Rule Consolidation Project – Proposed CIRO Rules

Comments Due By: June 12, 2026

The Canadian Investment Regulatory Organization (CIRO) is republishing for further comment our proposed consolidated rules (Proposed CIRO Rules).1 The Proposed CIRO Rules will bring together the two member regulation rule sets currently applicable to Investment Dealers2 and to Mutual Fund Dealers3 into one set of member regulation rules applicable to both categories of CIRO Dealer Members.4

Note that these consolidated rules, referred to as CIRO Dealer and Consolidated (DC) Rules in previous publications, will instead be titled the Canadian Investment Regulatory Organization (CIRO) Rules.

The objectives of the Proposed CIRO Rules are to:

• adopt harmonized rules to:
  • minimize regulatory arbitrage between Investment Dealer Members and Mutual Fund Dealer Members
  • ensure like dealer activities will be regulated in a like manner
• where practical and appropriate, adopt less prescriptive, more principles-based rule requirements to facilitate rules that are scalable and proportionate to the different types and sizes of Dealer Members and their respective business models
• improve clarity of the rules applicable to all CIRO Dealer Members, which will be known as the CIRO Rules5.

The Proposed CIRO Rules combine the proposals previously published in Phases 1 through 5 of the Rule Consolidation Project alongside further proposed amendments to:

• address comments received,
• in some instances, make material changes to the proposed rule requirements published in previous phases, and
• make non-material changes in formatting and grammar to provide clarity.

• 1Rules Bulletin 23-0089 published on June 30, 2023, announced the Rule Consolidation Project objectives, principles and roadmap. Rules Bulletin 23-0147, Rules Bulletin 24-0007, Rules Bulletin 24-0145, Rules Bulletin 24-0293 and Rules Bulletin 25-0080 proposed new rules as part of Phase 1, Phase 2, Phase 3, Phase 4 and Phase 5 of the Rule Consolidation Project, respectively.
• 2CIRO Dealer Members that are registered as an Investment Dealer or are registered as both an Investment Dealer and a Mutual Fund Dealer are required to comply with the CIRO Investment and Partially Consolidated (IDPC) Rules.
• 3CIRO Dealer Members that are registered as a Mutual Fund Dealer and not registered as both an Investment Dealer and a Mutual Fund Dealer are required to comply with the CIRO Mutual Fund Dealer (MFD) Rules.
• 4Where a CIRO Dealer Member is a participant in one or more of the markets overseen by CIRO they also must comply with the CIRO Universal Market Integrity Rules (UMIR). UMIR will not be consolidated with other CIRO Rules as part of this project and will continue as a separate CIRO rule set.
• 5We proposed, in previous publications, to title the consolidated IDPC and MFD Rules as CIRO Dealer and Consolidated (DC) Rules.