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ARTICLE · 04 FEBRUARY 2025

CIRO To Consult On Whether Non-Tailored Advice Can Be Provided In The Order Execution Only Channel

McCarthy Tétrault
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On December 13, 2024, the Canadian Investment Regulatory Organization ("CIRO"), published a request for comment (the "Bulletin")...

CanadaFinance and Banking
Canadian Securities Regulatory Monitor
Canadian Securities Regulatory Monitor
Sean Sadler
Sean Sadler
Christopher Yam
Christopher Yam
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On December 13, 2024, the Canadian Investment Regulatory Organization ("CIRO"), published a request for comment (the "Bulletin") on whether CIRO investment dealers offering order execution only account services ("OEO Dealers") can provide non-tailored advice to Do-It-Yourself investors ("DYI Investors").

Current Regime Limits DIY Investors Access to Regulated Advice

Existing guidance Guidance Note 3400-21-003 Guidance on order execution only account services and activities (the "OEO Guidance") provide a regulatory framework for OEO Dealers, designed to ensure clients of OEO Dealers make independent decisions without recommendations or suitability assessments from an OEO Dealer ("Recommendation Prohibition"). The regulatory framework currently limit certain communications and tools managed by OEO Dealers that "pushed" information or have the potential to "influence" an investor. However, the Bulletin expressed that some dealers feel constrained by the current

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