Canadian Investment Regulatory Organization (CIRO)

The Canadian Investment Regulatory Organization (CIRO) is a self-regulatory organization (SRO) that regulates investment dealers and mutual fund dealers, and acts as the regulation services provider for marketplaces that have retained it as such, including monitoring trading on those marketplaces for compliance with CIRO rules and securities legislation. CIRO carries out its regulatory responsibilities through setting and enforcing market integrity rules and dealer member rules regarding the proficiency, business and financial conduct of its member firms and their registered representatives.

CIRO also operates the information processor (IP) for Canadian corporate and government debt securities and the name of the debt IP is CIRO IP.

The two predecessor SROs, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA), amalgamated to continue as the New Self-Regulatory Organization of Canada (New SRO), effective January 1, 2023, which subsequently changed its name to CIRO on June 1, 2023.

Effective April 1, 2025, the OSC will delegate the registration function for firms registered as investment dealers, mutual fund dealers and futures commission merchants, and the individuals who act on their behalf, to CIRO (the Delegation). The OSC retains concurrent authority for the delegated powers and duties and CIRO’s performance of the delegated powers and duties will be subject to an enhanced risk-based framework of ongoing oversight by the OSC.