The Investment Dealer and Partially Consolidated Rules (IDPC), Rule 2246, requires all investment dealers to notify the Canadian Investment Regulatory Organization (CIRO) of changes in ownership or changes in structure, or material changes to their business activities (collectively, a "Business Change").
Business changes require prior notification to CIRO or prior approval from CIRO staff or the Board of Directors. Refer to Notice GN-2200-21-001 for more information regarding the purpose of notification, and which business changes CIRO must be notified of.
How can an investment dealer notify CIRO of business changes?
To notify CIRO of business changes, firms must follow the steps listed below.
1. Complete the Request for Business Change template (PDF), including any supporting materials as an attachment.
To avoid delays in processing, complete the document in full, providing relevant details in the text boxes provided. For the supporting materials, please label them with the corresponding section number on the Request for Business Change template.
2. Please submit the completed template and supporting materials to [email protected].
You may request a ShareFile link from [email protected] to upload the submission, if the file is too large to send by email. The package submitted by the firm must contain sufficient information and documentation to allow for a meaningful review of the request. CIRO staff will not accept a business change request for review until it is substantially complete.
3. For Registration related business changes, please promptly file the updates through the National Registration Database (NRD) in accordance with NI 33-109.
Depending on the type of business change, investment dealers may be required to simultaneously provide their change in business request to CIRO and update their firm registration with their Principal Provincial Regulator.
4. Respond to follow-up information requests from CIRO staff during the review and approval process.
Timely and detailed notifications allow CIRO staff to conduct the necessary analysis without causing unnecessary delays that could impact targeted timelines.
Webcast
Membership Intake has put together a helpful webcast which elaborates upon the ‘requesting a business change process’, and introduces the new Request for Business Change template. Compliance CE credits are available upon the completion of the webcast. Please view it by clicking the following link: Notifying CIRO of Business Changes.
Mutual Fund Dealers
We will be developing a similar Request for Business Change template for mutual fund dealers to use when submitting ownership changes and other applicable changes to their business. In the interim, mutual fund dealers seeking to request a business change from CIRO should refer to the MFDA website for more information.