Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces.
CIRO is carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, and is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments.
CIRO sets and enforces rules for the business and financial conduct of 262 Canadian investment and mutual fund firms and their 108,000 representatives across Canada. All registered representatives are subject to high proficiency standards, training, and supervision by member firms.
The compliance teams examine firms for compliance with conduct, trading, prudential and operating rules, and work with firms to ensure they continually meet high standards while providing financial services to their clients.
Enforcement staff investigate possible breaches of CIRO rules and discipline firms and individuals when regulatory misconduct is identified. Discipline can include fines, suspensions, and permanent bans or termination for both individuals and firms.
Surveillance teams based in Montreal, Toronto, and Vancouver operate state-of-the-art technology to monitor equity markets in real time. If needed, the CIRO can halt trading in a stock and even cancel or adjust trades where market integrity is concerned. The surveillance teams also perform a review of cross asset trading between MX listed derivatives and the underlying securities on a next day basis. Surveillance also covers both IIROC dealer debt trading on a next day basis and newly added Canadian crypto asset trading platform activity.