CSA Report on CIRO and CIPF Oversight Activities

AMF Quebec News

Published April 2nd, 2026

Detected April 3rd, 2026

Summary

The Canadian Securities Administrators published a report covering oversight activities for the Canadian Investment Regulatory Organization and the Canadian Investor Protection Fund during the 2025 calendar year. The report reviews CIRO's rules consolidation, registration function operationalization, fee model amendments, new proficiency model, and response to an August 2025 cybersecurity breach. CIPF's integration of protection funds and alignment of investment policies were also reviewed. No new compliance requirements are imposed.

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What changed

The CSA published CSA Staff Notice 25-315 summarizing its oversight activities for CIRO and CIPF during 2025. For CIRO, the CSA reviewed rules consolidation, delegated registration functions for dealers and individuals, the Dealer Member Fee Model amendments, implementation of a new proficiency model for investment dealers, and CIRO's response to the August 2025 cybersecurity breach. For CIPF, the CSA reviewed integration of two protection funds, alignment of investment policies and strategies, and assessment of a credit-risk based fund model for setting fund size. The CSA also completed its 2025 Oversight Review of three CIRO functional areas.

This is an informational report describing regulatory oversight activities with no new compliance obligations. Regulated entities should note the CSA's continued focus on cybersecurity preparedness (following the August 2025 breach), registration function transitions, and proficiency standards for investment dealers. No immediate action is required; however, investment dealers should ensure ongoing compliance with CIRO rules, particularly regarding the new proficiency model and registration requirements.

Source document (simplified)

Published: April 2, 2026 CSA 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, please contact your local securities regulator

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