Prior to February 2024, CIRO’s Complaints and Inquiries Department (C&I) handled matters relating to investment dealers, trading on Canadian marketplaces and general matters. Beginning in February 2024, C&I began fielding all complaints and inquiries from public investors relating to mutual fund dealers as well. As a result, the statistics prior to February 2024 do not include complaints or inquiries relating to mutual fund dealers.
Total complaints and inquiries received
CIRO received a total of 11,077 complaints1 and inquiries2 (contacts) from January 2022 through December 2024. 60% of those contacts were about matters relating to the dealer firms we regulate (member) or about trading on the Canadian debt and equity markets (market) we monitor. An additional 13% of contacts were otherwise CIRO-related with the remaining 27% of contacts falling outside of CIRO’s jurisdiction3 (other). Over 660 of those contacts related to scams or frauds perpetrated against investors by non-registrants. In these cases, people are redirected to the appropriate regulator, firm or resource.
- 1Complaints: a (typically) written expression of dissatisfaction
- 2Inquiries: questions, comments or verbal expressions of dissatisfaction
- 3CIRO only has jurisdiction over those individuals and firms that are registered with CIRO, and Canadian debt and equity markets. See Looking up an Investment Advisor or Firm and Equity Markets We Regulate. General contacts we receive (not related to dealers or markets we regulate) about CIRO are included under “CIRO-related”. Any complaints or inquiries not falling within these categories are included under “other”.
Grand Total of all Contacts
| Year | Event Type | Total |
|---|---|---|
| 2022 | Complaint | 1207 |
| 2022 | Inquiry | 2677 |
| 2023 | Complaint | 860 |
| 2023 | Inquiry | 2348 |
| 2024 | Complaint | 1186 |
| 2024 | Inquiry | 2933 |
| Total | 11211 | |
Complaints and Inquiries 2022
| Case Type | Total |
|---|---|
| Member | 1555 |
| Other | 911 |
| Market | 875 |
| CIRO Related | 543 |
Complaints and Inquiries 2023
| Case Type | Total |
|---|---|
| Member | 1261 |
| Other | 904 |
| Market | 691 |
| CIRO Related | 352 |
Complaints and Inquiries 2024 Q1
| Case Type | Total |
|---|---|
| Member | 1672 |
| Other | 1278 |
| Market | 599 |
| CIRO Related | 570 |
Complaints and inquiries regarding CIRO-regulated firms
CIRO averaged 1,491 contacts annually from 2022 to 2024 about CIRO-regulated firms.
Member Complaints and Inquiries
| Date | Event Type | Total |
|---|---|---|
| 2022 Jan | Complaint | 45 |
| 2022 Jan | Inquiry | 86 |
| 2022 Feb | Complaint | 39 |
| 2022 Feb | Inquiry | 82 |
| 2022 Mar | Complaint | 42 |
| 2022 Mar | Inquiry | 94 |
| 2022 Apr | Complaint | 44 |
| 2022 Apr | Inquiry | 97 |
| 2022 May | Complaint | 64 |
| 2022 May | Inquiry | 88 |
| 2022 Jun | Complaint | 49 |
| 2022 Jun | Inquiry | 94 |
| 2022 Jul | Complaint | 29 |
| 2022 Jul | Inquiry | 72 |
| 2022 Aug | Complaint | 65 |
| 2022 Aug | Inquiry | 123 |
| 2022 Sep | Complaint | 31 |
| 2022 Sep | Inquiry | 78 |
| 2022 Oct | Complaint | 41 |
| 2022 Oct | Inquiry | 77 |
| 2022 Nov | Complaint | 52 |
| 2022 Nov | Inquiry | 69 |
| 2022 Dec | Complaint | 25 |
