Regulator sets out its priorities in new report
The Canadian Investment Regulatory Organization (CIRO) has set out its priorities for the second year of its three-year strategic plan with consolidation of legacy rules among its focus areas.
The regulator has published its Annual Priorities for the 2026 fiscal year which began on April 1, 2025. There are three broad sectors: integration, business as usual, and strategic objectives.
Under the integration heading comes creating a harmonized rulebook that brings together the Investment Dealer and Partially Consolidated Rules and the Mutual Fund Dealer Rules.
Other priorities involve proposed rule changes related to initiatives like proficiency, disclosure, and access to advice. The access to advice category includes two key initiatives: finalizing guidance on the use of tools and alerts by OEO dealers and developing potential rules for online advice.
"We are now one year into our three-year Strategic Plan and we developed our priorities for the coming year to make sure we remain on track to deliver the targeted outcomes set out in our plan," said Alexandra Williams, senior vice-president, Member Regulation and Corporate Strategy. "There are no surprises in this year's Annual Priorities because they deliver on our Plan and mandate."
Another key priority for CIRO is advancing the next phase of its approach to Advisor Incorporation (directed commission) and it is also focused on defining its role in supporting the development of open banking in Canada.
Crypto asset regulation will be further considered, specifically seeking to enhance the existing requirements for the custody and segregation of crypto-assets held by CIRO Members who are crypto-trading platforms.
Its work also includes looking at data quality controls, technology usage at member firms, optimizing the role of regional and national councils, and the fee structure.
And CIRO will also collaborate with the CSA to publish the Client Focused Reforms (CFR) Phase 2 Sweep Report.
Among the key trends identified by CIRO are rising interest in and adoption of AI, the growth of DIY investing, the use of unregulated channels for investment advice, and the accelerated pace of technological advances and how to leverage them in the industry.
"While there is mounting pressure on all firms in our industry, and for Canadians more broadly, CIRO remains ready to respond and pivot," said Williams. "We are nimble enough to respond to the issues of the day, and we know that there are opportunities to create greater efficiency and a stronger system in how we tackle any challenges that arise."
