The Canadian securities landscape includes provincial and territorial securities regulators and self-regulatory organizations (SROs). SROs are not part of the government. Rather, they are organizations that have been given the responsibility by provincial securities regulators to govern the operations and business conduct of certain players in the financial system, such as investment firms, in order to protect investors and the public from dishonest behaviour. In Ontario, SROs are recognized under the authority of the Securities Act (Ontario).
Some responsibilities of an SRO include:
- writing and enforcing its own rules to regulate the operations, standards and business conduct of its member firms and their representatives.
- enforcing their members’ compliance with rules and securities legislation.
- handling investor complaints.
- conducting reviews or investigations of its member firms to detect misconduct.
- taking appropriate disciplinary action against those who break the rules.
SROs operate under the authority and supervision of provincial and territorial regulators, operating together as the Canadian Securities Administrators.
Learn more about who’s who in Canadian markets and how regulators protect investors.
Canadian Investment Regulatory Organization
The Canadian Investment Regulatory Organization (CIRO) consolidates the operations of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA). CIRO is a self-regulatory organization that oversees all investment dealers, mutual fund dealers, and trading activity on Canada’s debt and equity marketplaces. Formerly known as the New Self-Regulatory Organization of Canada.
