The Canadian Investment Regulatory Organization (CIRO) released for consultation Phase 5 of its Rule Consolidation Project, which relates to the consolidation of the two sets of rules currently applicable to investment dealers (IDPC Rules) and mutual fund dealers (MFD Rules) into one. This phase, which addresses significant differences between the IDPC Rules and MFD Rules that could have potential material impacts on stakeholders, will have substantial implications for dealers. The comment period ended June 25, 2025.
The areas involved in the Phase 5 proposals include: (i) outsourcing and service arrangements; (ii) continuing education; (iii) reporting and handling of complaints; (iv) internal investigations and other reportable matters; (v) recordkeeping and client reporting; (vi) financial solvency; (vii) client asset use and custody, and (viii) financing arrangements.
For additional details on the proposed material changes, please refer to our in-depth bulletin.
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