OSC announces CIRO's expanded registration functions take effect

TORONTO, April 1, 2025 /CNW/ - The Ontario Securities Commission (OSC) today announced it has delegated additional registration-related powers and duties to the Canadian Investment Regulatory Organization (CIRO), effective April 1, 2025. Delegated powers and duties include the registration of investment dealers, mutual fund dealers and futures commission merchants; along with individuals acting on their behalf.

"Today marks a significant milestone for regulation in Ontario. By delegating these registration functions to CIRO, we have streamlined regulation for market participants in Ontario and across Canada by removing duplication and creating a modern regulatory framework for our capital markets," said Grant Vingoe, CEO of the OSC. "The OSC will continue to work closely with CIRO, providing enhanced oversight and investor protection."

The delegation of these registration functions to CIRO increases the efficiency of the regulatory system for market participants and investors, as well as modernizing and harmonizing the process. This move also reflects the OSC's priority to right-size and streamline regulation by reducing the burden for registrants in Ontario as identified in the OSC's proposed Statement of Priorities for 2025-2026. The OSC will maintain strong oversight of CIRO performance under a risk-based framework to ensure regulatory effectiveness.

"CIRO, like all regulators, has a responsibility to deliver regulation efficiently, effectively and remove duplication. The OSC'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 OSC for their support as we take on these new registration functions. CIRO looks forward to delivering on this new registration framework and continuing to bring value to our members and the investors they serve."

Delegation of the registration function for investment dealers and mutual fund dealers was one of the key recommendations in the Capital Markets Modernization Taskforce (Taskforce) report published in January 2021. Details about the OSC's CIRO delegation orders can be found on the OSC website.

The Canadian Securities Administrators (CSA) also issued a separate news release today with respect to its plans for CIRO delegation. More information about the delegation of additional registration functions is available on the CIRO website.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at https://www.osc.ca.

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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SOURCE Ontario Securities Commission