CIRO unveils a guide for Member Firms to navigate regulatory demands, ensuring market integrity
The Canadian Investment Regulatory Organization (CIRO) has unveiled its 2024 Compliance Priorities Report, aptly named Helping Firms with Compliance.
This essential document outlines the key focus areas for Member Firms under CIRO's regulation, aiming at bolstering investor protection and enhancing market integrity. Furthermore, the report sheds light on initiatives poised to drive innovation and transform the financial industry landscape.
Andrew J. Kriegler, the president and CEO of CIRO, highlighted the fundamental aim of the report: to aid Member Firms in sharpening their supervision and risk management strategies.
This initiative is pivotal for ensuring compliance with CIRO's regulatory demands, which are meticulously designed to accommodate the unique business models of each firm.
“CIRO's Compliance Priorities Report helps Members focus their supervision and risk-management efforts to comply with our regulatory requirements in a way that is appropriate for their unique business models,” Kriegler elucidated.
The report spotlights several critical areas requiring attention from Member Firms, including cybersecurity, client identifiers, client-focused reforms, experience requirements for supervisors, and the review of business transactions.
A notable addition to this year's report is the introduction of anticipated modifications to the compliance program, a direct consequence of integrating the previously separate mutual fund and investment dealer compliance teams.
These impending changes, set to roll out as early as April, signify a pivotal evolution in compliance practices.
Kriegler reaffirmed CIRO's dedication to investor protection and the promotion of healthy capital markets. He stressed the importance of the Compliance Priorities Report, alongside regular interactions, and additional resources like webcasts, in guiding Member Firms through the dynamic regulatory environment.
“The Compliance Priorities Report, together with regular contact, and other supplemental materials such as webcasts help our firms focus their compliance efforts in a rapidly shifting regulatory landscape,” Kriegler stated.
This strategic approach ensures that Member Firms are well-equipped to navigate compliance challenges effectively, thereby contributing to the stability and integrity of the financial markets.
