CIRO carries out its regulatory responsibilities under Recognition Orders from the provincial securities commissions that make up the Canadian Securities Administrators (CSA). CIRO is subject to oversight and regular operational reviews by CSA members.
CIRO’s Recognition Orders from each province’s securities regulator are listed here:
Money from fines and settlements is contributed to CIRO’s Restricted Fund, which finances reasonable costs associated with the administration of CIRO’s investor office, investor advisory panel and hearing panels. CIRO may also use these funds for emerging regulatory issues, education and research projects a whistleblower program, supporting non-profit, tax-exempt organizations focused on investor protection, or other uses authorized by the CSA.