Distributing Funds Disgorged and Collected through CIRO Disciplinary Proceedings to Harmed Investors (Phase II)

On January 1, 2023, Investment Industry Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) amalgamated (Amalgamation) to form the New Self-Regulatory Organization of Canada (New SRO).

On February 1, 2023, New SRO published for comment its Proposal on Distributing Funds Disgorged and Collected through New SRO Disciplinary Proceedings to Harmed Investors (Proposal) as Notice 23-0010. Seven (7) comment letters were received in response to Notice 23-0010. We thank all commenters. Copies of the comment letters are publicly available on the CIRO website. A summary of the comments and our responses are available in Appendix A.

On June 1, 2023, New SRO changed its name to become Canadian Investment Regulatory Organization (CIRO).

In light of the developments since the Amalgamation, we are republishing the Proposal, unamended, for public comment.

For this current Phase II, we have added to the original Proposal: (i) clarifications and further details in our responses to the comments (Appendix A), (ii) our impact assessment of the Proposal (Appendix B), and (iii) an updated list of consultation questions.

We encourage all stakeholders to review and comment upon this Phase II.