debt and equity marketplaces in Canada.
