Order Execution Only Project

The Canadian Investment Regulatory Organization (CIRO) reviewed the limitations in the order execution only (OEO) channel regarding information and tools that OEO dealers can offer clients. Following this review and consultation with stakeholders, CIRO published new OEO guidance on March 12, 2026.

The DIY investing segment has experienced significant growth and evolution over the past few years. DIY investors are increasingly turning to unregulated sources such as online forums, social media and finfluencers to help them make important financial decisions. Recent research from CIRO revealed that many DIY investors were open to additional tools through their DIY investing platform that would provide further information, research, alerts, or education. Many also expressed a desire for more regulation and safeguards to prevent the spreading of misinformation through social media. It is imperative that DIY investors can access trustworthy, high-quality information in a regulated forum to empower them to make well-informed investment decisions.

At the same time, there was a growing industry consensus that the present limitations on OEO dealers were preventing important information and warnings from reaching DIY investors. Industry feedback has consistently indicated that the OEO Guidance published in 2021 has created confusion and unnecessary limitations regarding the kinds of decision-making supports that OEO Dealers can offer their clients.

In light of the above, CIRO identified updating the guidance on OEO account services as a priority for 2026.1 CIRO’s objective was to provide flexibility that allows OEO Dealers to better service clients’ needs in this channel without compromising investor protection and while remaining consistent with the IDPC Rules (which prohibit recommendations in OEO accounts).

• 1As aligned with CIRO’s strategic objective to enable greater access to advice (CIRO Strategic Plan FY 2025-2027, published on April 11, 2024).