Canadian securities regulators and CIRO announce effective date for delegation of registration authority

MONTREAL and WINNIPEG, MB, April 1, 2025 /CNW/ - The securities regulatory authorities of Alberta, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, and Yukon, today delegate certain registration functions and powers to the Canadian Investment Regulatory Organization (CIRO). This delegation establishes a consistent and harmonized approach to registration processes for CIRO members across the named jurisdictions.

Effective April 1, 2025, delegation orders issued by these members authorize CIRO to undertake the registration function for firms registered as, or applying for registration as, investment dealers, mutual fund dealers, and futures commission merchants (Ontario), and for the individuals who act on their behalf.

Later this month, the Autorité des marchés financiers also expects to publish its delegation order for investment dealers, mutual fund dealers and derivatives dealers in Québec, including the individuals who act on their behalf, with an expected effective date of July 1, 2025. 

If the necessary approvals, delegation orders or rule amendments pertaining to their delegation of authority are obtained, the Financial and Consumer Affairs Authority of Saskatchewan, the Manitoba Securities Commission, and the British Columbia Securities Commission will proceed in due course.

"In late November we announced our intention to explore this streamlined approach that would create efficiencies and an improved process for routine registration applications," said Stan Magidson, CSA Chair and Chair of the Alberta Securities Commission. "We are moving expediently to deliver on this initiative, and today marks a significant milestone in this work, for both participating CSA members and Canada's market participants."

"CIRO, like all regulators, has a responsibility to deliver regulation efficiently, effectively and remove duplication. The CSA's decision to streamline registration through delegation supports our strategic objective to deliver a more effective registration framework," said Andrew J. Kriegler, President and CEO of CIRO. "We thank the CSA for their support as we take on these new registration functions. CIRO looks forward to delivering on this new registration framework and we look forward to working with the remaining jurisdictions to establish a consistent harmonized approach to the registration process." 

Following delegation, CSA members will focus on the enhanced oversight of CIRO, developing regulatory policy, addressing novel issues that may arise in applications, and granting exemptive relief applications as needed.

Market participants and stakeholders are encouraged to visit the CIRO Delegation webpage on the CSA website for more information. The website will be updated over the course of this process.

The Ontario Securities Commission (OSC) also issued a separate news release today with respect to its delegation order.

The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments.

For more information, visit www.ciro.ca.

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For investor inquiries, please contact your local securities regulator.

SOURCE Canadian Securities Administrators