Hearing panels handed down 10 permanent bars and 16 suspensions across 39 decisions
Hearing panels imposed $7.6m in fines, costs and disgorgement on individuals and $8.7m on firms in the fiscal year ended March 31, with 16 individuals suspended and 10 permanently barred.
The Canadian Investment Regulatory Organization (CIRO) recorded 39 enforcement decisions against individuals and nine against firms over that year.
The CIRO annual report covering fiscal 2026 puts its oversight at more than 106,000 registrants across 250 Dealer Member firms.
Individuals paid 18 percent of the monetary sanctions imposed on them in fiscal 2026.
Sanctions attached to cases involving a permanent bar totalled $5.6m and carried a collection rate of 0.2 percent, while sanctions in cases without a permanent bar totalled $2.1m and carried a rate of 68 percent, the annual report states.
Cases involving permanent bans from the industry account for 80 percent of financial sanctions, result in limited collections due to lack of assets and income, and disproportionately reduce collection rates.
Individuals who remain registered or get re-registered pay 100 percent of the sanctions imposed on them.
CIRO reports a 100 percent collection rate for firms in fiscal 2026 in its enforcement table, while the accompanying text states the rate is not yet 100 percent because one Dealer Member is on a payment plan that will be completed by July 1, 2026.
The new proficiency regime for investment dealers and their Approved Persons launched on January 1, replacing a course-based model with an exam-centric model supported by CIRO's partner Fitch Learning.
Proficiency exam revenue of $0.7m was recorded following the launch.
CIRO published updated guidance clarifying regulatory limitations on decision-making supports for order execution only Investment Dealer Members that want to offer non-tailored advice to do-it-yourself investors, and published research on DIY investors' use of social media.
It also launched InnovateSafe, a regulatory sandbox that allows new ideas and business practices to be tested without a lengthy regulatory exemption process.
Trading activity on the equity marketplaces CIRO regulates reached 740 million transactions with a value of $7,363bn in 2025-2026.
Andrew Kriegler, president and chief executive officer of CIRO, said in the organization's news release that the team delivered on its priorities for the past year.
He said the goal was to protect investors and ensure healthy capital markets in Canada.
Kriegler announced in June 2026 that he intends to retire by early 2027.
He was CIRO's inaugural president and CEO and previously held the same roles at the Investment Industry Regulatory Organization of Canada (IIROC).
The board will select his successor.
Miranda Hubbs, chair of the CIRO board of directors, said in the same release that Andrew gave the board time to conduct a search for the next leader.
She said the board is now recruiting for the role.
The release states that CIRO has extended its current strategic plan by one year.
CIRO identified a cyber security incident on August 11, 2025 and has recorded $4.2m in incident response expenses as at March 31, net of eligible insurance coverage.
Class action lawsuits were filed in Québec and British Columbia following the incident.
Management believes a resolution will not result in incremental financial exposure beyond existing insurance coverage, and no liability has been recorded in the financial statements as of March 31.
Member fees are budgeted at $148.6m for fiscal 2027, an increase of 6.3 percent over the fiscal 2026 budget.
That figure comprises a 1 percent reduction on business-as-usual fees, a 7 percent increase to fully recover the costs of newly assigned registration and Québec responsibilities, and a 0.3 percent increase to support higher market volumes.
Operating expenses are budgeted at $188.2m, up 10 percent, with a planned deficit of $13.3m in the Unrestricted Fund.
In its third year, the Investor Advisory Panel published its first research report, on Women and Investing, in collaboration with CIRO's Office of the Investor.
Its work is set out in the Investor Advisory Panel annual report.
