Delegation of powers key to CIRO's plan to handle registrations
The Canadian Investment Regulatory Organization (CIRO) has received a new set of powers from The Quebec government and the Autorité des marchés financiers (AMF).
According to a press release by CIRO, the delegation will allow CIRO to register mutual fund dealers in the province of Quebec. CIRO will also be empowered to conduct compliance examinations for dealers with activities in Quebec, as they currently do for IIROC registered dealers.
"This delegation will increase consistency and efficiency in the delivery of regulation in Quebec, which is to the benefit of Quebecers and the Quebec financial services industry," said Claudyne Bienvenu, Vice-President, Quebec and Atlantic Canada, CIRO. We look forward to working with the AMF and the new member firms in smoothly transferring oversight to CIRO in Montreal."
The press release states that CIRO and the AMF will develop an implementation timeline for the delegation of these powers. There will also be a transition period for Quebec mutual fund dealers.
In a wide-ranging feature with WP this week CIRO’s president and CEO Andrew Kriegler noted that the work to take over registration for Quebec mutual fund dealers represents the first move in a push to make CIRO a “one stop shop” for advisors across Canada.