| 2022 Dec | Inquiry | 69 |
| 2023 Jan | Complaint | 41 |
| 2023 Jan | Inquiry | 81 |
| 2023 Feb | Complaint | 41 |
| 2023 Feb | Inquiry | 68 |
| 2023 Mar | Complaint | 30 |
| 2023 Mar | Inquiry | 92 |
| 2023 Apr | Complaint | 48 |
| 2023 Apr | Inquiry | 81 |
| 2023 May | Complaint | 36 |
| 2023 May | Inquiry | 68 |
| 2023 Jun | Complaint | 28 |
| 2023 Jun | Inquiry | 70 |
| 2023 Jul | Complaint | 27 |
| 2023 Jul | Inquiry | 66 |
| 2023 Aug | Complaint | 29 |
| 2023 Aug | Inquiry | 80 |
| 2023 Sep | Complaint | 34 |
| 2023 Sep | Inquiry | 53 |
| 2023 Oct | Complaint | 18 |
| 2023 Oct | Inquiry | 57 |
| 2023 Nov | Complaint | 31 |
| 2023 Nov | Inquiry | 57 |
| 2023 Dec | Complaint | 47 |
| 2023 Dec | Inquiry | 78 |
| 2024 Jan | Complaint | 49 |
| 2024 Jan | Inquiry | 81 |
| 2024 Feb | Complaint | 58 |
| 2024 Feb | Inquiry | 75 |
| 2024 Mar | Complaint | 67 |
| 2024 Mar | Inquiry | 95 |
| 2024 Apr | Complaint | 37 |
| 2024 Apr | Inquiry | 107 |
| 2024 May | Complaint | 42 |
| 2024 May | Inquiry | 93 |
| 2024 Jun | Complaint | 47 |
| 2024 Jun | Inquiry | 87 |
| 2024 Jul | Complaint | 50 |
| 2024 Jul | Inquiry | 71 |
| 2024 Aug | Complaint | 61 |
| 2024 Aug | Inquiry | 92 |
| 2024 Sep | Complaint | 42 |
| 2024 Sep | Inquiry | 73 |
| 2024 Oct | Complaint | 44 |
| 2024 Oct | Inquiry | 96 |
| 2024 Nov | Complaint | 51 |
| 2024 Nov | Inquiry | 112 |
| 2024 Dec | Complaint | 65 |
| 2024 Dec | Inquiry | 77 |
| Total | 4488 | |
Regulatory vs. non-regulatory complaints and inquiries
Investors contact CIRO for both regulatory and non-regulatory matters. Regulatory matters are those subject to CIRO rules or securities law. For example, allegations of unsuitable investments or unauthorized trading. Non-regulatory matters are issues such as poor customer service and general inquiries about dealer policies and procedures. Non-regulatory matters accounted for about 72% of contacts from 2022 through 2024. Since non-regulatory matters do not fall under CIRO's mandate, the investor is directed to address these complaints directly with the firm involved.
Regulatory vs. Non-Regulatory Inquiries (Member)
| Year | Total | Regulatory or Non |
|---|---|---|
| 2022 | 1487 | Non-Regulatory |
| 2022 | 739 | Regulatory |
| 2023 | 1424 | Non-Regulatory |
| 2023 | 491 | Regulatory |
| 2024 | 1982 | Non-Regulatory |
| 2024 | 601 | Regulatory |
| Total | 6724 | |
Regulatory vs. Non-Regulatory Complaints (Member)
| Year | Total | Regulatory or Non |
|---|---|---|
| 2022 | 510 | Non-Regulatory |
| 2022 | 273 | Regulatory |
| 2023 | 403 | Non-Regulatory |
| 2023 | 199 | Regulatory |
| 2024 | 709 | Non-Regulatory |
| 2024 | 228 | Regulatory |
| Total | 2322 | |
Most frequent inquiries about CIRO-regulated firms
The five most common topics of inquiries to CIRO by clients of CIRO-regulated firms accounted for 64% of all such inquiries (2,935) from 2022 to 2024.
Many of these inquiries did not result in a formal complaint to CIRO since they were not regulatory in nature.
The remaining inquiries covered a broad range of topics. Visit our Office of the Investor webpage for more information on a variety of helpful topics.
*Note: each inquiry may involve more than one topic, thus appearing under multiple categories.
