CIRO rule-consolidation

IFIC makes submission on CIRO’s Rule Consolidation Project

Published on: December 20, 2023 Provided in: EN

December 20, 2023 (Toronto) – The Investment Funds Institute of Canada (IFIC) has made a submission to the Canadian Investment Regulatory Organization (CIRO) regarding phase 1 of the Rule Consolidation Project. When completed, the project will consolidate the two sets of rules that currently apply to investment dealers and mutual fund dealers into one set of member-regulation rules.

“IFIC supports what CIRO is looking to achieve through rule consolidation,” said Andy Mitchell, IFIC’s President and CEO. “It is critical that, while the project consultations are rolled out in a phased manner, the entire project must come into force at the same time after a sufficient implementation period. We are concerned that moving too quickly in a piecemeal fashion will cause regulatory inconsistencies, client confusion and significant implementation risk.”

In addition, IFIC recommends a reasonable and sufficient period for its members to make required IT changes and other necessary changes to policies and procedures, training, and operational matters.

In its submission, IFIC also makes suggestions for improving the efficiency of the consultation process for the remaining phases of the project, including a minimum 90-day comment period for each phase and a description of the changes to the MFDA rules to make it easier for members to understand.

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, please contact:

Christine Harminc
Senior Manager, Communications and Public Affairs
charminc@sima-amvi.ca
416-309-2313

Check out our annual statistics report and current initiative

SIMA members get access to exclusive webinars and events, plus preferred pricing on certain financial certifications. SIMA welcomes qualifying fund management and dealer firms as members. Professional firms and back-office system providers that serve the industry are invited to join as affiliates.

2025 Annual Statistics Report Canada’s Retirement Puzzle
UPCOMING EVENTS

Interested in more? Connect and learn from industry experts!

Join industry leaders at SIMA events to advance knowledge and strengthen professional networks across Canada’s investment funds community.

View all upcoming events
Thu 29 Oct 2026
A large audience listens to a panel of speakers on stage at a conference, with one speaker shown on a screen. The room is filled with round tables and attendees facing the stage.
In person

2026 SIMA Annual Leadership Conference

In person
Members & non-members
Thu, Oct 29, 2026
EN

Join hundreds of senior professionals from across the country to exchange ideas, explore emerging trends and gain insights from renowned experts and leaders.

Become a SIMA member today

SIMA members get access to exclusive webinars and events, plus preferred pricing on certain financial certifications.

Become a member Go to Member Portal