Advisor compensation, a regulatory sandbox and cyber resilience also make the cut
CIRO's final-year priorities zero in on rulebook harmonization, complaint timelines and account transfers as its three-year strategic plan winds down.
The Canadian Investment Regulatory Organization released its fiscal 2027 priorities on April 7, laying out the initiatives it plans to deliver between April 1, 2026, and March 31, 2027. This is the final year of CIRO's 2025-2027 Strategic Plan — developed, the organization says, through significant collaboration with members and other stakeholders on its role as a regulator.
Every fiscal 2026 priority has been delivered, according to CIRO. Now comes the push to finish what remains across six strategic objectives: Integration, Regulatory Evolution, Access to Advice, Investor Research, Education and Protection, Registration and Proficiency, and Market Regulation.
One rulebook, finally
Integration gets its own spotlight this year. CIRO has treated it separately from the other strategic objectives to reflect the heightened level of importance placed on it. The organization was formed through the amalgamation of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers' Association of Canada, and according to the regulator, integration has already delivered efficiencies and continues to create opportunities to generate additional value for investors, members and other stakeholders.
As CIRO enters the final year of its Strategic Plan, it will focus on completing several key initiatives designed to harmonize regulatory frameworks and reduce unnecessary complexity. First up: a final harmonized rulebook consolidating investment dealer and mutual fund dealer rules.
The regulator will also consult on and finalize proposed rule amendments relating to the adoption of an incorporated advisor compensation option, for submission to the Canadian Securities Administrators for review and approval. It will propose Phase 2 rule amendments to complete the harmonization of the Continuing Education regime by aligning requirements related to credits, cycles, exemptions, proration, reporting and scope.
Then there's the dual registration question. CIRO is considering the retirement of that construct by finalizing rule amendments for CSA review and approval that would repeal the proficiency upgrade requirement for mutual fund-only advisors and codify the exemptive relief conditions under which existing dual-registered firms operate.
Complaints, transfers and the investor experience
Protecting investors and strengthening confidence in Canadian capital markets is central to CIRO's mandate. The regulator will conduct a review of complaint handling resolution timelines, and work with the CSA to enhance the fraudulent website disruption initiative launched in fiscal 2026 by refining and expanding its capabilities.
Account transfers are also on the agenda. CIRO plans to improve the process for investors by publishing revised proposed rule amendments for further public comment and releasing a second phase of its white paper providing an update on the development of a potential technology solution.
Beyond that, the organization intends to leverage stakeholder engagement and research conducted in fiscal 2026 to identify opportunities to strengthen investor protection and streamline disclosure requirements. It will also complete and publish research examining whether behavioural interventions — what CIRO calls "speed bumps" — can help DIY investors pause, reflect, or learn before engaging in higher-risk investment strategies.
CIRO will implement the concept of "Reasonable Safeguards" too, providing structured and practical compliance guidance through CIRO bulletins to reduce regulatory uncertainty, promote consistent supervisory outcomes, and support firms in demonstrating good-faith compliance with Client-Focused Reforms obligations.
Efficiency, innovation and what else is on the table
The investment industry continues to evolve rapidly, and CIRO's stated vision is to be an agile regulator that supports responsible innovation while delivering efficient, effective and cost-conscious regulatory oversight. The regulator will build on the operational efficiency program established in fiscal 2026 by implementing further improvements through the use of technology and automation within its Policy, Compliance and Registration functions. Member firms, meanwhile, will be able to test innovative ideas through InnovateSafe, CIRO's regulatory sandbox.
Cybersecurity also gets a nod. CIRO plans to strengthen cyber resilience across the industry by developing and consulting on a data collection and management framework for the organization, its Dealer and Marketplace Member firms, and Registered Persons. A cybersecurity tabletop exercise for small and medium-sized member firms is planned as well.
Expanding access to advice that meets the evolving needs of Canadian investors remains a key priority. The regulator will assess stakeholder feedback on the current regulatory framework governing tailored online advice and develop recommendations for regulatory changes where appropriate.
Under Registration and Proficiency, CIRO will operationalize delegated responsibilities for mutual fund and investment dealer registration functions across all Canadian jurisdictions.
And in market regulation, the regulator will publish the first annual report on Market Regulation operations, providing greater transparency into its market oversight activities, and review the Universal Market Integrity Rules to identify requirements that could be modified to better support small dealers and junior issuers.
With the 2025-2027 Strategic Plan set to conclude at fiscal year-end, CIRO noted that these priorities balance near-term regulatory initiatives with preparation for the next strategic planning cycle.