Top 5 Member Inquiries
| Allegation | Total | Year |
|---|---|---|
| CIRO rule questions/complaints | 97 | 2022 |
| CIRO rule questions/complaints | 78 | 2023 |
| CIRO rule questions/complaints | 62 | 2024 |
| Dealer Policies and Procedures | 176 | 2022 |
| Dealer Policies and Procedures | 135 | 2023 |
| Dealer Policies and Procedures | 187 | 2024 |
| General inquiry about RR/firm | 68 | 2022 |
| General inquiry about RR/firm | 68 | 2023 |
| General inquiry about RR/firm | 102 | 2024 |
| Info. on filing a complaint | 199 | 2022 |
| Info. on filing a complaint | 218 | 2023 |
| Info. on filing a complaint | 220 | 2024 |
| Service Issues | 145 | 2022 |
| Service Issues | 105 | 2023 |
| Service Issues | 178 | 2024 |
| Total Inquiries | 1886 | |
Most frequent complaints about CIRO-regulated firms
The five most common topics of complaints to CIRO by clients of CIRO-regulated firms account for 66% of all such complaints (1,539 received from 2022 to 2024).
Of these complaints, only unsuitable investments and account transfers are generally considered to be regulatory matters, with the remainder generally falling outside of CIRO jurisdiction. Matters that aren’t subject to CIRO rules must be addressed directly by the client to the firm in question.
CIRO-regulated firms must notify CIRO of all non-service-related complaints they receive and handle all complaints they receive according to prescribed standards contained within CIRO rules.
Learn more about how CIRO-regulated firms handle client complaints.
*Note: each complaint may involve more than one allegation, thus appearing under multiple categories
Top 5 Member Complaints
| Allegation | Total | Year |
|---|---|---|
| Dealer Policies and Procedures | 83 | 2022 |
| Dealer Policies and Procedures | 56 | 2023 |
| Dealer Policies and Procedures | 121 | 2024 |
| Service Issues | 113 | 2022 |
| Service Issues | 100 | 2023 |
| Service Issues | 201 | 2024 |
| Trading disputes, errors and delays | 35 | 2022 |
| Trading disputes, errors and delays | 33 | 2023 |
| Trading disputes, errors and delays | 35 | 2024 |
| Transfer of Accounts | 57 | 2022 |
| Transfer of Accounts | 35 | 2023 |
| Transfer of Accounts | 68 | 2024 |
| Unsuitable Investments | 70 | 2022 |
| Unsuitable Investments | 63 | 2023 |
| Unsuitable Investments | 52 | 2024 |
| Total Complaints | 1014 | |
Market-related complaints and inquiries
CIRO averaged 706 contacts annually from 2022 to 2024 regarding trading on Canadian debt and equity markets.
Market-Related Complaints and Inquiries
| Date | EventType | Total |
|---|---|---|
| 2022 Jan | Complaint | 52 |
| 2022 Jan | Inquiry | 40 |
| 2022 Feb | Complaint | 39 |
| 2022 Feb | Inquiry | 44 |
| 2022 Mar | Complaint | 41 |
| 2022 Mar | Inquiry | 32 |
| 2022 Apr | Complaint | 66 |
| 2022 Apr | Inquiry | 40 |
| 2022 May | Complaint | 29 |
| 2022 May | Inquiry | 43 |
| 2022 Jun | Complaint | 28 |
| 2022 Jun | Inquiry | 38 |
| 2022 Jul | Complaint | 26 |
| 2022 Jul | Inquiry | 29 |
| 2022 Aug | Complaint | 40 |
| 2022 Aug | Inquiry | 41 |
| 2022 Sep | Complaint | 31 |
| 2022 Sep | Inquiry | 36 |
| 2022 Oct | Complaint | 15 |
| 2022 Oct | Inquiry | 27 |
| 2022 Nov | Complaint | 22 |
| 2022 Nov | Inquiry | 31 |
| 2022 Dec | Complaint | 35 |
| 2022 Dec | Inquiry | 50 |
| 2023 Jan | Complaint | 34 |
| 2023 Jan | Inquiry | 34 |
| 2023 Feb | Complaint | 28 |
