About CIRO
The Canadian Investment Regulatory Organization (CIRO) is the pan-Canadian self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO builds trust in Canada’s financial system by protecting investors and the capital markets.
What CIRO does
Protects investors
CIRO sets and enforces rules governing the business and financial conduct of Canadian investment dealers and mutual fund dealers and their representatives. CIRO’s compliance teams examine firms for compliance with conduct, trading, prudential and operating requirements.
Takes enforcement action
CIRO investigates possible breaches of its rules and can discipline firms and individuals when regulatory misconduct is identified. Sanctions can include fines, suspensions, permanent bars and termination.
Oversees Canadian markets
CIRO regulates equity trading activity on six stock exchanges and four equity Alternative Trading Systems. It also regulates crypto asset trading platforms, including two crypto marketplace platforms and five crypto dealer platforms.
Our mission
To promote healthy capital markets by regulating fairly and effectively so that investors are protected and confident investing in their futures.
Our vision
To be an agile and trusted regulator, helping the industry deliver the right financial outcomes for investors.
CIRO By the numbers
Fiscal year 2025-26
Enforcement at a glance
- 39 decisions involving individuals
- 9 decisions involving firms
- $7.62 million in total fines, costs and disgorgement involving individuals
- $8.69 million in total fines, costs and disgorgement involving firms
- 16 individual suspensions
- 10 permanent bars
Key Facts
Markets
CIRO regulates equity trading activity on six stock exchanges:
- Toronto Stock Exchange (TSX)
- TSX Venture Exchange (TSXV)
- Alpha Exchange (Alpha)
- Canadian Securities Exchange (CSE)
- Cboe Canada Inc.
- Nasdaq (CXC) Limited (Nasdaq Canada)
CIRO regulates trading activity on 4 Equity Alternative Trading Systems:
- Omega ATS (Omega)
- Lynx ATS (Lynx)
- Liquidnet Canada Inc (Liquidnet)
- Instinet Canada Cross Limited (ICX)
Crypto asset trading platforms
CIRO regulates two crypto marketplace platforms:
- Coinsquare Capital Markets (Coinsquare Pro)
- NDAX Canada Inc. (NDAX)
CIRO also regulates five crypto dealer platforms:
- Coinsquare Capital Markets (Coinsquare Trade)
- NDAX Canada Inc. (NDAX)
- Shakepay Inc.
- Wealthsimple Investment Inc.
- Fidelity Clearing Canada ULC
Learn more about CIRO
CIRO provides videos and explainers on its mandate, the life cycle of a trade, equity market monitoring, marketplace thresholds, single-stock circuit breakers, market-wide circuit breakers and manual halt interventions.
Articles
What CIRO does with Market Conduct Complaints
Have you ever wondered what happens when there is a complaint about potential misconduct in the capital markets?
Videos
Media inquiries
Reporters looking for information about CIRO can contact [email protected]. Please include your deadline, media outlet and any other relevant information with your request..
For urgent media inquiries
Joanna Nicholson
Senior Manager, Corporate Communications & Public Affairs
Email: [email protected]