Canadian Securities Regulators Report on CIRO, CIPF Oversight

BCSC News Releases

Published April 2nd, 2026

Detected April 3rd, 2026

Summary

The Canadian Securities Administrators published CSA Staff Notice 25-315 summarizing oversight activities for the Canadian Investment Regulatory Organization (CIRO) and Canadian Investor Protection Fund (CIPF) during 2025. The CSA reviewed CIRO initiatives including rules consolidation, registration functions, fee model amendments, proficiency requirements, and response to the August 2025 cybersecurity breach. For CIPF, the CSA monitored integration of protection funds and assessed investment policy alignment.

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What changed

The CSA published Staff Notice 25-315 documenting oversight activities for CIRO and CIPF covering the 2025 calendar year. Key CIRO initiatives reviewed include rules consolidation, operationalization of delegated registration functions, Dealer Member Fee Model amendments, new proficiency model for investment dealers, and CIRO's response to the August 2025 cybersecurity breach. For CIPF, the CSA reviewed continued integration of two protection funds, alignment of investment policies, and assessment of a credit-risk based fund model for setting fund size.

This is an informational report summarizing past oversight activities with no new obligations or compliance deadlines for regulated entities. Investment dealers and broker-dealers should review the notice to understand current regulatory priorities and areas of CSA focus, particularly cybersecurity preparedness and registration function changes. The report also notes completion of the 2025 Oversight Review of three CIRO functional areas.

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News Release

Canadian securities regulators report on key oversight activities of CIRO and CIPF

### Date:

2026-04-02
- ### Number:

2026/021

CALGARY – The Canadian Securities Administrators (CSA) today published a report outlining key oversight activities for the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF).

CSA Staff Notice 25-315 summarizes key information, activities and observations related to the CSA’s oversight of CIRO and CIPF during the 2025 calendar year.

During the report period, the CSA focused its review on several CIRO initiatives, including rules consolidation, operationalization of the delegated registration functions and powers for dealers and individual registrations. The CSA also reviewed the amendments to the Dealer Member Fee Model along with implementation of the new proficiency model for investment dealers. The CSA also considered CIRO’s response to the August 2025 cybersecurity breach.

For CIPF, the CSA reviewed the organization’s continued integration of its two protection funds, monitored alignment of its investment policies and strategies, and assessed whether to apply a credit-risk based fund model to assist in setting fund size.

Beyond these key activities, CSA members carried out regular ongoing oversight, including reviewing amendments to CIRO rules and CIPF policies and required filings, completing the CSA’s 2025 Oversight Review of three CIRO functional areas, and the substantial completion of review into specific processes in two functional areas of CIPF.

The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

For media inquiries, please contact:

| Ilana Kelemen
Canadian Securities Administrators
media@acvm-csa.ca |
| Tanja McMorris
Alberta Securities Commission
media@asc.ca |
For investor inquiries, please contact your local securities regulator