The Canadian Investment Regulatory Organization has taken on registration functions and powers from the securities regulatory authorities of Alberta, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, and Yukon.
As of Tuesday, CIRO has been authorized under delegation orders to tackle registration for firms registered as, or applying for registration as, investment dealers, mutual fund dealers, and futures commission merchants (Ontario) and for the individuals who act on their behalf, according to a Canadian Securities Administrators media release.
“In late November we announced our intention to explore this streamlined approach that would create efficiencies and an improved process for routine registration applications. We are moving expediently to deliver on this initiative,” said Stan Magidson, CSA chair and chair of the Alberta Securities Commission, in a statement.
With the registration function delegated, CSA members will strengthen its oversight of CIRO, develop regulatory policy, tackle new issues that may be birthed during application, and allow exemptive relief applications as necessary.
“CIRO, like all regulators, has a responsibility to deliver regulation efficiently, effectively and remove duplication. The CSA’s decision to streamline registration through delegation supports our strategic objective to deliver a more effective registration framework,” said Andrew J. Kriegler, CIRO president and CEO, in a statement. “We thank the CSA for their support as we take on these new registration functions. CIRO looks forward to delivering on this new registration framework and we look forward to working with the remaining jurisdictions to establish a consistent harmonized approach to the registration process.”
The Autorité des marchés financiers is also expected to release delegation orders for investment, mutual funds, and derivatives dealers in Québec, including their representatives, within the month. The delegation is set to take effect on July 1.
Once the Financial and Consumer Affairs Authority of Saskatchewan, the Manitoba Securities Commission, and the British Columbia Securities Commission will follow once they have secured the necessary approvals, delegation orders, or rule amendments about their delegation of authority.
CIRO urged market participants and stakeholders to monitor the CIRO Delegation webpage throughout the process.