CSA Report on CIRO and CIPF Oversight Activities
Summary
The Canadian Securities Administrators (CSA) published CSA Staff Notice 25-315 summarizing its oversight activities for the Canadian Investment Regulatory Organization (CIRO) and Canadian Investor Protection Fund (CIPF) during 2025. The report covers CIRO's rules consolidation, delegated registration functions, fee model amendments, and response to an August 2025 cybersecurity breach. For CIPF, the CSA reviewed the integration of its two protection funds and assessed investment policy alignment.
What changed
The CSA published its 2025 annual oversight report covering CIRO and CIPF. CIRO activities included rule consolidation, operationalization of delegated registration functions for dealers and individuals, Dealer Member Fee Model amendments, new proficiency model implementation for investment dealers, and response to the August 2025 cybersecurity breach. CIPF oversight focused on continued integration of its two protection funds, investment policy alignment, and assessment of a credit-risk based fund model for fund sizing. The CSA completed its 2025 Oversight Review of three CIRO functional areas and substantially completed process reviews in two CIPF functional areas.
This report is informational and does not create new obligations for regulated entities. Investment dealers and individual registrants should note that CIRO continues to operationalize delegated registration functions and implement new proficiency requirements. Firms should review CIRO's cybersecurity response practices as a benchmark for their own incident preparedness. The CSA's oversight activities confirm ongoing harmonization of securities regulation across Canadian jurisdictions.
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Apr 3, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
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Canadian securities regulators report on key oversight activities of CIRO and CIPF
April 2, 2026
For Immediate Release
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
[email protected]
Tanja McMorris
Alberta Securities Commission
[email protected]
For investor inquiries:
For investor inquiries, please contact your local securities regulator.
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