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ARTICLE · 29 JULY 2025

Expanded Enforcement Powers: Is CIRO Now Exercising 'Statutory' Powers?

Osler, Hoskin & Harcourt LLP
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Since its formation on January 1, 2023, the Canadian Investment Regulatory Organization (CIRO), Canada's only truly national capital markets regulator...

CanadaFinance and Banking
Lawrence Ritchie
Lawrence Ritchie
Lipi Mishra
Lipi Mishra
Madeleine Worndl
Madeleine Worndl
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Since its formation on January 1, 2023, the Canadian Investment Regulatory Organization (CIRO), Canada's only truly national capital markets regulator,1 operated as a self-regulatory organization (SRO) with authority exercised largely as a matter of contract, rather than a product of statute. Recent government action has expanded CIRO's enforcement powers through statutory amendments. On June 5, 2025, Bill 242 received Royal Assent, giving effect to amendments to the Commodity Futures Act3 and the Ontario Securities Act,4 which expanded CIRO's enforcement powers and increased maximum administrative penalties for regulatory contraventions and fines for quasi-criminal offences.

The changes [PDF] to CIRO's enforcement powers expand its authority to compel evidence during enforcement investigations and grant statutory immunity to current or former directors, officers, employees or agents of CIRO for good faith conduct in carrying out CIRO's public interest mandate.

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