Alert:
The Benefits of Working with a CIRO Member
CIRO sets and enforces rules for the business, trading and financial conduct of Member firms and their representatives across Canada. These rules protect investors like you. Some of the benefits of working with a CIRO Member include:
Set Rules and Standards
All CIRO Members and their representatives must meet high minimum standards set by CIRO in all areas of their operations, from providing you with advice to capital requirements. When you receive investment advice from a CIRO Member or their representatives that advice must be suitable and put your interests first. CIRO Members are also required to maintain certain levels of capital to minimize the risk of an insolvency.
Regular Compliance Examinations and Risk Monitoring of Members
CIRO regularly conducts examinations of Members to assess their compliance with rules and regulations. CIRO also monitors its Members’ financial condition and requires its Members to submit monthly financial reports and annual audited financial statements. We work with firms to ensure they continually meet high these high regulatory standards and we take action against firms that are not compliant up to and including enforcement and disciplinary action (see below).
Ongoing Market Surveillance
CIRO monitors the trading activity of all Canadian equity marketplaces. Our Surveillance teams monitor these equity markets in real time and respond to trends. Surveillance also monitors debt trading and crypto asset trading platform activity of CIRO Members.
Proficiency Standards and Registration Requirements
Representatives and Officers of CIRO Members, also known as “Approved Persons”, must undergo background checks and meet specific proficiency requirements before they become registered.
- Check the CSA’s National Registration Search to see if the person or company you are dealing with is registered.
- Where the advisor or firm’s registration shows as being with an investment dealer, use CIRO’s Advisor Report to check a potential advisor or firm’s registration.
CIRO representatives must also complete ongoing continuing education courses to stay up to date on topics such as rules, ethics and financial products.
Enforcement and Disciplinary Action
CIRO Enforcement staff investigate possible breaches of rules and discipline Members and representatives when they identify regulatory misconduct. Discipline can include fines, suspensions, and permanent bans or termination.
Complaint Handling Standards
All CIRO Members are required to have detailed policies and procedures to deal with client complaints promptly and fairly. In addition, all CIRO dealer Members must be members of the Ombudsman for Banking Services and Investments (OBSI), an independent body that investigates unresolved complaints. If you are not satisfied with a CIRO Member’s response to your complaint, you can file your complaint with OBSI. There is no cost to investors to use OBSI’s services. You can also file a complaint at any time to CIRO directly if you believe a CIRO Member or their representative has broken our rules or failed to meet our requirements. e.g. recommending securities that were not suitable for you (such as too risky) or buying or selling securities without your approval.
Office of the Investor
CIRO has a dedicated “Office of the Investor” that is responsible for ensuring that the investor perspective is incorporated in all aspects of our work.
CIPF Protection
CIRO Members contribute to the Canadian Investor Protection Fund (CIPF). CIPF’s mandate is to provide protection to customers of CIRO Members who have suffered financial losses as a result of the insolvency of a CIRO Member. CIPF provides protection within prescribed limits to eligible clients of member firms suffering losses if client property comprising securities, cash, and other property held by such member firms is unavailable as a result of the insolvency of the member firm.