Online Advice Project

The Canadian Investment Regulatory Organization (CIRO) is evaluating access to online advice for advisory and managed accounts.

CIRO is undertaking a targeted review of how the current regulatory framework applies to tailored online advice. This will allow us to determine whether adjustments are needed to support affordable, scalable tailored advice delivered through online and hybrid advisory and managed models. While these alternatives may look different than the traditional advisory model, they have the potential to broaden access to regulated advice to a wider range of investors.

The objective is to identify key regulatory barriers in CIRO’s current policy framework, which was built for in-person advisory services and may inhibit innovation in tailored online advice. There is currently no specific regulatory framework for Dealer Members using online or hybrid advisory models. Instead, they rely on exemptive relief and special terms and conditions. Based on a thorough review, and informed by thorough stakeholder engagement, we will consider whether further policy development (such as rule and guidance clarifications, or other recommendations) is required.

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