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Executive Summary
Currently, Approved Persons governed by the Mutual Fund Dealer (MFD) Rules of the Canadian Investment Regulatory Organization (CIRO) are permitted to utilize an approach where the compensation they have earned through a sponsoring Dealer Member is paid to a party other than themselves. Approved Persons governed by the CIRO Investment Dealer and Partially Consolidated (IDPC) Rules, are not permitted to use such an approach.
Enclosed is a position paper which analyses three policy options for leveling the Approved Person compensation playing field, sets out CIRO’s preliminary position on the option to pursue and requests public comment on which option we should pursue.
Included in the position paper are a few specific questions we have asked to assist us with our analysis of the policy options. We would appreciate if you could include responses to these questions within any comments you provide on the paper.
How to submit comments
Comments on the position paper should be in writing and delivered by March 25, 2024 (60 days from the publication date of this Bulletin) to:
Member Regulation Policy
Canadian Investment Regulatory Organization
Suite 2000
121 King Street West
Toronto, Ontario M5H 3T9
e-mail: [email protected]
A copy should also be delivered to the Canadian Securities Administrators (CSA):
Market Regulation
Ontario Securities Commission
Suite 1903, Box 55
20 Queen Street West Toronto, Ontario M5H 3S8
e-mail: [email protected]
and
Capital Markets Regulation
B.C. Securities Commission
P.O. Box 10142, Pacific Centre
701 West Georgia Street, Vancouver, British Columbia, V7Y 1L2
e-mail: [email protected]
Commentators should be aware that a copy of their comment letter will be made publicly available on the CIRO website at www.ciro.ca
Enclosure
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Other Notices associated with this Enforcement Proceeding:
01/25/24
24-0029