CIRO prepares for expanded role in investment dealer and mutual fund dealer registration functions
The Ontario Securities Commission (OSC) has announced plans to delegate the registration function for investment dealers, mutual fund dealers, and individuals acting on behalf of mutual fund dealers to the Canadian Investment Regulatory Organization (CIRO).
This change aligns with the OSC's proposed Statement of Priorities for 2025-2026, published earlier today.
Grant Vingoe, CEO of the OSC, stated, “Transitioning these registration functions to CIRO is a positive step towards a more modern and harmonized regulatory system for market participants and investors.”
Vignoe continued, “This move will streamline the registration process, reducing the burden for registrants in Ontario, while the OSC's continued oversight of CIRO will involve a strong degree of enhanced investor protection.”
CIRO, which currently oversees the registration of individuals acting on behalf of investment dealers, will expand its responsibilities pending regulatory approvals.
According to Andrew Kriegler, president, and CEO of CIRO, “Delivering a more efficient registration framework is one of six ways in which CIRO's Strategic Plan brings value to investors, to the industry which serves them and to Canadians as a whole. CIRO will work with the OSC to ensure a smooth transition for registrants.”
The delegation follows a key recommendation from the Capital Markets Modernization Taskforce report published in January 2021.
The press release stated that while this transition promises to enhance efficiency, the core requirements for registration applications and updates will remain unchanged.
The delegation is expected to take effect in Spring 2025.
