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.

Subsequently, the following amendments to the CIRO integrated Fee Model have been approved and implemented:

Effective April 1, 2026, the Approved Person (AP) Fees Component within the Annual Fee of Dealer Member Fee Model has been revised from $250 per AP of the Dealer Member to $300. Concurrently, CIRO ceases collecting its main activity-based registration-related submission fees collected through the National Registration Database (CIRO NRD fees)1 and ends its cost recovery arrangements with certain provincial securities regulatory authorities. These amendments were approved on January 29, 2026 in Bulletin 26-0021.

Effective July 1, 2026, CIRO is amending its Fee Model to end the transitionary measures described in Appendix C for Mutual Fund Dealers (MFDs). Concurrently, CIRO will no longer collect CIRO NRD fees for MFD Members operating in Québec. Appendix B (Part 2) has been amended to reflect this. These amendments were approved on April 9, 2026 in Bulletin 26-0087.

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.

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  Include CIRO’s activity-based fees for the initial registration of individuals, reactivation and reinstatement of individuals, adding jurisdictions or an additional sponsoring firm, changing or surrendering categories, and ending registration or permitted individual status. 

  CIRO will continue to collect through the NRD:

  • Exemption applications fees, including as per the Investment Dealer and Partially Consolidated Rules 2626(3) and 2806(3).
  • Late filing fees, including as per the Investment Dealer and Partially Consolidated Rules 2806(2)ii.
  • Any other-registration related fees established by the provincial securities regulatory authorities, such as for registrant acquisitions. 

  In Québec and Ontario, NRD fees will continue to apply until transitionary measures end.