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ARTICLE · 30 JULY 2026

Highlights From CIRO’s 2025–2026 Enforcement Report

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The Canadian Investment Regulatory Organization has released its annual Enforcement Report, revealing a strategic shift toward fewer but more impactful enforcement actions. While investigation volumes decreased, financial penalties surged to over $15 million, with a particular emphasis on supervisory failures and gatekeeper obligations that signal heightened regulatory expectations for dealer firms and registrants.

CanadaCorporate/Commercial Law
John Fabello
John Fabello
Andrew Gray
Andrew Gray
Gillian Dingle
Gillian Dingle
Stacey Reisman
Stacey Reisman
Hanna Singer
Hanna Singer
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On July 22, the Canadian Investment Regulatory Organization (CIRO) released its annual Enforcement Report1 highlighting its enforcement activities and offering insight into the complaints, investigations, and proceedings over the past year.

What you need to know

  • In the past year, CIRO focused on issues of central importance to capital markets regulation and therefore to the securities industry, including (i) the effectiveness of dealer supervision and internal controls, and (ii) the obligation for registrants to act as gatekeepers to the capital markets. This signals that registrants can expect heightened scrutiny in the years ahead when it comes to supervisory systems and the performance of gatekeeper duties.

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