OSC announces plans to delegate expanded registration functions to CIRO

(Toronto) November 20, 2024. - The Ontario Securities Commission (OSC) today published a notice with details about its plans to delegate the registration function for investment dealers and mutual fund dealers, and the individuals who act on behalf of mutual fund dealers, to the Canadian Investment Regulatory Organization (CIRO). Re-alignment of certain functions between OSC and CIRO is one of the priorities identified in the OSC’s proposed Statement of Priorities for 2025-2026 published earlier today.

“Transitioning these registration functions to CIRO is a positive step towards a more modern and harmonized regulatory system for market participants and investors,” said Grant Vingoe, CEO of the OSC. “This move will streamline the registration process, reducing the burden for registrants in Ontario, while the OSC’s continued oversight of CIRO will involve a strong degree of enhanced investor protection.”

CIRO is already responsible for the registration of individuals who act on behalf of investment dealers, and this will continue. The planned expanded delegation, subject to required regulatory approvals, would be effective Spring 2025.

“Delivering a more efficient registration framework is one of six ways in which CIRO’s Strategic Plan brings value to investors, to the industry which serves them and to Canadians as a whole,” said Andrew J. Kriegler, President and CEO of CIRO. “CIRO will work with the OSC to ensure a smooth transition for registrants.”

The 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. Delegation of the registration function to CIRO will not result in a change to the key information that firms and individuals are required to submit with respect to applications for registration and updates to registration information.

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 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.

– 30 –

For Media Inquiries:

OSC
[email protected]

CIRO
Sean Hamilton
647-308-6497
[email protected]

For Investor and Industry Inquiries:

1-877-785-1555 (Toll Free)
[email protected]