CIRO and CIPF Oversight Activities Report
Summary
The Canadian Securities Administrators published CSA Staff Notice 25-315 summarizing oversight activities for the Canadian Investment Regulatory Organization and the Canadian Investor Protection Fund during the 2025 calendar year. The report covers CIRO's rules consolidation, registration function delegation, fee model amendments, and response to the August 2025 cybersecurity breach. CSA also reviewed CIPF's protection fund integration and fund model assessment.
What changed
CSA Staff Notice 25-315 reports on regulatory oversight activities conducted during 2025. For CIRO, the CSA reviewed rules consolidation, delegated registration functions for dealers and individuals, Dealer Member Fee Model amendments, the new proficiency model for investment dealers, and CIRO's response to the August 2025 cybersecurity breach. For CIPF, the CSA monitored the integration of its two protection funds, alignment of investment policies, and assessed whether to apply a credit-risk based fund model. The CSA also completed its 2025 Oversight Review of three CIRO functional areas and substantially completed review of two CIPF functional areas.
This is an informational report summarizing ongoing oversight activities rather than establishing new requirements. No compliance deadlines, penalties, or new obligations are imposed on regulated entities. Industry participants may review the notice for awareness of regulatory focus areas, particularly CIRO's cybersecurity breach response and ongoing consolidation efforts.
Archived snapshot
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.
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 investor inquiries, please contact your local securities regulator
CSA Staff Notice 25-315
Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon
For media inquiries, please contact:
- Ilana Kelemen Canadian Securities Administrators media@acvm-csa.ca
- Tanja McMorris Alberta Securities Commission media@asc.ca
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