The New Self-Regulatory Organization of Canada (“New SRO”) changed its name to “Canadian Investment Regulatory Organization” (“CIRO”) on June 1, 2023.
The former Investment Industry Regulatory Organization of Canada (“IIROC”) and the former Mutual Fund Dealers Association (“MFDA”) were amalgamated on January 1, 2023, and temporarily named “New SRO” until a permanent name was chosen. The permanent name change of “New SRO” to “CIRO” was effected on June 1, 2023, under housekeeping amendments. The name change was further reflected in various recognition orders and an order designating CIRO as the information processor for unlisted debt securities that also took effect on June 1, 2023.
“Ciro” is the Italian, and also Spanish, version of the name “Cyrus” and means “sun.”
Oversight of CIRO
Concurrent with the name change amendments, a memorandum of understanding (“MOU”) among the recognizing regulators regarding the oversight of CIRO was published, replacing the MOU that took effect on January 1, 2023. The recognizing regulators comprise the securities regulators in each province and territory of Canada.
The parties to the MOU developed an oversight program, which includes:
- the review of information filed by CIRO;
- a non-objection process;
- procedures for performing periodic oversight reviews; and
- a joint rule review protocol for coordinating the review and approval of, or non-objection to, CIRO’s by-laws and rules.
The MOU also outlines the guiding principles for the regulators’ joint oversight activities, which consist of providing harmonious direction to CIRO, sharing important communication in a timely manner and conducting oversight in an effective manner while minimizing resources required from other recognizing regulators.
