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ARTICLE · 08 FEBRUARY 2024

Polar Precision: CIRO's Proposals On Directed Commissions

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On January 25, 2024 the Canadian Investment Regulatory Organization (CIRO) published its long-awaited Position Paper on the matter...

CanadaCorporate/Commercial Law
AUM Law
AUM Law
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Introduction

On January 25, 2024 the Canadian Investment Regulatory Organization (CIRO) published its long-awaited Position Paper on the matter of the payment of commissions to a private corporation. Historically, mutual fund dealers have been permitted to pay commissions earned from registrable activity by Approved Persons who are in a principal/agent dealer relationship to a private unregistered corporation (except in Alberta and Québec). However, investment dealers could only pay commissions directly to their Approved Persons. CIRO aims to eliminate this anomaly. They have proposed three different policy options for consideration and stakeholder comment.

The three options put forward are:

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