Enforcement Report


The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit ciro.ca.

About the Logo

The CIRO logo is a visual representation of the new, single self-regulatory organization and tells the story of CIRO’s role in regulation and investor protection. The rounded font demonstrates approachability, collaboration and openness. The shield represents a badge of honour; a visual members can be proud to display. The logo conveys a feeling of trust, and the three lines show upward movement to demonstrate progression and signify growth. Additionally, the lines represent CIRO’s three key stakeholders: investors, members and the capital markets.

The Role Of Enforcement

Enforcement strives to be fair, effective, and timely. Enforcement is responsible for investigating and commencing proceedings against Dealer Members and their Approved Persons.

Effective enforcement requires coordinated and cooperative efforts among regulators and other agencies. Where Enforcement detects any potential violations of provincial securities acts, we refer such matters to the relevant CSA jurisdiction. In certain circumstances, we work collaboratively with CSA jurisdictions on matters of mutual interest. We also make referrals to other domestic or foreign regulators and agencies and, if there is evidence of potential criminal activity, to the police.

Enforcement files may be opened from a variety of sources, including but not limited to examination findings, regulatory filings, client complaints, whistleblower information, referrals from other regulators, or other regulatory departments of the self-regulatory organization. Dealer Member supervision and complaint handling (where applicable) is reviewed in all cases.