| 2023 Feb | Inquiry | 35 |
| 2023 Mar | Complaint | 31 |
| 2023 Mar | Inquiry | 45 |
| 2023 Apr | Complaint | 20 |
| 2023 Apr | Inquiry | 35 |
| 2023 May | Complaint | 16 |
| 2023 May | Inquiry | 48 |
| 2023 Jun | Complaint | 22 |
| 2023 Jun | Inquiry | 47 |
| 2023 Jul | Complaint | 14 |
| 2023 Jul | Inquiry | 37 |
| 2023 Aug | Complaint | 21 |
| 2023 Aug | Inquiry | 24 |
| 2023 Sep | Complaint | 13 |
| 2023 Sep | Inquiry | 30 |
| 2023 Oct | Complaint | 17 |
| 2023 Oct | Inquiry | 38 |
| 2023 Nov | Complaint | 22 |
| 2023 Nov | Inquiry | 29 |
| 2023 Dec | Complaint | 20 |
| 2023 Dec | Inquiry | 31 |
| 2024 Jan | Complaint | 16 |
| 2024 Jan | Inquiry | 37 |
| 2024 Feb | Complaint | 28 |
| 2024 Feb | Inquiry | 25 |
| 2024 Mar | Complaint | 29 |
| 2024 Mar | Inquiry | 30 |
| 2024 Apr | Complaint | 21 |
| 2024 Apr | Inquiry | 35 |
| 2024 May | Complaint | 27 |
| 2024 May | Inquiry | 30 |
| 2024 Jun | Complaint | 16 |
| 2024 Jun | Inquiry | 27 |
| 2024 Jul | Complaint | 21 |
| 2024 Jul | Inquiry | 30 |
| 2024 Aug | Complaint | 16 |
| 2024 Aug | Inquiry | 30 |
| 2024 Sep | Complaint | 25 |
| 2024 Sep | Inquiry | 28 |
| 2024 Oct | Complaint | 17 |
| 2024 Oct | Inquiry | 36 |
| 2024 Nov | Complaint | 18 |
| 2024 Nov | Inquiry | 21 |
| 2024 Dec | Complaint | 15 |
| 2024 Dec | Inquiry | 21 |
| Total | 2165 | |
UMIR vs. non-UMIR complaints and inquiries
Investors contact CIRO regarding both matters that are subject to the Universal Market Integrity Rules (UMIR) and those that are not. Under Recognition Orders issued by the Canadian Securities Administrators (CSA) and by agreement with the marketplaces, CIRO monitors all equity and debt market activity on all Canadian marketplaces, including stock exchanges and alternative trading systems, to detect manipulative trading practices and other breaches of the marketplace trading rules.
Our goal is to ensure trading complies with UMIR and other CIRO rules. Matters that are not subject to UMIR (or other CIRO rules), such as cease-trade orders, listed company activity and disclosures, fall outside of CIRO’s jurisdiction. These non-UMIR matters accounted for almost 50% of contacts (excluding halt inquiries) during the three most recent years. Since non-UMIR matters do not fall under CIRO's mandate, the investor should address these matters directly with the principal regulator for the issuer (see SEDAR+) or the exchange.
UMIR vs. non-UMIR Inquiries
| Year | Total | UMIR |
|---|---|---|
| 2022 | 382 | Non UMIR |
| 2022 | 54 | UMIR |
| 2023 | 359 | Non UMIR |
| 2023 | 48 | UMIR |
| 2024 | 302 | Non UMIR |
| 2024 | 22 | UMIR |
| Total | 1167 | |
UMIR vs. non-UMIR Complaints
| Year | Total | UMIR |
|---|---|---|
| 2022 | 187 | Non UMIR |
| 2022 | 235 | UMIR |
| 2023 | 114 | Non UMIR |
| 2023 | 140 | UMIR |
| 2024 | 113 | Non UMIR |
| 2024 | 135 | UMIR |
| Total | 924 | |
Most frequent market-related inquiries
The top five market-related inquiries accounted for almost 70% of all such inquiries (1,201). By far, our most frequent market-related inquiries are about trading halts, even though we are not able to provide information about specific halts beyond that contained in the halt notice that is published on our website and through various news services. We also hear often from the public about listed company issues and cease-trade orders (CTOs), which do not fall under CIRO’s jurisdiction.
