Delegation of additional registration functions to CIRO

Overview

The Canadian Investment Regulatory Organization (CIRO) gained enhanced registration functions in 2025 and 2026 as part of a national delegation initiative.

National delegation by the Canadian Securities Administrators (CSA) to CIRO for investment dealers (ID), mutual fund dealers (MFD) and associated individuals is now complete, as all thirteen jurisdictions have now delegated to CIRO.

This delegation initiative supports a consistent and harmonized approach to registration and creates efficiencies in line with the evolving needs of investors and dealers across Canada. The benefits of streamlining registration functions with CIRO were discussed in CIRO’s Strategic Plan for Fiscal Year 2025-2027.

Background

A key objective outlined in CIRO’s Strategic Plan for 2025-2027 was to engage with CSA jurisdictions to explore delegating the registration of all ID and MFD individuals to CIRO. This goal aligns with the CSA’s recommendations in Position Paper 25-404 New Self-Regulatory Organization Framework which proposed assessing the allocation of registration functions between CSA jurisdictions and the new SRO following its creation.

Previously CIRO, under the IIROC had been delegated authority to register firms and individuals who act on behalf of IDs in Alberta, British Columbia, New Brunswick, Newfoundland and Labrador, and Saskatchewan. Ontario and Québec had delegated authority for ID individuals only and Manitoba had not yet delegated.

The Government of Québec approved the Autorité des marchés financiers' decision on September 20, 2023, to delegate the powers of registration of mutual fund representatives to CIRO, as well as the powers of examination of mutual fund dealers with activities in Québec.

The CSA FAQs are available at: Streamlining registration delegation to Canadian Investment Regulatory Organization.

On April 1, 2025, nine CSA jurisdictions delegated to CIRO registration functions for ID and MFD firms and individuals.

July 1, 2025 the AMF delegated registration functions for ID, MFD and Derivatives Dealers and individuals who act on behalf of MFD.

October 1, 2025 the Financial and Consumer Affairs Authority of Saskatchewan and Manitoba Securities Commission delegated registration authority for ID, MFD and associated individuals.

On April 1, 2026, the British Columbia Securities Commission delegated registration authority for MFD and associated individuals.

Current State of delegation as at April 1, 2026

Delegation of registration functions to CIRO as at April 1, 2026 is as follows.

Province / Territory	Investment Dealers		Mutual Fund Dealers
	Individuals	Firms	Individuals	Firms
Alberta
British Columbia
Manitoba
New Brunswick
Newfoundland and Labrador
Northwest Territories
Nova Scotia
Nunavut
Ontario
Prince Edward Island
Québec
Saskatchewan
Yukon

- Current state

Implications for CIRO Members

Enhancing CIRO’s registration functions modernizes and streamlines the registration process, improving efficiency for firms and individual applicants. The key objectives are to:

• Establish a consistent and harmonized approach to registration
• Enhance efficiencies to meet the evolving needs of investors and dealers across Canada and
• Reduce the regulatory burden for registrants through CIRO’s national registration program while minimizing overlap with the CSA

CSA and CIRO staff are working together to help ensure a smooth transition of registration responsibilities.

CSA staff are continuing to review applications for registration and other submissions filed before the date delegation authority was given to CIRO. Submissions filed in delegated jurisdictions after those times will be reviewed by CIRO staff.

Registration Filings

There is no change to the information and materials that firms and individuals are required to submit with respect to applications for registration and updates to registration information.

Firms applying for registration as an ID or MFD must still complete and file Form 33-109F6 Firm Registration, and firms reporting changes in registration information must still complete and file Form 33-109F5 Change of Registration Information. Where delegation has taken place, firms will submit these registration filings and applicable fees to CIRO. For efficiency, existing CIRO processes for membership-related applications, notices and updates will be leveraged to handle registration filings.

CIRO has detailed guidance on our website to assist firms:

• For firms applying for CIRO membership, refer to Becoming a Dealer Member on our website
• For existing CIRO Members:
  • For information on notifying CIRO of a material business change, refer to Notice of Business Changes
  • For information on notifying CIRO of ownership changes, refer to Notice of Ownership Changes
  • All other changes to firms, including updates to firm information and notices of voluntary surrenders or resignation, should be submitted to [email protected]

The filing process for individual registration categories remains the same using the National Registration Database (NRD).

Individuals applying for registration or a review as a permitted individual, must still complete and file Form 33-109F4 Registration of Individuals and Review of Permitted Individuals or other applicable forms under National Instrument 33-109 Registration Information and pay the appropriate fee through NRD. The filings will be automatically routed to CIRO’s Registration department for processing where delegation has taken place in the applicable filing jurisdiction(s).

CIRO has also been delegated the authority by CSA members in most jurisdictions to approve or object to acquisition notices under section 11.9 and 11.10 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations for acquisitions, where CIRO has been delegated registration functions for a dealer that is involved in the transaction.

Additional resources and contact information

For more details, please refer to our Frequently Asked Questions. The CSA FAQs are available at: Streamlining registration delegation to Canadian Investment Regulatory Organization.

If you have additional questions related to the Delegation of Registration, please contact us at [email protected].