New CIRO plan boosts investor safeguards, online advice rules and cyber resilience
CIRO is signalling the end of dual registration and the arrival of a single harmonised rulebook as it maps out its priorities for the 2027 fiscal year.
Integration: single rulebook and dual-registration rethink
For the year from 1 April 2026 to 31 March 2027, the Canadian Investment Regulatory Organization (CIRO) plans to publish a final harmonised rulebook that consolidates investment dealer and mutual fund dealer rules.
The organisation also intends to consider the “retirement of the dual registration regulatory construct” by finalising rule amendments for Canadian Securities Administrators (CSA) review that would repeal the proficiency upgrade requirement for mutual fund-only advisors and codify the exemptive relief conditions that currently govern dual-registered firms.
CIRO’s integration agenda includes proposed rule amendments to support an incorporated advisor compensation option and Phase 2 changes to complete harmonisation of the Continuing Education regime.
The CE work would align credits, cycles, exemptions, proration, reporting and scope across the platform.
Investor protection: complaints, "speed bumps" and transfers
CIRO describes investor protection and confidence in Canadian capital markets as central to its mandate and plans several projects that affect client-facing processes.
It will review complaint-handling resolution timelines and work with the CSA to enhance the fraudulent website disruption initiative launched in fiscal 2026, with a focus on refining and expanding its capabilities.
The regulator plans to “leverage stakeholder engagement and research” from fiscal 2026 to identify further opportunities to strengthen investor protection and streamline disclosure requirements.
It also intends to complete and publish research on whether behavioural interventions, or “speed bumps,” can help DIY investors pause, reflect or learn before using higher-risk strategies.
Account transfers are also on the agenda.
CIRO plans to improve the transfer process by publishing revised proposed rule amendments for another round of public comment and releasing a second phase of its white paper with an update on a potential technology solution.
To support firms on client-focused reforms, CIRO will implement the concept of “Reasonable Safeguards” and provide structured and practical compliance guidance through bulletins.
The organisation frames this as a way to reduce regulatory uncertainty, promote more consistent supervisory outcomes and help firms demonstrate good-faith compliance.
Online advice and access to advice
CIRO continues to treat access to advice as a key priority and will focus in 2027 on tailored online advice.
It plans to review the regulatory framework governing tailored online advice to support broader access to regulated advice, and will assess stakeholder feedback before developing recommendations for regulatory changes where appropriate.
Operational efficiency, InnovateSafe and cyber resilience
On regulatory evolution, CIRO says it wants to be an agile regulator that supports responsible innovation while maintaining efficient, effective and cost-conscious oversight that reflects investor, dealer and marketplace needs.
It plans to build on an operational efficiency program started in fiscal 2026 by using technology and automation in its policy, compliance, and registration functions.
Member firms will be able to test innovative ideas through InnovateSafe, CIRO’s regulatory sandbox, which the organisation will use to enable experimentation under supervision.
Cybersecurity remains a focus.
CIRO plans to “strengthen cyber resilience across the industry” by developing and consulting on a data collection and management framework for itself, dealer and marketplace members and registered persons.
It also intends to conduct a cybersecurity tabletop exercise aimed at small and medium-sized member firms.
Registration, proficiency and market oversight
CIRO’s strategic objective in registration and proficiency is to modernise the registration regime and proficiency standards of registrants.
In the coming year, it plans to operationalise delegated responsibilities for mutual fund and investment dealer registration functions across all Canadian jurisdictions.
On market regulation, CIRO intends to publish its first annual report on market regulation operations to provide greater transparency into its oversight activities.
It will also review the Universal Market Integrity Rules (UMIR) to identify requirements that it could modify to better support small dealers and junior issuers, while maintaining its focus on “fair and efficient capital markets”.
