Fee Models

Current Fee Model

CIRO is a cost-recovery, not-for-profit organization that recovers its operating costs primarily through its fee models. Effective April 1, 2025, the new integrated fee model is in place, which applies to Investment Dealer Members, Mutual Fund Dealer Members and Marketplace Members. It was approved on January 30, 2025 in Bulletin 25-0017 and provides comprehensive information on fees collected under the four relevant fee models.

Legacy Fee Models to March 31, 2025

The Interim Fee Model Guidelines (published in IIROC Notice 22-0181) were applicable to Investment Dealers and Marketplace Members.

The Interim Fee Model applicable to Mutual Fund Dealer Members was included in Rule 8 Membership Matters of the Mutual Fund Dealer Interim Rules (MFDA Bulletin #0920-M).

Members that were dually registered as both an Investment Dealer Member and a Mutual Fund Dealer Member were responsible for fees under both Interim Fee Models until March 31, 2025.

Integration Cost Recovery to March 31, 2025

Integration cost recovery fees were eliminated after March 2025, with remaining integration costs covered from the Unrestricted Fund balance.

For more details see Integration Cost Recovery Fee Model Guideline.

CIPF Assessments

The Canadian Investor Protection Fund (CIPF) provides limited protection for property held by a CIPF Member on behalf of eligible clients if the Member becomes insolvent. All CIRO-regulated Dealer Members are Members of CIPF.

The CIPF Board of Directors sets the size and composition of the funds to be maintained for the client assets it protects, and the basis and rate of assessments for Members.

Under terms of agreement between CIRO and CIPF, CIPF is authorized to assess Members in order to provide resources for the funds that CIPF maintains to pay losses to eligible clients of insolvent Members, to repay any of its obligations under its credit facilities, and to pay operational expenses. Assessments are collected by CIRO and remitted to CIPF.

For more information on CIPF assessments, refer to the CIPF Assessment Policy, or contact CIPF directly at 416-866-8366, toll-free at 1-866-243-6981, or by email at [email protected].

To learn more about CIPF, visit CIPF’s website.