Complaint Handling Resolution Timelines

Comments Due By: January 27, 2027

The Canadian Investment Regulatory Organization (CIRO) is proposing amendments to the Investment Dealers Partially Consolidated (IDPC) Rule 3700 and Mutual Fund Dealer (MFD) Rule 300 (collectively the Current CIRO Rules) as well as the Proposed CIRO Consolidated Rule 3700 (Consolidated CIRO Rule), when implemented. These amendments would change the complaint handling response timeline from the current 90-day standard to a 60-day baseline, with an additional 30 days available for complex or exceptional matters (the Proposed Amendments).

The Proposed Amendments are intended to establish a more consistent national standard for CIRO Dealer Members (Dealers), reduce inconsistent treatment of complainants across Canada and better conform with CIRO's public interest mandate, which includes helping investors receive more timely complaint outcomes and escalation options.

The Proposed Amendments would:

• require Dealers to provide a final response to a complainant within 60 days,
• permit Dealers to take up to an additional 30 days where the complaint is complex, exceptional, or affected by circumstances beyond the Dealer’s control, and
• preserve the expectation that Dealers conduct fair, thorough and well-documented complaint investigations and communicate clearly with complainants throughout the process.