Beginning April 1, the Ontario Securities Commission (OSC) will delegate the registration for dealers and mutual fund licensees to the Canadian Investment Regulatory Organization (CIRO)—a move that is good news according to Torys partner John Fabello, who co-heads both Torys' Securities Defence Practice and its White Collar Defence and Investigations Practice.
"The transfer of registration responsibility to CIRO is consistent with the OSC's other delegations to CIRO," John said in an interview with Advisor. "It's a logical thing to do, since CIRO does the lion's share of dealer regulation."
Currently, the only functions that the OSC delegates to CIRO are the registration for individuals, and the review of permitted individuals at investment dealers and futures commission merchants. The expansion of CIRO's responsibilities is expected to have "favourable implications related to enforcement and mutual fund reps," the Advisor article says.