CIRO’s proposed account-transfer rule amendments
This submission supports efforts to make account transfers faster, safer and more efficient for investors while ensuring implementation timelines are aligned with proven technology, operational readiness and coordinated industry participation.
Submission – CIRO – Proposed Account Transfer Rule Amendments and Reference Bulletin 26-0161
Recipients
- Canadian Investment Regulatory Organization (CIRO), Member Regulation Policy
- Alberta Securities Commission (Market Oversight)
- Ontario Securities Commission (Trading and Markets)
Industry segments this resource supports
- Asset management
Summary
The Securities and Investment Management Association (SIMA) supports CIRO’s proposed amendments to modernize account transfer requirements and bulk account movements. SIMA welcomes the move toward a more flexible, technology-enabled framework that can improve transfer efficiency and investor outcomes while recognizing that some transfers will continue to require manual processes. The submission emphasizes that implementation timelines should depend on the availability of reliable, tested transfer technology and sufficient time for firms to integrate new requirements into their operations. SIMA also calls for greater collaboration across the account transfer ecosystem, including regulators, governments, product manufacturers, custodians and other market participants whose processes affect transfer outcomes.
Why this matters: This submission supports efforts to make account transfers faster, safer and more efficient for investors while ensuring implementation timelines are aligned with proven technology, operational readiness and coordinated industry participation.
Key takeaways
- SIMA supports modernization of account transfer rules and believes technology-enabled processes can help deliver safer, faster and more reliable transfers for investors.
- New account transfer timelines should not take effect until tested transfer technology is available and firms have adequate time to implement and integrate it into their operations.
- Regulatory requirements should remain flexible to accommodate manual processes, specialized investment products, bulk account transfers and circumstances outside a firm’s control.
- Improving transfer outcomes requires coordinated commitments from all participants in the transfer ecosystem, not only investment dealers. SIMA encourages CIRO to work with regulators, governments, product manufacturers and industry stakeholders to achieve this goal.
- Investor protection should remain a priority through clear communication, cybersecurity safeguards, fraud prevention measures and timely movement of assets where operationally feasible.
- SIMA recommends practical guidance and proportional implementation approaches that reflect operational realities while supporting ongoing innovation and modernization in account transfers.
