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The Canadian Investment Regulatory Organization (CIRO) announced earlier in December that the Investment Dealer and Partially Consolidated (IDPC) Rules and Mutual Fund Dealer (MFD) Rules, which are being consolidated into a harmonized rulebook (the CIRO Rules) will be republished for comment in their entirety in February 2026. One of the primary objectives of the consolidation project is to minimize regulatory arbitrage between investment dealers and mutual fund dealers, and to ensure that similar dealer activities are regulated in a like manner. A number of amendments will be included in the CIRO Rules, including the investment dealer proficiency model and enhanced cost reporting, while other policy projects, such as the modernization of requirements for account transfers and bulk account movements, will continue separately as they await approval.
The consolidated CIRO Rules will be open for comment for a period of 120 days, to allow dealers time to consider the material in its entirety. A detailed implementation guide will be included in the request for comments. Any guidance notes needing material changes to align with the new rules will be published for comment once the CIRO Rules are finalized.
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