IFIC makes submission on phase 4 of CIRO’s rule-consolidation project
Association commends regulator for revisions made to improve process
February 4, 2025 (Toronto) – The Investment Funds Institute of Canada (IFIC) has made a submission to the Canadian Investment Regulatory Organization (CIRO) on phase 4 of its rule-consolidation project. Our latest submission reiterates our commitment to supporting CIRO’s regulatory objectives while ensuring clarity, consistency, and efficiency in the implementation of new rules.
When completed, the CIRO project will merge the two sets of rules that currently apply to investment dealers and mutual fund dealers into one set of rules, which will be known as the CIRO Dealer and Consolidated (DC) Rules.
“IFIC fully supports the project, and we are pleased that CIRO has accepted some of the recommendations we put forward in phase 3 to improve the efficiency of the consultation process and help our members to implement CIRO’s DC rules, once finalized,” said Andy Mitchell, IFIC’s President and CEO. “We always appreciate the opportunity to submit our comments and look forward to further discussions.”
IFIC commends CIRO for the revisions it has made so far. For example, CIRO has:
- extended the stakeholder comment period from 60 to 90 days for phases 4 and 5 of the project
- agreed to publish and aggregate proposed DC rules for final review and comment, and
- confirmed that the DC rules will be implemented as a single, comprehensive set of rules rather than in a phased manner
CIRO’s decisions will ensure our members have the time necessary to assess and provide comprehensive feedback on phase 5 of the project as well as the final set of proposed DC rules.
Once the DC rules are finalized, IFIC seeks an appropriate transition period to update policies, procedures and IT, and provide training to member personnel in preparation for the DC rules coming into force.
In our phase 4 submission, we reiterate the principles set out in our phase 1 submission of December 19, 2023, phase 2 submission of March 11, 2024, and phase 3 submission of July 19, 2024, which help guide our policy analysis of the proposals throughout each phase of the project. We also restate our request to CIRO to develop and publicly consult on guidance for the final CIRO DC rules before they come into force.
About IFIC
The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together approximately 150 organizations, including fund managers, dealers, professional and back-office service providers, to strengthen the integrity of the investment funds industry, foster public confidence in investment funds, and enable investors to achieve good outcomes. By connecting savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.
For more information
Christine Harminc
Senior Manager, Communications and Public Affairs
charminc@sima-amvi.ca
416-309-2313
