CIRO completes 176 investigations and concludes 57 cases in 2025 fiscal year crackdown
CIRO imposed more than $10.3m in fines, costs and disgorgement in the 2025 fiscal year, focusing on cases with high deterrent value and expanded enforcement authority.
According to the 2025 Enforcement Report, CIRO concluded 57 proceedings and completed 176 investigations, with 34 percent of files referred for prosecution.
The total monetary sanctions included $7.2m against individuals and $3.1m against firms.
The report outlined increased enforcement complexity, citing a continued uptick in contested hearings and fewer settlements.
CIRO hearing panels ordered suspensions and permanent bans in the majority of cases.
It noted that contested matters are resource-intensive but serve a critical role in adjudicating regulatory principles and delivering fair outcomes.
A legislative amendment passed in June 2025 granted CIRO new powers in Ontario, enabling it to compel evidence and providing statutory immunity for good-faith actions.
This made Ontario the seventh province to grant CIRO the full enforcement toolkit, following Alberta, Newfoundland and Labrador, New Brunswick, Nova Scotia, Prince Edward Island and Québec.
CIRO handled 4,127 complaints from sources including ComSet/METS (3,833), the public (159), internal CIRO departments (54), commissions and other regulators (48), and whistleblowers, media and dealer members (33).
The most reviewed complaints involved supervision (39 percent), unsuitable investments (15 percent), unauthorized trading (18 percent), and misrepresentation (4 percent).
To streamline enforcement, CIRO integrated legacy IIROC and MFDA technologies into a single case and document management system.
As of February 24, mutual fund dealers transitioned to using ComSet exclusively for event reporting.
The regulator also launched an E-Discovery and Evidence team to enhance its evidence management capabilities and standardize document-sharing with dealer members.
The Enforcement Report provided highlights from disciplinary cases involving misappropriation, unauthorized trading, supervisory failures, and outside business activities.
According to Alexandra Williams, senior vice-president, Strategy, Innovation and Stakeholder Protection, “Enforcement identified and pursued cases with significant deterrent impact and sent a strong regulatory message to the industry about the consequences for violating regulations.”
CIRO continues to collaborate with the Canadian Securities Administrators and other regulators on market-related cases and investor protection efforts.
The organization issued alerts targeting scams by unregistered individuals and supported policy development on complaint handling and restitution frameworks.
