Canadian Investment Regulatory Organization

Canadian Investment Regulatory Organization
L’Organisme canadien de réglementation des investissements
AbbreviationCIRO/OCRI
Formation2023
TypeOrganizations based in Canada
Legal statusactive
PurposeMonitors members for securities law compliance; enforces securities regulations through quasi-judicial proceedings
HeadquartersSuite 2600, Bay Adelaide North, 40 Temperance Street, Toronto, Ontario, Canada
Region served
Canada
Official language
English, French
CEO, President
Andrew J. Kriegler[1]
Chair
Tim Hodgson[2]
BudgetC$149.576M (FY 2024)
Websitewww.ciro.ca

The Canadian Investment Regulatory Organization (CIRO; Organisme canadien de réglementation des investissements or OCRI in French) is a non-profit, national self-regulatory organization (SRO). Established through the merger of the Investment Industry Regulatory Organization of Canada (IIROC) and Mutual Fund Dealers Association (MFDA) on January 1, 2023,[3] CIRO oversees all investment dealers, mutual funds and trading activity on debt and equity markets in Canada.

The organization sets regulatory and investment industry standards and has quasi-judicial powers in that it holds enforcement hearings and has the power to suspend, fine and expel members and their representatives.[4]

History

CIRO was formed on January 1, 2023, through the merger of the Investment Industry Regulatory Organization of Canada (IIROC) and Mutual Fund Dealers Association (MFDA) as the New Self-Regulatory Organization of Canada (New SRO).[5]

On April 24, 2023, the name of the Canadian Investment Regulatory Organization (CIRO) was approved by its members.[6]

Management

Andrew J. Kriegler is the president and chief executive officer of CIRO since January 1, 2023, after having served on the same position in IIROC since 2014.[7]

Tim Hodgson is a corporate director and chair of CIRO since January 1, 2023.[8]

Operations

CIRO operates under Recognition Orders from the Canadian Securities Administrators (CSA), which is the umbrella for Canada's provincial and territorial securities regulators. CIRO is subject to CSA oversight and regular operational reviews.[9] It operates according to its By-Law No. 1.[10][11]

See also

References

  1. ^ "Executive Leadership Team". www.ciro.ca. Retrieved 2024-02-25.
  2. ^ "Board of Directors". www.ciro.ca. Retrieved 2024-02-25.
  3. ^ "Canada's New SRO: A new name, enforcement and policy focus". www.blg.com. 2023-04-14. Retrieved 2024-02-25.
  4. ^ Ritchie, Lawrence E.; Tomasich, Lauren; Mishra, Lipi; Leguard, Ainsley (2023-12-14). "More complaints and more investigations: highlights from CIRO's inaugural Enforcement Report". Osler, Hoskin & Harcourt. Retrieved 2024-02-25.
  5. ^ "Canadian Investment Regulatory Organization (CIRO)". Ontario Securities Commission. Retrieved 2024-02-25.
  6. ^ "CIRO name approved". 18 May 2023.
  7. ^ "Andrew J. Kriegler". CIRO.
  8. ^ "CIRO Elects 14 Board Directors". Cision. 2023-09-26.
  9. ^ "Where We Fit in the Canadian Securities Regulatory Framework". CIRO. Retrieved 2024-02-25.
  10. ^ "Governance & Bylaws". CIRO. Retrieved 2024-02-25.
  11. ^ https://www.ciro.ca/media/31/download?inline