On Apr. 1, 2025, CSA YKN published superintendent order 2025-03, concerning the delegation of certain powers and duties to CIRO, which became effective Apr. 1, 2025.
Document dated Apr. 1, 2025, was received on Apr. 3 due to a fixed feed.
On Nov. 20, CSA issued notice on delegating registration to CIRO.
Re-alignment of certain functions between OSC and CIRO is one of the priorities identified in the OSC’s proposed Statement of Priorities for 2025-2026, see #234237.
Summary
CIRO currently performs certain registration functions for some CSA members under delegated authority, and this further delegation would create a consistent approach.
Notice provides additional detail re delegation of the registration of investment dealers and mutual fund dealers, and the individuals who act on behalf of mutual fund dealers.
The proposed delegation model may be restricted to routine applications of investment dealers and mutual fund dealers (firms and individuals) in some Canadian jurisdictions.
Delegating registration functions would allow CSA members to focus on the oversight of CIRO, regulatory policy, addressing novel issues, and granting exemptive relief.
Certain parties would continue to register with, overseen by, local securities regulator.
Including portfolio and restricted portfolio managers, investment fund managers, exempt markets and restricted dealers, scholarship plan dealers (firms, individuals).
New delegation would create efficiencies and reduce regulatory burden by providing certain market participants with a single and centralized registration process.
CIRO to continue registration of individuals who act on behalf of investment dealers.
Delegation proposed to be effective in spring of 2025, subject to regulatory approval.
Strategic Plan Alignment
The CSA OSC Strategic Plan 2024-2030 indicated that the roles and interactions among Canadian regulatory authorities overseeing capital markets would be examined.
In order to ensure optimal allocation of responsibilities and a streamlined experience.
Specifically, it indicated that efforts would be taken to ensure that regulatory responsibilities would be optimally allocated between the CSA OSC and the CIRO.
Nov. 21, 2024 CSA OSC Proposal Publication
On Nov. 21, 2024, CSA OSC published Notice 11-7100, registration function delegation
Dec. 2024 CSA Que Proposal
On Dec. 21, 2024, CSA Que published proposal in bulletin, comments Jan. 19, 2025.
Additional functions and powers in addition to those already delegated, see #219202.
Document dated Dec. 19, 2024, received from CSA Que Dec. 21, summarized Dec. 29.
Mar. 2025 CSA NBW Proposal Updates
On Mar. 10, 2025, CSA NBW issued notice of an online resource that was created to provide updates, and in order to inform market participants about ongoing activities.
Proposed dates for CIRO delegation processes are Apr. 1, 2025, or to be determined.
Delegation model restricted to applications of investment dealers and mutual fund dealers in some jurisdictions and derivatives dealers in Québec and FCMs in Ontario.
From Apr. 1, will undertake registration function for firms registered as/or applying for registration as, investment dealers, mutual fund dealers, FCM and individuals.
CSA Que is expected to publish order for investment dealers, mutual fund dealers and derivatives dealers in Québec, and individuals, which would effective Jul. 1, 2025.
Apr. 1, 2025 CSA YKN Delegation
On Apr. 1, 2025, CSA YKN published superintendent order 2025-03, concerning the delegation of certain powers and duties to CIRO, which became effective Apr. 1, 2025.
Document dated Apr. 1, 2025, was received on Apr. 3 due to a fixed feed.
