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ARTICLE · 01 MAY 2024

Phase 3 Of CIRO's Rule Consolidation Project

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On April 18, 2024, the Canadian Investment Regulatory Organization (CIRO) published for comment Phase 3 of its Rule Consolidation Project proposals. The objective of Phase 3 is to adopt rules...

CanadaFinance and Banking
AUM Law
AUM Law
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On April 18, 2024, the Canadian Investment Regulatory Organization (CIRO) published for comment Phase 3 of its Rule Consolidation Project proposals. The objective of Phase 3 is to adopt rules that are common to the IDPC and MFD Rules and have been assessed as not having a material impact on stakeholders.

The Phase 3 Proposed DC Rules involve the adoption of rules relating to membership and member business activity approval matters, clearing and settlement of trades and trade delivery standards, and examination, investigation, and enforcement rules.

Membership and member business activity approval matters

CIRO proposes amendments relating to:

  • Ownership of a Dealer Member's securities – The current investment dealer requirements will be extended to apply to mutual fund dealers. Specifically, CIRO approval will be required for the acquisition of more than 10% ownership of a dealer member and notice to CIRO will not be required for transactions resulting in

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