How CIRO is empowering DIY investors to make informed decisions

The Canadian Investment Regulatory Organization (CIRO) recently published new guidance for the order execution only (OEO) channel that will help do-it-yourself investors make informed investment decisions by giving them greater access to educational materials and resources from CIRO-regulated OEO dealer firms.

As the use of online investing platforms continues to rise, DIY investors are increasingly turning to online sources such as discussion forums, social media and finfluencers to help them make important financial decisions. But while these resources can be informative, they are also unregulated, which means they can’t be held accountable for the advice they share.

“Relying on unverified sources of information could put investors at significant risk of financial harm,” said Alexandra Williams, Senior Vice-President, Strategy, Innovation, and Stakeholder Protection at CIRO. “Giving investors greater access to high-quality, trustworthy and timely information from OEO dealers will not only help them make informed, confident investment decisions, but could also reduce their reliance on unregulated sources that may be providing incomplete, biased or misleading advice.”

Recent research from CIRO revealed that many DIY investors were open to additional tools through their DIY investing platform that would provide further information, research, alerts, or education. Many also expressed a desire for more regulation and safeguards to prevent the spreading of misinformation through social media.

In line with its 2025-2027 Strategic Plan, which emphasizes enabling greater access to advice that meets the evolving needs of investors, CIRO identified updating the existing guidance on OEO account services as part of its 2026 Annual Priorities.

In December 2024, CIRO invited input from key stakeholders – including OEO dealers, industry associations, investor protection advocacy groups, and investors – to inform changes to the existing guidance. The comments received were unanimous in calling for revisions to the current OEO guidance.

Following the consultation period, CIRO proposed new guidance in August 2025 that broadens the range of decision-making supports OEO dealers can offer to clients without violating the rule that restricts them from making recommendations, clarifying that OEO dealers are allowed to provide informative resources and decision-making supports to clients as long as they do not endorse a specific investment decision and are provided with adequate safeguards.

If implemented, the new guidance will expand investors’ access to resources and tools – such as alerts and notifications, sample portfolios and self-assessment tools – that can help them build their financial literacy, manage risks and make sound decisions that align with their financial goals.

CIRO is currently accepting comments on the new guidance until November 2025, with the aim of publishing finalized guidance by spring 2026.