CIRO supports the Government of Ontario for expansion of enforcement powers

If passed, Ontario joins six other provinces to give CIRO full enforcement powers

May 15, 2025 (Toronto, Ontario) – The Canadian Investment Regulatory Organization (CIRO) thanks the Government of Ontario for introducing legislation that strengthens investor protection, and safeguards seniors and vulnerable retail investors.

Currently CIRO has the authority to collect fines in Ontario, which it uses to fund investor protection, investor education and financial literacy initiatives. If the legislation is passed, the amendments will give CIRO the ability to collect and present evidence and give CIRO directors, officers and employees statutory immunity. Together, these amendments will help CIRO hold wrongdoers accountable for their actions and send a strong message of deterrence to potential offenders.

“We applaud Minister Peter Bethlenfalvy and the Government of Ontario for their leadership in sending this important message - if you harm investors in Ontario, you will be held accountable for your actions,” said CIRO President and CEO Andrew J. Kriegler. “As a public interest regulator, these new enforcement tools will enable us to provide stronger protection to investors.”

Ontario would be the seventh province to give CIRO the full enforcement toolkit, joining Alberta, Newfoundland and Labrador, New Brunswick, Nova Scotia, Prince Edward Island, and Quebec. This toolkit is comprised of:

• the ability to enforce fine collection through the courts against individuals fined by CIRO disciplinary panels;
• authority to collect and present evidence during investigations and at disciplinary hearings; and
• protection from malicious lawsuits while acting in good faith to carry out its public interest mandate to protect investors.

“We also thank the Ontario Securities Commission (OSC), which shares our commitment to protecting investors and enhancing our ability to collect from wrongdoers,” added Kriegler. “By working together in partnership with the OSC and the Government of Ontario, investors can be confident that firms and individuals will comply with CIRO’s rules and that any breach will result in real consequences.”

In Ontario, CIRO oversees more than 30,000 mutual fund advisors and 16,000 investment advisors.

To see the full list of powers, visit our fact sheet and enforcement map.