CIRO Rule Consolidation Kicks Off With Phase 1 Proposals

On October 20, 2023, the Canadian Investment Regulatory Organization (CIRO) published for comment Phase 1 of its Rule Consolidation Project proposals. This release is the first in what will be a five-phase approach to consolidating the rules that will apply to all CIRO members, including both investment dealers and mutual fund dealers.

Purpose and scope

The Phase 1 proposals seek to establish a framework for the development of consolidated rules, focusing first on the "Series 1000" rules regarding rule interpretation provisions, definitions of common application, rule exemption provisions and general standards of conduct applicable to all activities of dealers and their employees and approved persons. CIRO acknowledges that, given the material differences it has identified between the existing Mutual Fund Dealer Rules (MFD Rules) and Investment Dealer and Partially Consolidated Rules (IDPC Rules) that will require further consideration as part of the future