Regulator says it has focused on efficient, cost-effective services
The regulatory body formed from the merger of IIROC and the MFDA is almost two years old and says the past year has seen substantial progress in its aims to deliver efficient and cost effective services.
The Canadian Investment Regulatory Organization has just published its second annual report along with its Investment Advisory Panel (IAP) annual report highlighting the achievements and strategic initiatives for 2023-24.
CIRO had 252 members, regulated 22,029 branch offices and 109,951 approved persons in the year, monitored more than $4 trillion in trade value, and completed 75 disciplinary hearings and 150 enforcement investigations.
The regulator derives most of its income from fee revenue which increased 10% in the 2023-24 year while expenses increased 9%, increasing its surplus for the year, although further cost increases in the following year means the organization is expecting a deficit.
“From our regulatory innovations to our investor-centric initiatives, we are dedicated to creating an environment where investors feel protected and informed. We are committed to continuous improvement and innovation in the years to come,” said Andrew Kriegler, President and CEO, CIRO.
Among the highlights of the annual report, CIRO:
- Introduced a three-year Strategic Plan outlining its vision to be an agile, trusted regulator and its mission to promote healthy capital markets through fair and effective regulation.
- Focused on regulatory evolution to deliver efficient, cost-effective services and increasing access to advice tailored to investors’ evolving needs.
- The Office of the Investor published a Blueprint for action, conducted the first Investor Survey, and initiated a successful awareness campaign.
- Harmonized sanction guidelines and adopted new policy statements to support consistent and effective regulation.
- Developed regulatory frameworks for crypto asset platforms and exchange-traded funds (ETFs), and enhanced cross-asset surveillance capabilities.
While the Investor Advisory Panel:
- Provided CIRO with direction on its strategic plan, highlighting investor education, complaint handling and investor redress, advisor proficiency, and crypto asset trading as key topics.
- Offered valuable input on CIRO’s Office of the Investor Blueprint, which focuses on issues such as fraud, scams, complaint handling, and the financial challenges facing Canadians.
- Engaged in discussions with other stakeholders and investor advocates to understand their priorities and initiatives.
“The inaugural year of the IAP was a busy and fulfilling year of engagement and consultation," noted Kriegler.