CIRO’s market-related jurisdiction encompasses monitoring trading on Canadian marketplaces for compliance with the Universal Market Integrity Rules (UMIR). CIRO does not have jurisdiction over public companies or their directors, officers or employees.
See more about UMIR here.
*Note: each inquiry may involve more than one topic, thus appearing under multiple categories. CTO = Cease Trade Order
Top 5 Market-Related Inquiries
| Allegation | Total | Year |
|---|---|---|
| CTO | 27 | 2022 |
| CTO | 37 | 2023 |
| CTO | 34 | 2024 |
| General | 35 | 2022 |
| General | 23 | 2023 |
| General | 33 | 2024 |
| Halt inquiry | 147 | 2022 |
| Halt inquiry | 168 | 2023 |
| Halt inquiry | 101 | 2024 |
| Listed company issues | 69 | 2022 |
| Listed company issues | 73 | 2023 |
| Listed company issues | 59 | 2024 |
| Manipulation | 19 | 2022 |
| Manipulation | 22 | 2023 |
| Manipulation | 11 | 2024 |
| Total Inquiries | 812 | |
Most frequent market-related complaints
The top five market-related complaints accounted for over 70% of all such complaints (917). The largest number of the complaints about market activity are allegations of market manipulation.
CIRO rules prohibit orders or trades that create a false or misleading appearance of trading activity (or interest in trading) or create an artificial bid, ask or sale price. This activity is considered manipulative and CIRO’s surveillance staff use specialized systems to continuously monitor trading in real-time across multiple marketplaces to detect and pursue instances of suspicious or prohibited trading activity. While some complaints are well-founded, most often, a more fulsome review by CIRO staff who have access to more information about the trades in question and the parties involved, alleviates our concerns. When concerns remain, we forward the complaint information to our Trading Review & Analysis (TR&A) department.
*Note: each complaint may involve more than one topic, thus appearing under multiple categories.
Top 5 Market-Related Complaints
| Allegation | Total | Year |
|---|---|---|
| Disclosure | 59 | 2022 |
| Disclosure | 31 | 2023 |
| Disclosure | 17 | 2024 |
| Insider trading | 39 | 2022 |
| Insider trading | 26 | 2023 |
| Insider trading | 25 | 2024 |
| Listed company issues | 46 | 2022 |
| Listed company issues | 32 | 2023 |
| Listed company issues | 52 | 2024 |
| Manipulation | 157 | 2022 |
| Manipulation | 108 | 2023 |
| Manipulation | 100 | 2024 |
| Short Selling | 47 | 2022 |
| Short Selling | 49 | 2023 |
| Short Selling | 36 | 2024 |
| Total Complaints | 654 | |
Geographic location
Most inquiries and complaints come from Ontario, British Columbia, Quebec, and Alberta.
Location of Investors Who Contact CIRO
| Location | Total |
|---|---|
| Ontario | 952 |
| British Columbia | 354 |
| Alberta | 293 |
| Québec | 268 |
| Saskatchewan | 70 |
| Manitoba | 53 |
| Nova Scotia | 26 |
| New Brunswick | 18 |
| Newfoundland and Labrador | 6 |
| Yukon | 2 |
| Nunavut | 1 |
| Prince Edward Island | 1 |
Age and gender
Since the pandemic, in cases where age and gender were disclosed, we have seen an increase in contacts from investors under 60 years old, which may correspond to the increase we have seen in DIY (do-it-yourself) investing.
We generally hear from males more often than females.
Who Contacts CIRO
| Gender | Total | Percentage |
|---|---|---|
| Female | 371 | 29% |
| Male | 926 | 73% |
| Total | 1265 | 100% |
Note: Some cases have more than one party so percentages don't equal 100%
Age of Investors that Contact CIRO
| Age | Percentage |
|---|---|
| 20-29 | 5% |
| 30-39 | 16% |
| 40-49 | 18% |
| 50-59 | 22% |
| 60-69 | 22% |
| 70-79 | 12% |
| 80-89 | 5% |
| 90-99 | 2% |
| Total | 100% |