Service Standards for New Firm Applications and Material Business Changes

General:

CIRO is committed to maintaining service standards for the processing of:

1. Membership Applications for new Dealer Members and their corresponding registration application (Form 33-109F6) (where CIRO has been delegated or assigned firm registration) (“new firm applications”), and;
2. proposed material changes to current Dealer Member business activities and corresponding changes in registration information (Form 33-109F6) (“material business changes”).

Our service standards are designed to ensure transparency and consistency, providing firms with a clear understanding of what to expect during CIRO’s review of their new firm application or material business change. CIRO’s performance against these service standards will also be published here on a quarterly basis.

Information on service standards

Service Standards:

New firm applications and material business changes that are non-routine or that contain material deficiencies will take longer to review. We will provide regular updates to keep applicants informed of our progress.

For information on the minimum requirements for a complete application, information on what are considered material deficiencies, and the factors considered when determining whether an application is routine or non-routine, please refer to Guidance for Firm Applications.

Expectations from the Applicant:

The completeness and timeliness of an applicant’s submissions and responses to CIRO’s staff’s requests for information and materials will impact the time it will take to process the application. To keep the review process moving forward, CIRO staff will set deadlines for the applicant to provide responses or additional materials. Applicants are expected to provide complete and accurate responses within the specified timeline to ensure steady progress in the review. If an applicant anticipates being unable to meet a deadline, they may request an extension in writing. Extensions will be considered if they are reasonable and not recurring. Any responses or submissions that introduce material changes to the original business proposal will delay the overall review timeline. Applicants are encouraged to finalize key elements of their business plans before submitting a new firm application or material business change to CIRO.

• 1Material business changes are subject to this service standard under the following conditions: (i) the application does not contain material deficiencies, and (ii) it does not involve an application for registration or a change in registration for a registration category that has not been assigned or delegated to CIRO (e.g., Exempt Market Dealer, Investment Fund Manager, Portfolio Manager, Scholarship Plan Dealer).