Client Research Project

Overview

We will be undertaking a client research project for which we will request investment dealers and mutual fund dealers to provide detailed information on the investments held by their retail clients as at December 31, 2024.

We will be contacting Dealer Members with significant retail investor holdings to obtain feedback, recommendations and advice on how to make the report as beneficial as possible, and the process of collecting data, as efficient as possible.

Background

The Mutual Fund Dealers Association of Canada (MFDA), one of the predecessor organizations of CIRO, had issued client research reports in 2017, 2020, and most recently, in 2022 based on detailed information provided by MFDA members on the investments held by their clients. These reports provided greater transparency and valuable insights into retail investor holdings at mutual fund dealers.

Purpose

As the Canadian investment industry continues to evolve, it will become increasingly important to remain aware of circumstances, outcomes and issues that affect Canadian investors.

With the consolidation of the Investment Industry Regulatory Organization of Canada (IIROC) and the MFDA, CIRO has a unique opportunity to obtain a more holistic view into retail investor holdings and activity. Such data will not only be a key resource to CIRO as we set our regulatory priorities and initiatives but it will also be very beneficial to Dealer Members to help deliver greater investor value.

Next Steps

We will be contacting Dealer Members with significant retail investor holdings to obtain feedback and advice regarding the data to collect and potential challenges with gathering information.

Consultations are expected to begin in September 2023. We hope to determine baseline requirements by March 31, 2024.

Dealer Members who are interested in being consulted should contact Suzanne Lasrado, Vice-President, Member Services & Innovation (acting) at 416-943-5880 or [email protected].