InnovateSafe

Objectives

InnovateSafe facilitates responsible testing for activities that may not fit neatly within existing regulatory requirements due to their novelty, technological complexity, or lack of precedent. The sandbox provides a structured, time-limited environment that allows firms to operate within defined parameters, enabling CIRO to evaluate risks, gather data, and assess the implications of emerging market practices.

Considerations:

• Participation in InnovateSafe does not constitute CIRO endorsement, approval, or certification of any product or service. Firms must not represent participation as regulatory approval or use it for promotional or commercial purposes.
• Successful completion of an InnovateSafe experiment does not guarantee future approval or exemptive relief.

Eligibility

To be eligible for consideration, applications must satisfy all of the following criteria.

1. Entity Type and Regulatory Status

An applicant must be:

• a CIRO-regulated firm; or
• a firm willing to submit to CIRO oversight through an agreement or undertaking.

2. Benefit to Investors and/or Capital Markets

Applicants must demonstrate that their proposal provides clear, tangible benefits for investors and/or capital markets.

3. Need for a Sandbox Approach

A proposal must further demonstrate a clear need for sandbox treatment.

4. Readiness to Test

Finally, applicants must be ready to test safely.

Application Process

• Refer to the “Application Guidance for Firms” bulletin for guidance on completing and submitting an application form.
• Application intake form (PDF)

Approved Applications